How Manufact Solves Fraud With The BSV Blockchain
In the luxury goods market, there lies an unspoken rule to take extra steps in verifying the authenticity of desired products. Tens of thousands of dollars are at stake, and this breeds a lot of scammers in the market. Manufact solves fraud with blockchain as it is a new way of confirming trust within the luxury goods market, especially when industries have more than 90% counterfeit products within said market.
Manufact addresses the problem of the growing amount of counterfeit products through the firm’s full traceability method. The traceability method allows the consumer to confirm every single stage of the development along the supply chain, according to Manufact Founder and CEO Ali Beydoun.
Beydoun spoke at the Blockchain in Business Conference in Sydney last November 17, 2022. He elaborated that the tracking process of Manufact includes every little detail, from the manufacturing of the product, down to the supply chain leading towards the end consumer. Bitcoin SV is fundamental to Manufact’s service as it is a fast, secure, and economical repository for data.
“It is no secret today that we’re very susceptible to hacking, and we’ve been seeing that, especially here in Australia in the last few weeks with big corporations such as Medibank and Optus – and who knows who else is next. These companies spend millions of dollars to create layers and layers of security that is just legacy technology. It just allows it to be hacked,” Beydoun said.
“Blockchain, on the other hand, is immutable, and each dollar that goes up can never be erased. And it goes hand-in-hand with what we’re trying to achieve with full traceability. We build our processes on top of companies, so they can push their own data. By the time it gets to the consumer, there is a clear track history of where it started and where it ended.”
Luxury goods are susceptible to counterfeiting and fraud, especially the niche perfume sector that is overseen by a few fashion product houses. With the lack of traceability and security, these products are exposed to tampering. Manufact, with the help of blockchain’s capabilities, is designed to protect all sorts of luxury goods like designer clothes and bags, watches, jewelry, etc.
Although blockchain already addresses the security and traceability problem of the luxury market, it is also economical. The luxury market deals with millions of products and materials. And if the method per product costs a dollar while a company has a million products, the transaction fees will get in the way of a company’s profits.
Since the average transaction fee on the BSV network is around 1/20 to 1/100 of a cent, massive data handling will be an ease for Manufact. There will also be little to no risk of lags and delays within the infinitely-scaling BSV blockchain, thus assuring the company snappy and error-free tracking.
However, despite BSV blockchain’s disruptive capabilities, there still lies doubt and misunderstanding of the network. Beydoun said that blockchain is still ‘relatively misunderstood’ and that it is still in its early stages of adoption and development. He cites that the ‘old school’ way of thinking gets into the way of adoption, which causes some firms to lag behind disruptive trends.
Nonetheless, Ali encourages businesses worldwide to be open to new technologies such as blockchain and see how it can be beneficial to their operations. Manufact is one of the prime examples of an emerging blockchain tech that confirms trust within the luxury goods market. Indeed, solving fraud with blockchain is now a dream-turned-reality.
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