Bonafi, which was previously known as Group Project, is launching its ICO to facilitate the supply chain using blockchain technology. It will be integrating mobile applications and Crypto-Tag with the blockchain in order to provide empowerment to retailers, brands, and consumers so that they can fight against the counterfeiting of products. To see other ICO’s like Bonafi, look for https://thetechinsider.org.
- It uses blockchain technology
- Crypto-Tag patent
- Currency: Bona tokens
- Uses mobile technology for consumers
The Global Counterfeit Problem
There is a global problem with counterfeit products being available all over the world easily. For serious buyers, it can be a problem if they are being duped into paying the actual price for a fake product. The counterfeit industry is growing at an alarming rate and with a lack of resources to deal with such a phenomenon, these fake products are actually stealing the market share of the original brands.
Solution Provided by Bonafi
The aim of Bonafi is to defend all sorts of retailers and brands, whether they are big or small, from counterfeit products and to provide protection to consumers by giving them an option to authenticate the product using blockchain technology. The authentication of products is done through their unique trademark, known as Crypto-Tag, which is scanned by an NFC-enabled mobile device. The device will then be able to provide authentication of the product easily.
Since it works through a mobile application, it can be used by retailers, consumers, and brands so that they can communicate with the Crypto-Tag and include additional data to the blockchain technology.
Data and information relating to each individual and their contribution to the supply chain will be recorded permanently on the blockchain to allow them to verify the authenticity of the products.
What Is Crypto-Tag?
It is a tag embedded in the product that will be able to serve as a crypto engine and can be used with almost all types of materials, so it can also be used on all types of products.
This will be the currency used on this platform to power the application and that end-users will be paying for the authentication of their products. The cost of the authentication differs from product to product.