The underlying technology powering IOTA indeed has plenty of features tailored for real-world use. Previously, we learned how it can help in traffic management, securing digital identities, and ensuring the efficient processing of cross-border trade documents. Now, let’s look at the new patent of the ZF Group that aims to combat piracy with the help of IOTA.
Product Piracy and Its Effects
There’s no question that the piracy and counterfeiting operations of organized criminal groups are booming, especially in countries that have insufficient capability or resources to combat them. According to Europol, these bad players take a huge cut on the revenues of businesses while their products’ lack of quality assurance poses a threat to the community.
Based on estimates, piracy and counterfeiting take a 2.5% slice of world trade, which translates to around $461 billion loss for businesses. These numbers do not even include the accrued damages they cause to individuals.
In the European Union (EU), these take up as much as 5% of all imports. This demonstrates that developed countries experience their negative effects twice as high as others.
Now this is where the new patent of ZF Group, which utilizes IOTA tech, comes into play.
ZF Group’s New Patent
ZF Group, one of the world’s leading mobility solutions providers, specifically mentions IOTA in its latest patent. According to its document published on Espacenet Patent, the company has come up with a way to fuse the tech cultivated by the IOTA Foundation in its blockchain solution for enhancing the traceability and verification of original components in the supply chain.
The method it developed involves integrating quality information and operational instructions of original components within a blockchain. The data gathered for each component is then matched with a unique digital identifier and distributed via a decentralized network.
These eventually serve as a reference for checking the integrity and authenticity of products acquired and used by industries. Ultimately, the wider use of the tech hopes to cripple entities engaging in the production or trade of pirated and counterfeit products.
About ZF Group
ZF Group operates in 32 countries with a total of 168 production facilities. It employs 165,000 employees and reported sales of €43.8 billion ($47.8 billion) during the 2022 fiscal year.
This adoption by such a big company underscores the huge potential of the technology crafted by IOTA and Shimmer in the future of mobility.