Block Verify Uses Blockchains to End Counterfeiting and ‘Make World More Honest’

The team behind the ‘blockchain-based anti-counterfeit solution,’ Block Verify, wants to have a global, positive social impact by using blockchain technology to ‘make the world more honest.’
They started by focusing their efforts on the pharmaceutical industry because they believe that they may be able to do the most good where counterfeiting has the potential to cause the most harm. Pavlo Tanasyuk, founder of Block Verify (and co-founder of SpaceBit), told CoinTelegraph:
‘We decided to start with pharma as it is one of the sectors where people are directly affected by using counterfeit products. That can lead to various complications and even death of the consumer. It is also one of the most challenging environments.’
Counterfeit drugs top the list of goods that cause the greatest economic loss and impact worldwide. Block Verify has been testing solutions in pilot programs with both a Swiss pharmaceutical company that has a UK presence and a London-based beauty company. (Counterfeit cosmetics rank 15th on the list.) They hope to help disable theUS$1.77 trillion value of the global trade in counterfeit (and pirated) goods projected for 2015 by the International AntiCounterfeiting Coalition (IACC).

This post was published at Coin Telegraph on 2015-03-13.