The Italian government pledged to invest 15 million euros to protect “Made in Italy” with blockchain

Counterfeit “Made in Italy” products are sold in markets around the world. The Italian government is now fighting back these counterfeit products by investing 15 million euros ($ 16.2 million) in developing blockchain-based solutions.

According to a new report from dGen, in 2016 alone, counterfeit “Made in Italy” commodities caused a loss of 12.4 billion euros (about 13.4 billion US dollars). These losses directly affect the income and future survival of many Italian craftsmen.

Prestige of “Made in Italy”

The Italian fashion industry, as well as the combination of craftsmanship and craftsmanship in the country, have earned a reputation for the “Made in Italy” brand. In fact, if it is registered as a brand, it will become the third most valuable asset in the world (after Coca-Cola and Visa).

The high visibility of the brand has led to a growing problem of counterfeit goods. These fakes promote intellectual property theft and damage the reputation of the brand, the brand and the craftsmen representing the brand. They also cost the entire industry billions of dollars.

Blockchain rescues “Made in Italy”

The Italian government is aware of the threat of counterfeit goods and believes that blockchain technology is a potential solution. The government recently allocated 15 million euros to support the rapid implementation of digital technology, including funding a joint project between IBM Italy and the artisan community.

Aspects that the industry is considering improving include: certifying commodities and raw materials through the supply chain, establishing a secure intellectual property ledger, demonstrable sustainability and ethics, and strengthening the relationship between brands and their customers.

It is hoped that these measures will curb the growth of counterfeit goods and ensure the future of Italian craftsmen.

Recently, fashion is not the only area where Italians value authenticity. Cointelegraph recently reported that the Italian company LKS has created a blockchain-based system that allegedly prevents the spread of fake news.

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