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Chekkit Completes a New Round of Financing to Combat Counterfeiting with Blockchain Technology

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On April 19th, Chekkit, a blockchain anti-counterfeiting solution provider, announced the completion of a new round of financing, led by Adaverse, a Cardano ecological accelerator,

Chekkit Completes a New Round of Financing to Combat Counterfeiting with Blockchain Technology

On April 19th, Chekkit, a blockchain anti-counterfeiting solution provider, announced the completion of a new round of financing, led by Adaverse, a Cardano ecological accelerator, and participated by RTA, HoaQ, Launch Africa, and Blockchain Founders Fund. The company did not disclose the specific financing amount, but reportedly reached several million dollars. Chekkit mainly provides DAG blockchain anti-counterfeiting solutions for food and drug supply chain tracking, providing manufacturers with product serialization and traceability services that meet global standards.

Blockchain anti-counterfeiting solution provider Chekkit completes a new round of financing

Chekkit, a blockchain-based start-up that specializes in providing anti-counterfeiting solutions for food and drug supply chain tracking, announced on April 19th, 2021, that it has completed a new round of financing. Adaverse, a Cardano ecological accelerator, led the funding round, which also included participation from RTA, HoaQ, Launch Africa, and Blockchain Founders Fund. The exact amount of financing remains undisclosed. However, it is understood to be in the several million dollar range.

The Growing Counterfeiting Problem

Counterfeiting has long been a challenge for manufacturers worldwide. According to a study conducted by the International Trademark Association (INTA), the value of counterfeit goods traded globally could reach up to 4.2 trillion dollars annually by 2022, representing a significant threat to the global economy, job security, and public health.
Chekkit aims to tackle this problem with blockchain technology.

Chekkit’s DAG Blockchain-based Solution

Chekkit is a blockchain-based start-up that has developed a unique Direct Acyclic Graph (DAG) blockchain-based platform for tracking and verifying goods along the supply chain. The platform provides a comprehensive end-to-end solution for manufacturers, retailers, and consumers, enabling them to track the products’ journey from the manufacturing plant to the retail store shelf.
Manufacturers can use Chekkit’s platform to serialize their products at the production stage, adding a unique code to each item that is traceable right down to the unit level. This unique code is then recorded on the blockchain and can be used to verify the authenticity of the product throughout the supply chain.

Chekkit’s Value Proposition

Chekkit brings several unique advantages to the table for manufacturers seeking to combat counterfeiting. By leveraging blockchain technology and developing a unique DAG-based platform, they can:

1. Enhance Security and Trust

The blockchain-based platform provides enhanced security and complete transparency for all stakeholders, eliminating the possibility of tampering, fraud, or duplicate records. With a trustless system, all participants from manufacturer to end consumer have complete visibility of their products’ journey, including its origin and authenticity.

2. Improve Productivity and Efficiency

Chekkit’s platform reduces manual processes and saves time, resulting in increased productivity, shorter lead times, lower costs, and improved efficiency. Manufacturers can easily serialize their products during the production process and update the blockchain ledger with minimal effort.

3. Better Customer Experience

Consumers can quickly verify the authenticity of their products using the unique serial number and verify the product’s origin and traceability in real-time. This offers peace of mind and transparency, leading to empowered consumers and a better customer experience.

Conclusion

Chekkit’s DAG blockchain-based platform offers manufacturers the opportunity to reduce counterfeiting, increase trust, and address the growing concern of supply chain transparency. With the completion of their new funding round, Chekkit is well-positioned to continue its commitment to provide state-of-the-art blockchain-based solutions to combat counterfeiting.

FAQs

Q1: How does Chekkit’s platform reduce the possibility of counterfeiting?

Chekkit’s platform provides complete transparency and traceability for all stakeholders. With a tamper-proof system backed by blockchain technology, it is virtually impossible to duplicate or tamper with the product serial numbers or the blockchain ledger.

Q2: Can Chekkit’s platform work for any type of product?

Yes, Chekkit’s platform is designed to work for a wide range of products in different manufacturing domains that require traceability and anti-counterfeiting. The platform can be customized to meet the needs of each manufacturer.

Q3: How does Chekkit use blockchain technology to provide traceability?

Chekkit uses a unique DAG-based solution on the blockchain for its platform. The blockchain ledger records all product serial numbers, which are associated with each product manufactured. This provides a comprehensive audit trail that tracks the product’s journey from the factory to the retail store shelf.

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