This blockchain-based tool can tell you whether you're buying fake product

Representative image | blockchain
Devery is an Australian company that uses blockchain to create a product verification tool. By ensuring the products’ authenticity, it allows ecommerce players and other businesses to know whether their supply chain is secure. The company recently concluded a successful ICO, reaching their hard cap in 17 seconds.

For this interview, I sat down with Devery’s founder and CEO, Andrew Rasheed. Rasheed has been heavily involved in the ecommerce space, founding several stores on Amazon and Shopify and creating the first Ethereum-only online store, Ethstall. Here are some highlights from our conversation.

How did you find the idea for Devery?

 
It came from my own experience being in the e-commerce space. Along with other people running Amazon and Shopify stores, I have experienced counterfeiting. I wondered if there was a way to actually mark products on the blockchain to prevent brands from being tarnished, from people taking over these products and sounding like they sell the same thing. There was no way to differentiate between the real product from the fake one.

Counterfeiting affects the entire industry from the manufacturers to the consumers. If there was a way to verify end-to-end items across the supply chain, that would help prevent this issue from occurring.

So, what we’re aiming to do at Devery is to prevent brands from being taken over and duplicated by third parties.

This is an excerpt from the article published on Tech In Asia. Click here to read the full article.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel