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Philip

Amazon patent of blockchain based product authenticator

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Will Amazon patent of a blockchain based product authenticator work to fight the counterfeits menace on its platform and maintain trust with stakeholders?

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Hi Philip,

According to the United States Government, counterfeits have flooded the e-marketplace. Amazon has faced lawsuits, and significant brands left its platform, blaming the platform for ineffective regulations to fight counterfeits.
Amazon would want to keep all stakeholders happy, and they have had the headache of deciding how to monitor every product on their colossal marketplace. For e-commerce giants like Amazon, trust has to be earned and once lost, regaining it is tough. 
To counter counterfeits, Amazon would be forced to do away with the third-party marketplace, but given this market's importance to the giant's growth, that's unlikely. 
To fix this issue, Amazon has patented its distributed ledger-based system to provide consumer goods with authenticity.
Amazon has clarified in its patent that Hyperledger may be one of the DLTs in use.
This patent says the blockchain application fortifies products with digital trust throughout the chain of an item, from the first mile of the supply chain to the last. A patent filing does not have to indicate that the patenting firm is applying certain technologies.
Amazon's blockchain compiles assorted data from manufacturers, shippers, and distributors within an open framework. Results include item attribution throughout information silos. The customer subsequently has access to the neat packaging of the resulting data.
Such pieces of patchwork technologies fail in encompassing international chains of supply. Amazon thus grew wary and critical regarding such chains. At stake are Amazon's couriers who last year delivered 3.5 billion products, 46% of the US e-commercial total.
Results from a morning consult poll reveal 39% of respondents trust Amazon even more after the patenting. Us Postal Service who deliver 30% of Amazon's products highly applauded the move.
Blockchains protects product data against malicious alteration. DLTs remove every single point of failure. Similarly, DLTs do away with central authority management challenges, such as bottlenecks.
 

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