Using blockchain technology to combat counterfeiting

Although the globalization of trade entails multiple benefits for both traders and consumers, such as the expansion of markets and the possibility of accessing a wide range of products, it also entails the risk of the spread of counterfeit goods. One of the tools that could be used to combat this trend is blockchain technology. The aforementioned technology presupposes the existence of a single ledger that is shared and synchronized across many sites, organizations, or computers, with participants having the ability to register any type of information. Thus, in the near future, a single ledger could be created in which relevant information about the specific traded good, such as its origin or sanitary certificate, would be recorded. By doing so, the quantity of counterfeit goods on the market will decrease, while consumer confidence will increase. The World Intellectual Property Organization is currently analyzing the possibility of incorporating blockchain technology into several areas specific to intellectual property law, with one of the goals being to combat counterfeiting. Therefore, through this article, we propose to conduct an analysis of the legal provisions of the European Union that aim at fighting against counterfeit goods. Simultaneously, we will investigate the methods used by the private sector in this field, particularly blockchain technology. In this regard, some practical examples that have been used for several years by large retailers such as Walmart and Carrefour will be presented.