"Illicit trade: Fueling Terror Financing and Organised Crime" published in October 2017, stating that the total value of counterfeit and pirated goods in global commerce is estimated to rise to US $1.90-2.81 trillion by 2022. Apart from this, total job losses globally due to counterfeiting and piracy are expected to rise to 4.2-5.4 million by 2022. Verity wields a cutting-edge supply chain platform called Verity One™, which integrates Blockchain, Internet of Things devices, and IBM Watson Artificial Intelligence to verify marketing claims.
To give an example for reference, you buy two bags of dog food from a store and are notified that only one of the bags you purchased was from the contaminated batch associated with the latest recall, saving you from feeding your dog contaminated food. The event will trigger a VRTY token payment option to each recall recipient that returns or shares the product recall with a friend or other affected consumer. The Verity recall risk management and instant notification system can very well be the difference between life and death in the event of product recalls.
Verity has created an all-encompassing, scalable system that can authenticate, categorize, and monitor virtually any form of data to qualify and quantify all marketing, transactional or distribution claims of virtually any product. The need for this system is worldwide, and its importance is unparalleled. The union of these technologies will deliver increased efficiency, security, transparency, and legitimacy. In the not so distant future, these technologies will be a necessity in order to remain competitive.
Until now, supply chain databases have been in the hands of third-party companies with little to no oversight or transparency making it difficult to prove the validity of product claims like “Made in America”, “Organic”, etc. Verity One™ will create a free-flowing and secure global supply chain database providing consumers with increased transparency and trust while providing producers and manufacturers with tremendous logistical information, oversight of their products, counterfeit protection, and legitimacy.
Mountains of data can be gathered from Verity’s IoT devices providing manufacturers and distributors with a constant stream of information on their products as they move through the global supply chain. Likewise, consumers will rest assured Verity will ensure that the supply chain is no longer just a series of checkpoints, but is a continuous flow of qualitative data on product well being.
AI allows computers to adapt and “learn” behaviors from identifying patterns in data. Thus, the AI software becomes increasingly more efficient as it identifies patterns and begins to operate independently from the code. Artificial Intelligence increases speed and improves the data management algorithms over time. These qualities allow Verity to govern massive supply chain databases with ease.