The Italian authorities have reportedly issued a €15 million ($16.2 million) investment for designing a blockchain-powered tool to combat Counterfeit “Made in Italy” merchandises.
Specifically, these types of counterfeit goods have reportedly caused financial damage of up to €12.4 billion ($13.4 billion) in 2016, consequently creating a negative effect on both the income and future survival of numerous Italy-based artisans.
The Italian authorities have taken into account the severity of the problem, and has decided to select blockchain as a viable solution to fight against counterfeiting.
Therefore, a €15 million fund has reportedly been authorized, to further the growth of cutting-edge technologies implementations. The money will also be allocated to financially support a joint project being developed by IBM Italy and the artisan community.
The different angles of the sector that are being assessed for enhancement consist of: authentication of goods and raw materials via the supply chain, a ledger of intellectual property rights with advanced security level, provable sustainability and ethical practices, as well as deeper connections between brands and their clients.
Fashion will reportedly not become the sole industry the Italian government are trying to establish a proper authenticity level. Previously, the Italy company LKS has reportedly rolled out a blockchain-powered platform, which can put an end to the development of fake news.