The Italian government has invested €15 million ($16.2 million) in a program that will develop and implement technologies like blockchain to prevent counterfeit goods.
The funds from the government will also be used to support a joint project between IBM Italy and the artisan community. This measure is aimed at thwarting the rise of counterfeit goods and securing the future of Italian artisans.
Based on reports, the program will improve certain sections of the industry, such as the authentication of goods and raw materials through the supply chain, a secure ledger of intellectual property rights, provable sustainability and ethical practices, and closer relationships between brands and their customers.
Counterfeits of “Made in Italy” brand
Counterfeiters have been forging the “Made in Italy’ label to capitalize on the country’s reputation. In 2018, Forbes revealed that the counterfeit industry grew from $461 billion in 2013 to $1.3 trillion. They expect the industry to reach $2.8 trillion by 2022.
Counterfeiting is intellectual property theft, affecting the reputation of the label, the brands, and artisans behind it. This is why the Italian government is exploring a blockchain solution to help address this problem.
The Italian government also ventured into blockchain in their fight against fake news. In the last few years, fake news has become a major global issue affecting the country.
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