Group Project’s blockchain solution against counterfeiting in the apparel industry will be a huge relief for high-end apparel brands.
Creating new trends and meeting the demands of ever-changing consumer market are not the only challenges that apparel industry is facing today. The biggest issue that’s been eroding the high-end fashion brands for years is counterfeiting.
In a world where technology is where it is today, it is hard to believe that counterfeiting can be such a huge problem—and one that apparently has no solution. There are a dozen ways to catch someone from walking out of a store with stolen apparel items, but counterfeiting is a completely different beast.
One might only get an idea of the seriousness of the issue after looking at some figures. The recent statistics reveal that counterfeit products take away more than $500 billion from the fashion industry every year. The scarier part of it all is that counterfeiting is increasing with time. Counterfeit products crossing borders in 2007 were at a figure of $250 billion. Six years later, the figure was $461 billion.
High-end fashion brands have tried to tackle the problem in their ways. However, they have not gained much from their efforts. A brand will stand up and fight for itself only, but counterfeiting is not a problem of one particular brand. It’s a plague that has been affecting the entire fashion industry and their consumers for several years now.
Recently, there have been an influx of start-ups trying to tackle this problem, but Group Project made use of the blockchain technology in a unique way to solve a unique yet real problem. While other blockchain projects are focused on creating new forms of currency, Group Project has addressed a serious issue and come up with a solution that has the potential to become an industry standard.
With their counterfeiting solution, fashion brands will be able to attach Group Project’s proprietary product, Crypto-Tag™, to their items for authenticity. When someone is purchasing the item, they will be able to use their smartphones to scan the tag and know if the product they are buying is real. The best thing about it is that Group Project is coming up with a complete solution, i.e., they will create their mobile application as well.
Group Project’s technology will not only protect consumers from buying counterfeits, it could also help the fashion industry from losing billions of dollars. With just the use of their smartphones, consumers will be able to utilize blockchain to safeguard themselves from purchasing fake goods. A truly noble cause that has the potential to end fashion fraud. – David Drake, Partner at LDJ Capital & Advisor
All the data about the garments, shoes, and any apparel items will be stored on the blockchain, and that’s what’s going to make this solution extremely safe and quick. When the data goes onto the blockchain, those trying to hack the system will never be able to know which piece of information belongs to which piece of garment. On the other hand, with today’s conventional solutions and databases, fakers can copy the information of real items and sell theirs as real, i.e. barcodes, weak NFC chips, RFID.
The strength of this system lies in its application across the board. It’s not just the brands that will use the technology, but consumers and retailers will have the power in their hands too. Anyone who owns a smartphone with NFC capability will be able to scan the product and instantly receive information about its authenticity.
The entire fashion industry will benefit from the solution. Customers will be sure that they are paying for a truly high-end product, not a fake. On the other hand, the $500 billion that the industry is losing every year will go back into the pockets of brands that create their products after years of working. The only downside of this solution will be for the counterfeits.
Group Project is in its initial stages where it has an upcoming Pre-ICO sale and an ICO. The Pre-ICO will start on April 30, 2018, and end on May 13, 2018. The ICO will start on May 14, 2018, and end on June 10, 2018. The symbol for Group Project’s tokens is GRUP.
Recently, Group Project has announced a roadshow across the United States to meet with investors and help answer and questions or concerns regarding their unique solution to the counterfeit crisis in the fashion industry. You can find the full schedule here – “Meet Us in Person – Group Project Roadshow”.
Detailed information of their Group Project’s solution and the tokenomics is all included in their whitepaper available on their website.
About Group Project
Group Project aims to be a blockchain-based solution to rescue the fashion apparel industry from $500 billion loss every year in the shape of counterfeit products. The system will use Crypto-Tag™ and mobile applications to help small businesses and large enterprises protect their products from being copied and sold.
Counterfeit goods is a $1 trillion industry ?… Just the fashion industry alone is almost $500 billion. Who wants to join us in this fight against the counterfeit industry? #fightthegoodfight #itsabouttogodownhttps://t.co/ykX9wLd9Rh pic.twitter.com/3xTLCGLJpb
— Group Project (@GroupProject_io) February 19, 2018