An expert once said,
"Imitation is the most dangerous flattery, Counterfeit product can kill you"
Counterfeit goods can be a life and death mater, and everyone stands to get burnt. The business of counterfeit goods is one of the largest underground industries in the world and growing rapidly from fake bags to mock medicine. A counterfeit good is a product that closely resemble another product in order to trick customers into buying. Counterfeiting is everywhere, it can affect what we take, what we eat, what we watch, what medicine we take and what we wear. Trust me its something to take serious.
When did Counterfeiting Mushroom?
In the mid 1970s, when designers names became a craze- Vuitton luggage, Cartier watc, Gucci handbags. People wanted to have prestige symbols and the brands associated with success; but they couldn't afford so counterfeiters began to provide this prestige brand at bargains basement prices. Then the idea spread to the industrial sector throughout the world.
Effect of counterfeit
Some years back, the United States International Trade Commission estimated that the distribution of product imitation cost U.S companies between $6 billion-$8 billion a year and contributed to the loss of more than 130,000 American jobs.
Also, according to research analysts, approximately 2.5 million jobs world wide has been dismantled by counterfeit black market and if it continues to grow which researchers predict it will, the employment rate will continue to rise around the world.
One person died in Napa Calif, in a 1975 crash that was traced to counterfeit Bell Helicopter parts.
In 1980 Kenya’s coffee crop was severely damaged by the use of a counterfeit Chevron fungicide that did not protect the plants from disease. In the same year there was evidence that counterfeit air-brake components had been installed in buses in England. Fortunately the bus company discovered the fakes before the vehicles were on the streets.
Rockwell International, a prime NASA contractor, discovered suspected counterfeit transistors that were scheduled to be used during a test of NASA’s prototype space shuttle, the Enterprise, in 1976. There have also been fake parts made for the pumps used in open-heart surgery. And people have died from taking fake pharmaceutical drugs.
Simple Fast and Secure Way to Stop Counterfeiting
Due to exponential increase in the creation of fakeproduct, SEAL came up with a new initiative aim at beating the menace causes by counterfeiting.
What is SEAL?
SEAL Network is a blockchain base innovation aim at checking the authenticity of a product. In the quest to stop counterfeiting, SEAL came with an idea to set a seal ecosystem that comprise of the seal app, the seal NFC chip and the Seal Network that allows anyone to check the authenticity of a product. This can be achieved by taking the seal app close to the seal NFC chips which is embedded in a product. NFC evolved from a radio frequency identification (RFID) tech which operate as one part of a wireless link that detect and then enables transfer of data between two devices without the need for internet connection. SEAL NETWORK is simple, fast and easy to use compare to other anti counterfeiting method. Other than being an anti counterfeiting platform, sea network has committed herself to track parallel trade, Register Ownership etc.
SEAL TOKEN
The seal token power the seal network. They enable low- cost micro payment between seal network, consumers and brands.
Token Cap
A maximum of 1.2b tokens will be minted and will never exceed this amount. No more than 492m tokens will be allocated for the token sale rounds. Discounts and bonuses depend on strategic partnerships and deal size.
1 eth = 7000 seal tokens
Total token supply: 1,200,000,000 tokens
Token sale supply: 492,000,000 tokens
To gain more insight,
Website: https://seal.network/
Whitepaper: https://seal.network/seal-whitepaper.pdf
ANN Thread: https://bitcointalk.org/index.php?topic=2929809.0
Bounty thread: https://bitcointalk.org/index.php?topic=3217735.0
Telegram: https://t.me/sealnetwork
Twitter: https://twitter.com/seal_network
Medium: https://medium.com/sealnetwork
Writer: https://bitcointalk.org/index.php?action=profile;u=1256875