Dominoto Printech India and Block Synergy Introduce TagITX, an Innovative Solution to combat Counterfeiting through Product Traceability on-site
In a significant move to combat the issue of counterfeit goods in India, Domino Printech India and Block Synergy Technology Limited have collaborated to introduce TagITX - a blockchain-based traceability solution designed to ensure product authenticity and improve supply chain integrity across various industries.
TagITX offers a robust track-and-trace infrastructure, tagging each manufactured unit with a unique QR code at the time of production and cryptographically registering these codes on Jumbo Blockchain. This solution addresses the problems of counterfeit goods in sectors such as pharmaceuticals (where up to 20% of medicines are estimated to be fake or substandard), agrochemicals, medical devices, food and beverages, and automotive parts.
One of the key advantages of TagITX is its seamless integration with existing industrial printing systems from Domino Printech. This means that manufacturers can easily adopt the technology without disrupting their production processes.
The solution also supports global traceability standards, such as DSCSA (U.S.), FMD (EU), and GS1, making it relevant for Indian MSMEs aiming to meet international export requirements. With India losing more than INR 2.62 lakh crore, or about $22 billion, annually due to counterfeit goods across major sectors, TagITX offers a promising solution to reduce revenue losses caused by counterfeit goods.
Jumbo Blockchain's PoN architecture brings advantages in terms of sustainability and efficiency, consuming less energy while maintaining sub-second block times and low transaction costs. With a wide customer base of over 25,000 clients, Domino India is expected to accelerate the adoption of TagITX across various industries.
In addition to combating counterfeit goods, TagITX aims to reimagine product authenticity, protect consumer welfare, and position India as a global leader in traceability solutions. By ensuring end-to-end tracking of products, TagITX provides transparency and security from production to consumer, helping Indian manufacturers comply with domestic and international traceability mandates and opening up new export opportunities.
The partnership between Domino Printech India and Block Synergy Technology Limited's Jumbo Blockchain aligns with national programs like 'Make in India' and the government's Digital Product Passport initiative, further solidifying its relevance and importance in India's efforts to combat counterfeit goods and improve product traceability.
[1] Source: Press release by Domino Printech India and Block Synergy Technology Limited, dated [insert date]
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