Elbi partners with OIN SPACE to reward consumers who help tackle the counterfeit trade
OIN SPACE is a startup applying revolutionary blockchain technology and smart-contracts to help eliminate counterfeits, protecting consumers globally from fake, low-quality and hazardous goods.
The annual market of counterfeited goods is estimated at $600 billion. This huge issue stays unaddressed, causing dramatic losses across multiple industries, including clothing, textile, footwear, cosmetics, medical & food products. Not only do these losses affect companies and economies, but it sometimes endangers people's lives.
OIN SPACE provides near-absolute protection for this. It is also convenient and easy to use for the consumer as well as for businesses implementing the core solution. Everything a manufacturer needs to start protecting goods with OIN SPACE uses a unique blockchain backed by a QR-code on the product. The consumers will then be able to scan the QR-codes using the OIN SPACE mobile app.
Elbi’s chair Derek Gannon said, “The technology behind OIN will help consumers and manufacturers benefit from an ecosystem built on trust, while ELBI’s unique expertise will make it simple and rewarding for OIN users to support the charitable causes they love and gain rewards for their giving. Together we will create an ecosystem that protects consumers and supports good causes, harnessing innovation and technology to change the world.”
OIN SPACE CEO and сo-founder Anatoly Smorgonskiy says: “We are launching the pilot project with the leading Russian cosmetics manufacturer, bringing transparency and safety to the market, while the partnership with ELBI will contribute to a more conscious consumption pattern, allowing to spend the bonuses from manufacturers on the good deeds and charity”.
More about OIN Space
OIN SPACE is a global ecosystem that will allow the confirmation of the authenticity of any purchase - such as, but not limited to, clothing, footwear, e-tickets, essential consumer goods, medicines, etc. In the OIN SPACE ecosystem, the authenticity of products is warranted by a blockchain protocol, eliminating the chance oа counterfeiting, copying or bypassing the security system.