The biggest challenge facing the brands is how to secure the actual product to their Blockchain, not just the packaging
REDWOOD CITY, Calif. (PRWEB) January 23, 2018
iTRACE Technologies, Inc., a leading provider of secure Anti-Grey Market and Anti-Counterfeit solutions for brand owners, announced today the completion of its 2 Factor Product Authentication integration with Blockchain. This integration allows brand owners to store 2DMI® authentication, track and trace information onto their own private or public Blockchain implementations directly from the 2DMI® mobile application.
iTRACE 2DMI® Integration with the MultiChain Blockchain uses the iTRACE Mobile Application Gateway to connect securely with the existing Blockchain API, creating an irrefutable record of the iTRACE 2DMI® security marker into the private or public distributed ledger. The 2DMI® Blockkchain API is able to deliver the 2DMI® transaction data directly to the Blockchain, allowing the brand owner to securely connect their product and any components or accessories to Smart Contracts and other tracking applications implemented through their own Blockchain infrastructure.
“The industry has been talking about Blockchain for some time, but the biggest struggle facing the brands is how to secure and authenticate the actual product itself to the Blockchain instead of just the packaging. It’s pointless having a highly secure and irrefutable distributed ledger, if the product itself is only secured with open source barcodes, QR-Codes, DataMatrix or serial numbers.” said iTRACE Founder & CEO Mark Manning. “People talk about RFID in this role, but most brands will find RFID too expensive for this kind of item level tracking and the tags get removed or disabled by the grey market anyway. Brands are looking for highly secure and cost effective alternatives like iTRACE 2DMI®. This is the first time that an affordable 2 Factor Product Authentication Solution has been so easy to deploy and manage on high volume and low margin products.”
MultiChain is a developer friendly, customizable and flexible Blockchain implementation based on the Bitcoin core. It can support Unlimited Assets and Data Streams with fine-grained permissions and can be deployed with two simple steps. This helps organizations build Blockchain applications with speed and efficiency.
About iTRACE Technologies, Inc.
iTRACE Technologies is a California company that specializes in Brand Protection and Product Security. Our unique patented technology enables our customers to use 2 Factor Product Authentication (2FA) to secure their brands, prevent diversion, cut-off the grey market supply, and easily identify counterfeiting. Our enterprise software model ensures brands can see real ROI from implementing the iTRACE 2DMI® solution on their products, providing actionable data to protect them from the liabilities associated with counterfeit and false warranty claims. For more information, visit http://www.itracetech.com. Or follow us on Twitter @itracetech