Re: Wine company using blockchain to eliminate fraud and secure authenticity.
How is it different from a centralized database that also stores and tracks ids of their products? A lot of companies that have to deal with scammers counterfeiting their product were using these methods even before blockchain was invented. And what would stop scammers from doing the oldest trick in the book - copying the identifier of a genuine item and slapping it on their fakes?
That's a good question.I guess that every "identifier" will have some unique code that can be verified by the blockchain.The code should be verified only once and duplicated use of such code means that the product is fake.That's just my assumption,I'm no expert.
In the land of counterfeit goods-China,with all the counterfeit clothes and electronics,which are exported around the world every day,there's also counterfeit wine.I'm not surprised.
I'm not an optimist about this blockchain technology being used to stop fraud.The fraudsters will always find away to outsmart the technology.