In this Bonafi review, a deep dive into their brand new solution to tackle counterfeiting through blockchain technology.
Bonafi Review: Introduction
For intellectual property owners and manufacturers, the battle against counterfeiting is an uphill one with no certainty of victory. Recent stats depict that around $60 billion is lost annually to counterfeiting in the European Union. Also, customers spend around $460 billion on counterfeit goods annually in the United States.
Lack of motivation, loss of customer and investor confidence (negative reputation) and loss of revenue are top of the list of downsides that IP owners suffer as a result of counterfeiting. Also, the negative impact of this menace extends to our economy and all the way to the common man. Additionally, according to research analysts, approximately 2.5 million jobs have been dismantled by counterfeit black markets. As a result, the rise in the unemployment rate.
Counterfeiting has its place in a wide range of sectors
The health sector is the latest to bear the brunt of counterfeiting. Almost any pharmaceutical formulation can be altered in a bid to trade quality and patient’s wellness for financial gains. In general, this has led to a decline in the quality of health of many and death in extreme cases.
By all metrics, counterfeit goods are harmful to our health and economy. Moreover, they pose no significant economic value but rather undermine the input of manufacturers and intellectual property owners. In addition, to tackle this menace, manufacturers and consumers must share the responsibility of establishing and verifying the authenticity of goods respectively. Through the integration of modern technologies such as blockchain, RFID, etc, achieving a means of unique identification and item authenticity is finally within sight. In this Bonafi review, their solution to tackle the issues concerning counterfeiting with the help of blockchain technology.
Similarly, the fight against counterfeit goods is a collective one involving the participation of every industry participant. Also, to effectively leverage their collective efforts, a means of eliminating counterfeiters from the ecosystem must be attained. Especially, Bonafi achieves an ecosystem of this nature powered by blockchain.
Particularly, Blockchain is however just one out of the four building blocks of Bonafi’s ecosystem. In addition, CryptoTag, BONA tokens, and Mobile applications are the other components that make up Bonafi. Moreover, the fusion of these four components births a platform that aims to defend its users. For example, manufacturers, distributors, retailers, and consumers are protected against counterfeit goods.
Blockchain technology makes the supply chain secure
In the first place, blockchain is the technology that makes Bonafi’s model operational. It forms the basis of an immutable and transparent network where there is zero need for trust. Besides, Bonafi’s supply chain cannot be altered, neither can product details be altered. For this reason, it makes it virtually impossible for counterfeiters to infiltrate the ecosystem. Also, the unmatched security provided by extra layers of cryptography ensures that data stored on the blockchain is securely kept from the prying eyes of hackers. In fact, CryptoTag helps provide unique identification for different kinds of products. Additionally, it is usually embedded in the product for easy identification and for verification of authenticity. Finally, the details of each CryptoTag are stored on the blockchain and allows for verification by the consumer.
Bonafi mobile application is the interface through which customers can verify products before purchasing them. Also, through the mobile app, they can scan the product and confirm its authenticity. In detail, the embedded CryptoTag which functions as an NFC (Near Field Communication) chip communicates with a mobile device to make this possible. In addition, customers can help add an extra layer of authentication by registering purchased goods.
To point out, BONA tokens fuel the Bonafi ecosystem. Moreover, users of the mobile app are required to possess BONA token to use the service. If a product is verified on the platform, the indicated amount of BONA token is deducted and burnt. Particularly, if the product is a counterfeit, the user retains his token.
Features and Benefits of Bonafi
- Eliminates counterfeit goods and restores revenue
- Helps improve brand reputation and encourages IP owners/manufacturers
- Cost-effective and efficient means of verifying item authenticity
- Compatible with a wide range of products
- Highly secure and transparent
The BONA token is the traditional token used on the Bonafi network. Furthermore, this unique token will run on the Ethereum blockchain to ensure flexibility on the network. A large percentage of this utility token is expected to be distributed to investors during the Initial Coin Offering (ICO).
Bonafi(BONA) numbers & details
|Total amount raised for ICO||Unknown|
|Total number of tokens||1.000.000.000 BONA|
|Emission rate||No further tokens will be created|
|Nominal price||1 BONA = 0.10 USD|
Counterfeiting is a common enemy to all businesses. Some have suffered great losses, while others have fizzled out of existence as a result of its impact. In this Bonafi review, I tried to ensure that manufacturers, investors, and consumers finally flourish by creating a business environment devoid of counterfeiters.
Information and resources
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