MyStory – and a global counterfeit problem

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Back in January we wrote about the MyStory project from DNVGL and VeChain, a joint collaboration to put items on the blockchain. To give consumers extra assurance over the authenticity, and the story behind consumer products. Using blockchain technology to create the element of trust.

Read our article about wine on the blockchain

11,000 counterfeit bottles found of exclusive brand

In Italy, it was recently reported that 11,000 counterfeit bottles were located by Italian authorities. And that three suspects have been arrested so far in the scheme.

The brand was exclusive Tuscan wine, Antinori. Toscana Tignanello in Italy, Germany, and Belgium. First reported by Italian media, the arrests were confirmed to Wine Spectator by Alessia Antinori, vice president of Marchesi Antinori (Winespectator).

MyStory started out by putting some exclusive wine on the blockchain from three Italian winemakers. Now

“Bridging the trust gaps is particularly important in the food & beverage sector, where consumers have a strong and justified need for verified product information. We believe an ecosystem approach is the best way to increase levels of transparency and trust, with innovative solutions that bring together various technology elements combined with verification activities”.

Luca Crisciotti, CEO, DNV GL-Business Assurance

The global cost of counterfeit is bound to reach 1.82 Trillion USD by the year 2020 

The problem with counterfeit items has spread across all industries and across the world. It’s no wonder that the producers of genuine products are seeking alternatives to help their customers buying authentic products.

And China is one of by large the biggest counterfeit market in the world, where
70 percent of counterfeit goods seized worldwide come from China. So it’s very understandable that the crypto startup VeChain that is from China has focused on solving this huge global problem.

Emerging technologies can be a solution to the problem but is also the main driver for its growth

Blockchain technology and IoT has often been named as potential solutions to this global problem. But as great technology can be to provide solutions, it has also helped to speed up the development of the counterfeit market.

For example with the development of 3D technology the capabilities to reproduce items and on massive scales have caused huge effects on the market.

This together with the growth of eCommerce platforms and website builder has made it extremely easy for anyone to set up a new shop. And today there’s a huge number of shops in western countries that only resell items that are coming out from China.

For example, Alibaba has received a lot of attention for enabling this problem. “Alibaba’s Taobao marketplace has once again been classified by the Office of the United States Trade Representatives as a “Notorious Market, a designation for the world’s biggest violators of IP, trademark, and copyright law” (Forbes)

Jack Ma the founder and CEO of Alibaba himself has acknowledged counterfeit items market to be a great concern, and that he and Alibaba take the issue very seriously.

Jack Ma has previously in the past encourage the Chinese government to take strong actions against it and to throw counterfeiters in jail (CNBC).

Jack Ma founder and CEO of Alibaba

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