Domino Printech India and Block Synergy team up to introduce TagITX, a system focused on combatting counterfeiting, offering traceability solutions for items through on-product tagging.
In a significant move to combat the rampant issue of counterfeit goods in India, Domino Printech India and Block Synergy Technology Limited have jointly developed TagITX, a blockchain-based traceability solution. This innovative technology aims to provide real-time product authentication and secure traceability from production to the end consumer.
TagITX integrates seamlessly with Domino's industrial printing and verification systems to print secure, tamper-evident, uniquely traceable QR codes on products and packaging. These QR codes are recorded on the blockchain, creating an immutable, end-to-end trail of the product's lifecycle. This enhancement in consumer safety, supply chain integrity, and regulatory compliance is expected to benefit various sectors, including pharmaceuticals, electronics, and food packaging.
The underlying Proof of Nexus (PoN) blockchain architecture provides ultra-scalable and secure data handling, enabling real-time serialization and affordability. This makes it accessible for both small and large companies to comply with Indian government mandates such as 'Make in India' and Digital Product Passport requirements.
TagITX addresses the problem of counterfeit goods by providing a robust track-and-trace infrastructure. It allows for immediate origin verification and consumer product authenticity checks, thereby combating counterfeiting in sensitive markets. The solution also supports global compliance standards including DSCSA (U.S.), FMD (EU), and GS1, helping manufacturers ensure product authenticity.
India stands to gain significantly from this advanced blockchain traceability technology. The country loses over INR 2.62 lakh crore ($22 billion) annually due to counterfeit goods across major sectors such as FMCG, electronics, packaged food, pharmaceuticals, and alcoholic beverages. By minimizing revenue loss in these critical sectors, TagITX is expected to save over INR 1,000 crore annually.
Domino India's wide customer base of over 25,000 clients is expected to accelerate the adoption of TagITX across industries. The solution comes with APIs for ERP systems, customs, and e-commerce platforms, making it easy for manufacturers to implement.
The agrochemical industry also suffers from counterfeit pesticides and fertilizers that affect crop yields and endanger farmers. TagITX is built to work across various industries, including pharmaceuticals, electronics, agrochemicals, medical devices, food packaging, and automotive parts. This makes it a versatile solution for combating counterfeit goods across multiple sectors.
In summary, TagITX reimagines product authenticity, protects consumer welfare, and positions India as a global leader in traceability solutions. By ensuring compliance with global and Indian regulatory standards, it empowers manufacturers to enhance consumer trust and supply chain transparency.
- The application of TagITX in the agrochemical industry can help combat the issue of counterfeit pesticides and fertilizers, safeguarding farmers and crop yields.
- By integrating with existing business systems like ERP, customs, and e-commerce platforms, TagITX simplifies the implementation process for both small and large companies in diverse industries.
- The versatile nature of TagITX, catering to sectors such as pharmaceuticals, electronics, food packaging, medical devices, automotive parts, and agrochemicals, positions India as a globally competitive leader in data-and-cloud-computing, artificial-intelligence, technology, finance, and business solutions.
