Veritise develops a blockchain-based application to beat counterfeiting - The EE

Veritise develops a blockchain-based application to beat counterfeiting

Cormac Lucking of Veritise

Counterfeiting is a real scourge that has a serious impact on the competitiveness of companies and brands. In France, the second most affected country after the United States, there were more than 5.64 million customs seizures in 2020, compared to 200,000 in 1994.

All types of products are affected by this scourge: clothing and accessories, games and toys, high-tech equipment (electronic, electrical, computer), medicines, wine and spirits, jewellery, cosmetics, recorded music, etc.

Meanwhile, businesses are losing an enormous amount of revenue. According to the European Union Intellectual Property Office, imported counterfeit European products represent 121 billion euros per year.

The result is an economic disaster for everyone: when the entire supply chain is taken into account, counterfeiting costs businesses €83 billion, 670,000 jobs are lost, and €15 billion in public revenue are missing.

And the trend is becoming more pronounced as the health crisis, by accelerating the development of online sales, has further simplified the trafficking of counterfeits.

In this context, the start-up Veritise relies on digital technology to innovate and create unforgeable and ultra-secure traceability devices. 

In particular, it is developing a new application, based on blockchain, to put an end to counterfeiting. 

A robust market protection system using blockchain technology

The cornerstone of Veritise’s services, this application which will be launched by the end of the year will make it possible to verify the link between a manufacturer and its product.

In concrete terms, through a subscription or a tailor-made solution, industries and brands will be able to distribute the information of their choice to their clients thanks to:

  • Tamper-proof stickers with codes, designed in partnership with established printing companies;
  • Veritise codes printed by their own means on their labels and packaging.
  • RFID and NFC blockchain secured solutions

Always with the guarantee of full traceability and transparency.

Cormac Lucking, the CEO, underlines, “Each time a unique code is created, an irreversible event is generated on the blockchain. The Veritise system allows the blockchain registry to be checked to establish, almost immediately, the link between the manufacturer and the product.”

The device, which will be launched in the coming months, is specifically designed to be 100% simple, affordable and effective. For example, in the event of a problem (e.g., a unique product code already in use), an alert will instantly notify the client.

Veritise’s (big) plusses

A powerful tool to reassure brand clients 

Thanks to traceability and event recording, brands can finally offer an unprecedented level of transparency. The life cycle and origin of products, thus highlighted, contribute to reassure and build loyalty among their end clients.

Solid expertise in blockchain

The anti-counterfeiting app is Veritise’s third project using blockchain technology. The start-up also has a network of investors who are already interested in this solution which meets a real need.

Cormac Lucking confirms, “Today, there is no comparable solution on the market! Indeed, our tool calls on transversal knowledge of blockchain, crypto-currencies, applications, etc.”

A worldwide solution

The start-up has already invested heavily to offer a powerful application available in 9 languages (English, Chinese, French, Japanese, Russian, Spanish, etc.). It is therefore perfectly adapted to the requirements of a globalised market. All brands can use it to easily certify the authenticity and traceability of their products.

Veritise also verifies CVs

Currently, it has become increasingly harder for companies to find talent, despite the large number of unemployed people. While the cost of recruitment can be very high (between 15 and 25% of the gross annual salary of the person hired), they cannot risk making a mistake on the veracity of a resume.

However, 83% of candidates find it normal to lie on their resume…

So how do you know if the information provided is accurate (people/companies cited as references, assignments completed, periods, level of satisfaction, etc.) ? Checking each resume can be time-consuming and a financial drain (mobilisation of resources).

Hence the Veritise innovation: simply scan a QR code on the CV to get immediate proof of the legitimacy of one or more elements mentioned (depending on the chosen formula). Candidates who use Veritise will therefore stand out much more easily, since they will reassure people of their reliability.

While waiting to be patented, the Veritise system is already being tested on Solitt Emploi.

Veritise: putting blockchain to work for individuals and companies

Too technical, too abstract… As it stands, blockchain technology is not adapted to the needs of companies and individuals.

The start-up Veritise was created to address these “real-life” problems. It offers relevant applications in a variety of fields: verifying the information on a resume, proving the origin of an item, setting up loyalty programs, or even improving the monitoring of aircraft maintenance.

Cormac Lucking states, “We believe that blockchain is an effective solution for solving certification, authenticity and traceability issues, regardless of the product or service, without the need for a controlling body.”

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