Combating Counterfeit Products with Blockchain Technology to Enhance Trust and Authenticity in Consumer Markets

Abstract

Objectives: Counterfeit products are becoming a global problem where consumers are fooled into buying fake goods without being able to verify their authenticity. By taking advantage of the secure and transparent nature of blockchain, this work aims to establish a system for consumers to verify the authenticity of products. Methods: Recently, blockchain has become more popular because it fosters trust between untrusted participants. A blockchain is a decentralized, distributed, and digital ledger that records transactions by means of blocks. It is a security technology that does not allow anyone to change or hack the block. Using blockchain technology, customers do not have to rely on third parties to confirm product originality. Findings: This work will show the effectiveness of blockchain. Blockchain creates a more secure and transparent system for product authentication. It helps in identifying counterfeit products entering the market and increases consumer confidence during purchase. The comparison of the transaction send rate and the average latency for each type of transaction is elaborated. The CPU consumption for each transaction type Add, Query, and Query-all are 1.81%, 1.11% and 1.27% respectively. The memory consumption by add, Query and Query all are respectively 53MB, 45MB and 92 MB. Novelty: Blockchain technology helps manufacturers to add real product serial numbers into the ledgers. The serial number stored in the ledger is protected from tampering. The stored serial number helps consumers check the authenticity of a product before buying it. To verify that a manufacturer or trader is genuine, consumers may also submit reviews of the products they purchase. The deeper integration of consumer reviews within the system offers a novel approach to enhancing trust and transparency in the verification process. We have also developed a user-friendly interface for manufacturers, sellers, and customers, enhancing the novelty of our solution. Keywords: Counterfeit product, Blockchain, Supply chain, Product Authenticity, Trust