IOTA technology is revolutionizing the battle against product piracy with the introduction of a new patent by the ZF Group. This groundbreaking innovation offers improved traceability and verification in supply chains, ensuring the authenticity of products.
According to researchers from Fraunhofer, product piracy has severe consequences for manufacturers, consumers, and economies. It leads to a loss of market share and damages the reputation of producers, while consumers are at risk of using unsafe and inferior products. The broader impact includes reduced investment, job losses, and lower tax revenues, which weaken economic stability.
To address this issue, IOTA technology presents a promising solution, as demonstrated by the new patent from ZF Corporation, a global leader in automotive and industrial technology. Highlighting this development, a tweet by Marcel Knobloch, also known as Collin Brown, emphasizes the importance of ZF’s adoption of IOTA and Shimmer technology in securing the authenticity of the supply chain. It highlights the potential of this innovation to revolutionize secure mobility.
ZF Group’s new patent, which mentions IOTA, is a game-changer in ensuring the originality of products throughout the supply chain. With approximately 165,000 employees worldwide, ZF reported sales of €43.8 billion for fiscal 2022 and operates 168 production locations across 32 countries.
As previously reported by CNF, ZF’s extensive operations and significant sales endorse the capabilities of IOTA. The patent leverages IOTA technology to enhance the traceability and verification of genuine parts, aiming to protect the integrity of products and reduce counterfeit goods. This reflects the broader potential of IOTA in transforming supply chains and addressing piracy, which, according to Europol, leads to global business losses of around $461 billion annually. Counterfeit products can constitute up to 5% of all imports in industrialized regions, posing a threat to consumer trust and community safety.
In addition to its applications in combating piracy, IOTA also facilitates traffic management, digital identity security, and the streamlining of international trade documents.
The current price of IOTA is approximately $0.249, showing a 2.5% increase over the past week. This demonstrates the growing interest in IOTA’s role in securing digital transactions and supply chain management.