- IOTA technology is revolutionizing the fight against product piracy through a new ZF Group patent.
- This innovation promises enhanced traceability and verification in supply chains, ensuring product authenticity.
According to Fraunhofer researchers, product piracy significantly harms manufacturers, consumers, and economies. It leads to lost market share and reputational damage for producers, while consumers risk using unsafe, inferior products. The broader impact includes reduced investment, job cuts, and lower tax revenues, weakening economic stability.
In tackling this issue, IOTA technology offers a promising solution, as demonstrated by a new patent from ZF Corporation, a global leader in automotive and industrial technology. Highlighting this development, my tweet underlines the importance of ZF’s adoption of IOTA and Shimmer technology for securing supply chain authenticity, emphasizing its potential to revolutionize secure mobility.
🔍🔥💪🏻 @ZF_Group’s new patent mentioning #IOTA is a game-changer, ensuring originality throughout the supply chain. With approximately 165,000 employees worldwide, ZF reported €43.8 billion in sales for fiscal 2022, operating 168 production locations across 32 countries. This… pic.twitter.com/LDQdiCyXCx
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) December 8, 2023
As CNF recently reported, ZF’s extensive operations and significant sales strongly endorse IOTA’s capabilities.
ZF’s patent leverages IOTA to enhance the traceability and verification of genuine parts, aiming to protect product integrity and reduce counterfeit goods. This reflects the broader potential of IOTA in transforming supply chains and addressing piracy, which, according to Europol, causes global business losses of around $461 billion annually. The issue is especially acute in industrialized regions, where counterfeit products can constitute up to 5% of all imports, endangering consumer trust and community safety.
Beyond its anti-piracy applications, IOTA also facilitates traffic management, digital identity security, and the streamlining of international trade documents.
The current price of IOTA, at approximately $0.249 with a 2.5% increase over the past week, showcases the growing interest in its role in securing digital transactions and supply chain management.