It is high-time for serious brands to wave goodbye to revenue loss due to product counterfeiting as simplyBrand comes up with a unique solution that utilizes the accuracy of artificial intelligence, the immutability of blockchain technology and the power of the crowd to eliminate counterfeit products and drive counterfeiters out of business. There is no doubt that counterfeiting business is a thriving business globally and in some regions of the world, you are more likely to get counterfeit products for every purchase you make as opposed to the original version of the products.
Worse still, these counterfeit products have also found their ways into the nooks and crannies of online marketplaces as the world moves to embrace e-commerce solutions. The Global Brand Counterfeiting Report of 2018 threw up some interesting statistics and in the year alone, about $30.3 billion was purported to have been raked-in by online counterfeiting businesses that specialized in high-end consumer goods, a figure that represents a loss in revenue to brands. The loss is expected to increase geometrically in the coming years if serious and effective efforts are not made to tackle the menace.
The negative effect of brand counterfeiting does not just stop at the loss in revenue. It further results in fraudulent warranty and product liability claims as well as constitute reputation damages to brands. Some of these effects might be difficult to be estimated in economic terms. Alright. enough of the problems, let us talk about the solution!
The simplyBrand's solution - making digital commerce trustworthy through blockchain, AI and you!
Because every purchase matters, companies have been and are still making efforts to ensure that counterfeiters take as little as possible in their market shares. Some of these efforts which involve tracking the manufacturing of goods as well as monitoring the supply chains are quite capital intensive, time-consuming and might not produce the desired results in terms of effectiveness. The simplyBrand's solution to online counterfeits is second to none and promises to be effective like no other. Their solution is specifically designed for a fool-proof, innovative and less expensive protection of brands against counterfeiters in addition to some extra benefits.
The solution proffered to online counterfeiting starts with a decentralized platform containing an artificial intelligence model which continually scans e-commerce platforms for product data and using such data to determine the genuineness or otherwise of a product with the aid of natural language processing, semantic analysis and image recognition technology. The task of the artificial intelligence model is further reinforced by the crowd-sourced human layer who act as to verify the authenticity of product's links as well as images. The crowd-sourced participants are incentivized using the SBA tokens which can easily be swapped for real money on exchange platform or be used to purchase brand privileged items on the simplyBrand's platform.
Brands that are interested in using simplyBrand's protection against counterfeits would have to buy the service on the platform using the SBA tokens which can be purchased on the exchange. Such brands will easily have the e-commerce links to the counterfeit versions of their products identified from the already existing database, verified and removed by relevant enforcement agencies who by the way also get incentivized with the SBA token. Third parties such as legal or news firms can also purchase data related information on the platform using the token. The solution is simply a win-win situation for everyone except the counterfeiters.
To further act as a stronghold against counterfeits and provide brands with relevant insights, the simplyBrand ecosystem can help brands to estimate impact factor which is a measure of the possible loss of revenue to counterfeit products on online marketplaces. In addition, the counterfeit risk detector on the platform calculates the chances of product links submitted being a counterfeit or otherwise. The video below provides a summary of it all.
SBA token - The pre-sale
The SBA token which is the legal tender within simplyBrand's ecosystem has since been on sale since 10th January 2018 and is expected to last till March 23rd, 2019 with a series of bonuses for early investors and rewards for referrals. A total of 1,000,000,000 tokens is in supply out of which 16% (160,000,000) is available for pre-sale.
The first set of investors will share a bonus pool and receive bonuses according to the amount that they invest while a whopping sum of 1,000 tokens is available for every valid referral. To provide the icing on the cake, the top 100 participants that have accumulated the most tokens from referrals are eligible to share in another bonus which is determined by the amount generated from pre-sale. More information can be found on the pre-sale page.
Disclaimer: This is not a piece of financial advice. Please do your own research before investing in cryptocurrencies or any digital asset. This blog post is done for entertainment and knowledge purpose only.