The global counterfeit and trade market is a vast industry encompassing various sectors such as goods, important documents, and fraudulent transactions. This illicit market has far-reaching consequences, adversely affecting major players in the global economy, corporations, and institutions. Billions of dollars in revenue are lost, and the reputation of these entities is at stake. In order to address this pressing global issue, Cryptochecks Technology aims to provide a solution by tackling the lack of infrastructure for authenticating goods, documents, and transactions.
For instance, in Canada, when a person issues a cheque, it is rarely verified by the bank to ensure that it was issued by the authorized individual. This vulnerability highlights the need for a more robust authentication system. Currently, the authentication process for goods or documents, such as certificates, relies on a centralized database accessible only to the validating entity. To verify a university certificate, for instance, one must contact the university directly. However, this centralized approach poses challenges. If a university ceases its operations, validating the certificate becomes nearly impossible due to the lack of decentralized authentication. Similar challenges exist when it comes to verifying the authenticity of goods and other crucial documents.
