IOTA technology is revolutionizing the battle against product piracy through an innovative patent from ZF Group. This breakthrough promises to enhance traceability and verification in supply chains, ensuring the authenticity of products.
According to researchers at Fraunhofer, product piracy has significant negative consequences for manufacturers, consumers, and economies. It results in lost market share and damage to the reputation of producers, while consumers are at risk of using unsafe and inferior products. The broader impact includes reduced investment, job losses, and lower tax revenues, which weaken economic stability.
In addressing this issue, IOTA technology offers a promising solution, as evidenced by ZF Corporation’s new patent. ZF is a global leader in automotive and industrial technology, and the adoption of IOTA and Shimmer technology for securing supply chain authenticity highlights the importance of this development. This has the potential to revolutionize secure mobility.
The recent patent from ZF Group, mentioning IOTA, is a game-changer that ensures originality throughout the supply chain. With approximately 165,000 employees worldwide, ZF reported €43.8 billion in sales for fiscal 2022 and operates 168 production locations across 32 countries.
As CNF recently reported, ZF’s extensive operations and significant sales strongly endorse the capabilities of IOTA. The patent leverages IOTA to enhance the traceability and verification of genuine parts, aiming to protect product integrity and reduce counterfeit goods. This reflects the broader potential of IOTA in transforming supply chains and addressing piracy, which, according to Europol, leads to global business losses of around $461 billion annually. This issue is particularly prevalent in industrialized regions, where counterfeit products can make up to 5% of all imports, endangering consumer trust and community safety.
In addition to its applications in combating piracy, IOTA also facilitates traffic management, ensures digital identity security, and streamlines international trade documents.
The current price of IOTA is approximately $0.249, with a 2.5% increase over the past week, indicating the growing interest in its role in securing digital transactions and supply chain management.
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