INTERNATIONAL JOURNAL OF SCIENTIFIC DEVELOPMENT AND RESEARCH International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2455-2631 | Impact factor: 8.15 | ESTD Year: 2016
open access , Peer-reviewed, and Refereed Journals, Impact factor 8.15
Counterfeiting of products has been a persistent issue for decades. It is a growing concern, particularly in the luxury goods and high-tech electronics industries.[1] Traditional methods of product verification are often ineffective, as they can be easily replicated by counterfeiters[2] Although traditional approaches like RFID tagging have been implemented in the past to stop non real product, the recent advancements in technology have led to the development of more efficient and secure solutions. The article outlines a strategy for using blockchain technology and NFT to stop product fraud. The proposed system employs a decentralized network of nodes to authenticate product information, making it difficult for attackers to manipulate data. Blockchain technology provides a secure and tamper-resistant platform for tracking and verifying the authenticity of products[3] Non-Fungible Tokens (NFTs) offer a unique and verifiable digital identity that can be linked to physical products, providing an additional layer of authentication.[4] Our proposed method guarantees high levels of security and is easily scalable. The system is made to be affordable and simple to use, making it the perfect option for businesses. Several studies have demonstrated the potential of blockchain and NFTs for product verification in different contexts (Jiang et al., 2019; Liao et al., 2019). By providing a secure and transparent supply chain, blockchain and NFTs can enhance consumer trust and protect the reputation and profits of legitimate manufacturers and retailers. The results of our experimentation demonstrate the effectiveness of the proposed system in preventing counterfeit products. Overall, the system presents a reliable and practical solution for authenticating products and preventing counterfeiting.
Keywords:
Index Terms—Blockchain, Non-fungible tokens (NFTs), Decentralised ledger, Cryptography.
Cite Article:
"Tracing Authenticity: A Blockchain and NFT-Based Approach to Product Verification", International Journal of Science & Engineering Development Research (www.ijsdr.org), ISSN:2455-2631, Vol.8, Issue 5, page no.1830 - 1834, May-2023, Available :http://www.ijsdr.org/papers/IJSDR2305288.pdf
Downloads:
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Publication Details:
Published Paper ID: IJSDR2305288
Registration ID:206651
Published In: Volume 8 Issue 5, May-2023
DOI (Digital Object Identifier):
Page No: 1830 - 1834
Publisher: IJSDR | www.ijsdr.org
ISSN Number: 2455-2631
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