On 12 August 2020, Honeywell announced a partnership with iTRACE Technologies, to enable customers to combine blockchain with product marking in supply chains. Besides securing end-to-end traceability, the combined technologies can help identify counterfeit parts and improve inventory management.
To tackle counterfeit products being traded around the world, blockchain product traceability solutions are being used in a range of industries. Examples include counterfeit-proof tags inserted into NBA player-worn jersey hems, and enabling consumers to authenticate luxury items using molecular DNA tagging.
A key challenge is tying the physical item securely to its blockchain digital twin.
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