• VeChain remains one of the top blockchains aiming to help drive sustainability and product traceability.
• Blockchain can come in handy in helping bodies like the EU in the fight against counterfeit products.

The VeChain blockchain platform has been touted as the most suitable available tool to fight against counterfeit goods in the market to protect customers across the globe. 

This comes amidst an increased occurrence of counterfeit products in the market. Specifically, the European Union Intellectual Property Office together with 15 European countries and certain law enforcement agencies collaborated to ward off fake products from reaching the European market in an initiative dubbed Operation Pirates 1.

A number of countries including Belgium, Bulgaria, Czechia, Germany, Greece, Hungary, Italy, Latvia, Lithuania, Portugal, Romania, Slovakia, Slovenia, Spain, and Serbia participated in the initiatives. Regulatory agencies involved are CELBET (Customs Eastern and South-Eastern Land Border Expert Team), EUIPO (European Union Intellectual Property Office), Frontex (European Border and Coast Guard Agency), OLAF (European Anti-Fraud Office), and PSI (Pharmaceutical Security Institute). 

Meanwhile, the European Union’s law enforcement agency popularly referred to as Europol supported the project by deploying a specialist to the operational center set up at Frontex.

Operation Pirates 1 which took place between Tuesday, May 9 to Friday, May 19th led to the seizure of goods worth 33 million euro, approximately $36.2 million. The initiative was conceived as a global operation to thwart smugglers of counterfeit goods such as pharmaceutical products, garments (clothes and accessories), cigarettes, cosmetics, electronic devices, toys, etc. focused on physical inspections on land and sea borders. 

About 810,995 counterfeit products including clothes, footwear, bags, wallets, belts, sunglasses, accessories, perfumes, electric bikes, etc. were seized. 61,246 counterfeit electronic devices, 7.8 million counterfeit cigarettes, 250 kg of cannabis as well as 59 firearms were also retrieved during the action days. 

VeChain Technology Faciliates Transparency and Revolutionize Sustainability 

Ordinarily, authentication and anti-counterfeit are two major use cases of blockchain technology. Furthermore, VeChain technology has proven over time to be efficient in promoting transparency and revolutionizing sustainability across several industries with numerous real-life use cases. Hence, the blockchain platform has collaborated with several industries to deliver worthwhile solutions to their challenges.

The VeChain traceability technology is able to track product details from the point of production to distribution thereby providing transparency and immutability of data. Details about the origin of a product can be accessed by scanning QR codes.

The coffee industry recently utilized the technology to provide consumers with detailed information on the process of planting, processing, and transportation of coffee beans. It was aimed at boosting consumers confidence in the quality and safety of the product.

Other food manufacturing companies have leveraged the VeChain platform to improve their supply chain. Suppliers of raw materials, manufacturers, distributors, retailers, and consumers are able to come together under one network that is verifiable with just a click or a scan. Walmart China just expanded its partnership with VeChain by adding more products to the list of those already utilizing the traceability solution.

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