Fiat Fail : 500,000 Counterfeit Euros Discovered
One of the great things about cryptocurrency is that it cannot be counterfeited. All currency in the system is known to all holders at all times. While the theoretical 51% attack might allow a bad actor to deny transactions ever took place by not confirming them and possibly spend the same coins twice, this is not the same thing as someone with the right equipment being able to arbitrarily manufacture as much of the currency as they would like. Also read: Gold vs. Bitcoin? The Greatest Rivalry of the 21st Century. A good reminder of this fact came when the Times reported on the 24th that a....
Related News
Virtually every purchase of these counterfeit bills was paid for in Bitcoin, which remains the primary currency of the deep web. Bitcoin fraud can come in many different ways. An ongoing Europol investigation revealed how a criminal group was selling counterfeit euros on the darknet. Early estimates indicate they earned 160,000 Euros worth of Bitcoin through this method. Police officials arrested eight suspects earlier this week, and several hundred buyers have been identified. The investigation in question is a joint effort by Europol and the Guardia di Finanza in Italy. During this....
Counterfeit goods and ingredient sis a major threat to not just the financial ecosystem, but to the health of consumers around the world. Boston Scientific is the latest company being called out on using counterfeit ingredients, which could severely affect consumer health. If only these companies had used blockchain technology to ensure all of the materials used were genuine, this class action lawsuit would have been prevented. There is no denying the blockchain offers plenty of use cases that will affect the everyday life of both consumers and businesses all over the world. Most consumers....
Counterfeiting is a matter near and dear to all of our hearts, albeit fighting this trend seems all but impossible. Despite best efforts by government officials around the world, more and more counterfeit goods are making their way to legitimate marketplaces near you. Blockchain technology will play an important role in the battle against counterfeit goods, assuming manufacturers are willing to do something about this problem in the first place. To give you an example of how lucrative the counterfeiting business can be, it’s not just about printing fake currency bills. Fake goods, on the....
A sneaker manufacturer has used blockchain technology to create smart tags that can track their sneakers to the factory, so they are impossible to counterfeit, according to fastcodedesign.com. The manufacturer, Greats, tapped the services of a software authentication system and a 3-D printer to design the smart tags. The tags include an NFC chip that can be scanned with a smart phone. The smart tag records the sneakers’ history all the way to its creation. A Way To Battle Counterfeiters. The technology could prove to be a promising way to battle the $600 billion counterfeit fashion....
It has long been said that imitation is the highest form of flattery. The rapid development of technology, shortening the production chains and product life cycle, new distribution models developed by the world’s largest corporations, the progressive shift of retail trade to the web, changes in consumer habits and the ever-increasing dominance of large internet platforms, meant that this sentence should now read: copying is the simplest form of theft. Radosław Krzycki , COO Skey Network According to one of the best current studies of this type, the OECD report on world trade and....