The Italian government is fighting the counterfeiting industry, by investing €15 million (about $16.2 million) into technology, particularly blockchain development.
According to a 2018 Forbes report, the counterfeit industry grew from $461 billion in 2013 to $1.3 trillion. By 2022, the industry is estimated to reach $2.8 trillion.
According to the Organisation for Economic Co-operation and Development (OECD), Italy is the second most affected country after the United States. In 2016, fake “Made in Italy” products cost the Italian economy €12.4 billion ($13.4 billion).
Italy is renowned for its handmade craftsmanship. Its fashion, art, and cosmetic industries are some of the largest in the world. As counterfeiters continue to tarnish the “Made in Italy” prestige enjoyed by the country’s fashion industry, the Italian government has turned to IBM Italy to help solve this problem.
IBM Italy will work with Italian artisans, by providing superior blockchain technology to use in the supply chain and protection of intellectual property.
The Italian government is also using blockchain technology in the fight against fake news. This solution is provided by another tech company, LKS. In the past 3 years, fake news has become a major global issue affecting everything from politics to economies.
Last year, researchers at the Portland State University (PSU) developed a blockchain protocol to fight counterfeit pharmaceuticals.
Image Credits: Pixabay
