Avoiding Fake Products and Implementing Product Verification Using Private Blockchain Network

Abstract: Counterfeit products have risen with the rising demand and inflating prices and also shortage of supply. According to the latest reports the counterfeit goods industry in the USA is worth more than 600 billion USD. And it is destined to increase at a whopping 4% per year. To prevent the trade of counterfeit products and to help reduce counterfeit goods we have developed a technology with the help of a blockchain network. Essentially, a blockchain is a digital transaction ledger that is maintained by a network of multiple computers that does not rely on a third party. Individual transaction data files (blocks) are managed by special software that allows the data to be transmitted, processed, stored, and represented in a human-readable form. Each block contains a header with a time-stamp, transaction data, and a link to the previous block in its original configuration. A hash gets generated for every block, based on its contents, and then becomes referred to in the heading of the subsequent block. As a result, any manipulation of a given block would result in a mismatch in the hashes of all subsequent blocks.