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Seagate Technology Private Limited, which is a world leader company in the field of data storage solutions and now the largest IT company IBM has announced that they are now working together to reduce the product counterfeiting with the help of a Blockchain and security technologies.
The project, which is designed and developed to help the integrator, business partners fight counterfeit, manufacturers hard drives, which uses the IBM blockchain platform to authenticate the provenance of the disk drive products, which also brings a new level of multi-layered security protection to the data management industry.
According to the International Anti Coalition, the global trade in the pirated and counterfeit electronic products has been reached around $1.7 Trillion.
By building upon the IBM blockchain powered and expertise by the Linux Foundation Hyperledger Fabric which is distributed ledge framework, the IBM Blockchain platform is merely designed to allow the network participants to view the Blockchain data based on their level of permissioning.
“Blockchain technology can be extremely effective in confirming provenance and authenticity of assets,” said Bruce Anderson, global managing director, electronics industry, IBM. “The ability to work with Seagate to combine blockchain with advanced cryptographic product identification technology is what sets this work apart, and signals blockchain’s potential to reimagine the electronics product lifecycle management processes. Counterfeit electronic components are a global issue that requires an ecosystem-wide effort to address.”
“IBM has a proven history of technology innovation as evidenced by its market leadership in blockchain technology for product provenance in various industries,” said Mark Re, senior vice president, and chief technology officer at Seagate. “By combining Seagate’s innovations in product security with IBM’s blockchain expertise, we want to prove that we can help reduce the incidence of product counterfeiting in the future.”
