Counterfeiting is the arbitrage of the extrinsic value of a product. Brand sensitivity to counterfeiting depends on the extrinsic value of the product. Extrinsic values are usually derived from brand equity but can also come from other sources such as certification in the case of drugs.
Counterfeiters target both primary and secondary markets. In the primary market prices are similar to the original product. In the secondary market prices may vary (Note: The secondary market is not the same as the used market). According to a study by OECD, rogue Ray-Ban sunglasses, Rolex watches, Louis Vuitton bags, and Nike shoes at very low prices target the secondary market.
In this sub-market price is substantially reduced when compared to the original because consumers are looking for products that violate IP intentionally (OECD, 2016, p55-138). Products can be advertised as proxy or replica when the seller does not pretend that the product is genuine. Instead, the seller may argue that the product has the same quality as the original.
Counterfeit products in the higher price category belong to the main sub-market. This forgery not only violates IP, but also intentionally deceives the consumer. The prices for these products are only slightly below the original product and are often sold as genuine products at discounted prices. Seal Network protects this market. OECD estimates international trade of counterfeit products to reach $ 461b in 2013, or 2.5% of global trade. This amount does not include fakes produced domestically and is consumed or copied which is distributed online.
This represents an 80% increase in OECD findings in 2007. A recent report by Frontier Economics (2017) has extended the OECD report. The authors estimate that the value of international and domestic trade in pirated and pirated goods in 2013 is between $ 710b and $ 917b after taking into account the value of counterfeit products produced domestically and consumed.
In addition, the total economic and social losses totaled $ 737bn to $ 898bn. These losses are related to lost foreign direct investment, fiscal losses, the movement of legitimate economic activity and criminal activity. Frontier Economics prediction for 2022 paints a bleak future. The total cost of counterfeiting industry by 2022, excluding software is between $ 1516bn and $ 1954bn. More than 85% of all fake products are produced in China at the time of writing.
The companies that most often suffer from counterfeiters are registered in OECD countries, namely the United States, Italy, France, Switzerland, Japan, Germany, England, and Luxembourg. Companies from China and other developing countries are also victims.
Used goods market is very sensitive to corruption and consumer confidence is very low. Many products lose value in the used markets, but products that target Seals usually act as a value store. The integrity of the second-hand market determines whether a brand can sell products at a premium price or not.
Customers will fluctuate tremendously in the authenticity of products in the threatened thrift market, as collectibilities are drastically reduced when counterfeiters are fouling the market. In other words, when the counterfeiters flood the market, consumers will no longer feel secure buying those products. They will not stop buying, but get out of the market at all (eg by selling their collections).
Secondhand markets are places where value shops make profitable trades, such as in collectibles, comics, vinyl, wine, sneakers, designer clothing, leather goods and vintage or other limited edition products. These categories are the main targets for counterfeiters, so demand for highest authenticity is here.
The used market is the largest market in size, because market size is the sum of all products sold, not just those sold now, but the data on the used goods market is lacking because there is no way for brands to capture the data correctly. Because these markets behave autonomously, beyond the control of the brand, the brand can not interact with this market. The result is that brands can not monetize the used-goods market even though this is where most of the money from products with collectible value is made. Brands are only profitable at the starting point of the sale, not on after the sale transaction.
Products are traded offline and online. Although the buyer protection option exists on a particular online platform (eBay), many platforms do not offer this (Facebook). However, counterfeiting is often undetectable until the product is resold to a more sophisticated or professional buyer. Unconscious buyers will not initiate buyer protection simply because they believe the product is genuine when it is not.
Companies like Amazon, Flipkart, eBay, and Alibaba are suffering from the active counterfeiters on their platforms. Blockchain technology is the best in environments where trust is low, because it is a system where trust is no longer needed. Therefore, used markets desperately need a blockchain based authentication solution.
Midnight shifts occur when the legitimate manufacturing partner of the brand produces a licensed product that runs during the day, but also creates products that are not licensed during the night. Overflow licensed products are sold through legitimate supply chains, while unlicensed products are sold on the black market or entered into legitimate supply chains through conspicuous distributors. These products are not forged, but they are theft of intellectual property by the manufacturer.
Brands trust their manufacturing partners with their trade secrets, the designs, models, methods, materials and processes needed to make their products. At midnight, manufacturers use trade secrets entrusted to their own clients. Midnight shifting competes directly with brands by lowering prices. Because the quality of the product is exactly the same, the product that shifts midnight is very dangerous for the brand and is almost impossible to detect or control.
Seal is an authentication service supported by blockchain technology. The platform aims to protect the most loved brand value in the world, allowing users to easily verify the authenticity of any product with a simple scan of the smartphone.
Today, major brands worldwide are targeted by fraudulent producers. The reputation of these brands is tarnished by imitations and imitations. Seals are trying to solve this problem using blockchain technology, which allows consumers and manufacturers to verify the original product.
Seals are not just for billion-dollar luxury brands; Seal's website also mentions creators, designers, programmers, and other types of creators. The world is full of creators - and these people rely on authentic work to maintain their reputation.
Seals provide authentication services through blockchain, enabling consumers and manufacturers to verify the identity of a product. Anyone can use Seals to reliably, quickly, and economically verify the authenticity of any "Seal-enabled" product. Technically, Seals use NFC-compatible chips to effectively, safely, and freely enter the system into physically produced products.
Basically, Seals involve integrating a physical Seal chip into a product. Once the Seal chip is added to the product, the product is paired with digital entries on the blockchain. Anyone can verify the authenticity of the product instantly with a simple tap or scan from any smart device.
In addition to Seal-enabled chips, ecosystems require Seal mobile applications that are installed on NFC compatible smartphones. There is also a Seal token that allows communication between different parts of the platform. Underlying everything is the Seal network, an unchanged blockchain database in which every transaction is recorded and validated by its vertices.
The brand, meanwhile, is the only publisher of the product pair in blockchain. Through this system, brands can ascertain exactly how many authentic copies are released. A dishonest manufacturer can no longer copy a product that can be passed as genuine because a copy can not replicate a token.
Global brand forgery is big business. The Seal website mentions that goods worth $ 2.8 trillion are forged each year. One of every 5 products made in China is a clone. Counterfeiting is a clear problem in the apparel industry, shoes, and bags. However, it is also a problem for airbags, aircraft parts, drugs, and other industries.
All of these forgery caused a loss of trust. People lose confidence in brands that are in good standing because of counterfeiting. Low quality, harmful products sold as genuine. Brands get a bad reputation for counterfeit products, while people can not sell their original goods in the secondary market because of perceived confidence issues.
In addition to the above problems Seals claim to be able to solve the following things daintaranya: No proper protection; hundreds of millions of counterfeit products reach the US and EU each year, with unlicensed products manufactured and imported during midnight shifts and sold through parallel imports; 85% of global fake products come from Asia, with 20% of Asia's total production consisting of counterfeit goods: The global counterfeit products industry is projected to increase to $ 1.954 billion by 2022.
The OECD states that counterfeiting has the impact of flogging on the economy, with profits ending in the hands of cartels and terrorist cells; Consumer safety is threatened when they use counterfeit drugs, airbags, and aircraft parts; Consumers are struggling to sell legitimate products on the secondary market due to fraud concerns; Current authentication solutions are inefficient - they are too easily forged, and no authentication service is trusted by consumers and brands.
Ethereum's smart contract technology is easy to learn. Because of Ethereum's ongoing momentum, documentation, and the right tools (eg Truffle, Solidity), the availability of engineers is very high and the learning curve is relatively low. Operation scaling requires access to skilled engineers in writing blockchain applications using secure smart contracts. To ensure our business is not hindered by our paycheck hyperinflation techniques using three methods: (1) attractive location, (2) direct access to top academic talent through private networks, (3) using the most widely adopted smart contract technology.
Seals are built on the standard token ERC20. The ERC223 token standard has technical advantages over ERC20. Specifically, ERC223 eliminates the missing token problem that occurs during transfer of the ERC20 token to the contract (when the wrong person uses the instructions to send the token to the wallet). ERC223 allows users to send their tokens to purses or contracts with the same function transfer, thus eliminating potential confusion and loss of tokens. Unfortunately, ERC223 does not have sufficient third party support. To ensure widespread adoption and compatibility with exchange, we have selected a standard ERC20 token. If, in the future, third party support for ERC223 increases, Seals can migrate to the ERC223 standard.
Depending on the development of blockchain technology and the funds we will accumulate, we need to develop our own blockchain to support higher transaction volumes, and reduce transaction costs. More information can be found in the scenario section of this document. The Seal API is the main method of interacting with the Seal Network. Gateway sends requests to underlying microservices. This allows us to easily change and improve the underlying platform, while maintaining compatibility with Seal Applications, and other API customers.
Microservices architecture is a flexible and efficient approach to building and operating software. Microservices divide large applications into smaller components that are independent of each other. Each microservice does one thing and does it well. This allows us to divide the large amount of work that goes into building, deploying and updating the Seal Network into smaller, more manageable, and more isolated components. Ethereum blockchain is used to store all transactions related to a particular product, such as references to product information, photo references, brand information, history of ownership, and supply chain information.
Seal comes in the form of a digital currency named SEAL. Token SEAL will go on sale from April 15, 2018 to May 12, 2018, at a price of 1 SEAL equivalent to 0.08 USD. The token purchase itself can be done with foreign digial currency such as ETH. Do not forget, get also purchase bonuses at certain time period.
Seals are made by a team based in Amsterdam. The company was founded with the aim of restoring confidence to consumers while enabling brands to interact with their most subscribers "in the most direct way the internet has ever seen."
Seal was founded by Bart Verschoor (Chief Executive Officer and Founder). Verschoor is described as "an expert in making deals with extensive international business development experience at Dell, Bloomsix, and Deloitte.
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