WaBi utilises blockchain technology to secure anti-counterfeit labels on consumer products globally, with a focus on the counterfeit epidemic in China.
Blockchain technology must connect to the outside world in order to be truly disruptive. There are a number of blockchain companies focusing on breaking down this barrier of on/off-chain application, but few have stood out as a genuine solution to off-chain physical problems. One such problem which has caused $461 billion worth of trademark and copyright infringement, or 2.5% of the total for all goods sold, is counterfeit trade. With the rise of e-commerce, selling and transporting fakes has become much easier - almost two-thirds of seizures nowadays are of postal shipments, mostly of goods bought online. Though the cost to business is substantial, the most serious problem is risk to human life. In both 2004 and 2008, counterfeit baby food was sold in China which caused over 70 infant deaths and up to 55,000 babies were hospitalised. Thus, consumers tend to buy imported goods with a premium to ensure its safety.
Token Sale: 28 Nov – 28 Dec | Funding Goal: $11.5m | Token Price: $0.25
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