Last Updated on July 24, 2020 by CryptoCreed
These days, technology is scaling newer heights of success at an unbelievably fast pace. One of the latest triumphs in this direction is the evolution of the Blockchain technology. The new technology has greatly influenced the finance sector. In fact, it was initially developed for Bitcoin – the digital currency. But now, it finds its application in a number of other things as well.
In 2017, the best (starting today) cryptocurrency, Bitcoin, achieved a few times its record-breaking highs in fiat currency exchange rate. An explosive like growth in the notoriety of ‘virtual cash’ brought about the true acknowledgment of this present pattern’s feasibility in financial technologies by government bodies and public organizations.
After it emerged in 2008, the technology behind the world’s most notorious crypto-currency, Bitcoin, held court on the fringes, attracting attention mostly from startups and the financial services sector. However, it has recently started to receive a lot of attention as companies gradually realize it could be valuable for many other things besides tracking payments.
StopTheFakes is the first decentralized service designed to detect counterfeiting and infringement of intellectual property rights, copyright, and related rights. Our undertaking plans to unite right holders and consumers in their battle fight against piracy products and content. Organizations will have the chance to detect, confine and document violations of their rights quickly and effectively, and law-abiding customers will be remunerated for their help with battling piracy.
StopTheFakes is a Blockchain-based decentralized service aiming to detect counterfeiting and encroachment of intellectual property rights, made on the Ethereum smart contract platform. Blockchain technology has been actualized by utilizing the open source license. The project has its own token, which is the main strategy for payment within its structure.
Consistently, humankind has invented technologies and streamlining procedures to acquire more products with less efforts and resources. History can be partitioned into periods starting with one industrial revolution onto the next. An achievement occurred in the 21st century. The development of science and technology helped reduce expenses to the minimum. StopTheFakes began spending more money on advertisement than on production, and the century itself ended up plainly known as the Age of Information.
StopTheFakes fundamental idea is to build a completely transparent and solid framework that could exchange information with clients to right holders. StopTheFakes accept accountability for giving the fundamental framework and uniting the individuals who need to find out about any encroachment or infringement of their rights and the individuals who can provide this information due to their geographic location or different variables. StopTheFakes assume responsibility for guaranteeing that clients remunerate providers and hold some portion of the remuneration as a commission fee.
The bottom line
StopTheFakes team is on an aspiring mission: to create a global system facilitating the fight against counterfeiting and piracy all over the world. StopTheFakes goal is to limit the cost of detecting violations and help brand owners to come into direct contact with consumers. Battling against violations of intellectual property rights will bring about diminished promoting costs and increase profits for law-abiding organizations while hitting organized crime hard.