A smartphone app capable of authenticating high-value brands was announced June 19, 2018 by media company Blue Bite. The app can also be leveraged by brands, allowing them to offer consumers exclusive experiences in a direct-to-consumer content channel only available to product owners.
This is could be crucial in stemming the brand counterfeiting problem the economy has been facing for years now. The illegal industry is now growing at the same pace as the US economy, reaching $1.2 trillion in 2017 and slated to hit $1.82 trillion by 2020.
Luxury items are hit the worse by counterfeiting, with it being reported that 10% of sales have been lost to the crime. "Counterfeiting is a challenge we're constantly battling," commented Marco Boccalini, Mr & Mrs Italy's marketing manager. "And it's something we can't totally control. And while there may always be a counterfeiting market and individuals who buy knockoffs, it is our job to protect our customers and brand by searching for a solution to mitigate this very real issue."
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This means Blue Bite's solution to help curb rampant counterfeiting will likely be welcomed by brands and consumers alike. The company's product authentication system is available to everyone and achieves security through end-to-end product authentication as a service suite. This means any brand can achieve item-level security for a price.
"We realized that both brands and consumers have a role in fighting counterfeits," explained Mikhail Damaiani, Blue Bite CEO. "So we built an authentication service that is not only affordable but easily accessible and scalable, bringing product-authentication technology to everyone."