TrustBits

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  Trust Bits Diagram

Inspiration

Trust Bits was inspired by the shear impact that counterfeiting has on the world, that roughly $465 billion dollars worth of counterfeit goods are bought and sold every year is astronomical. This gave Trust Bits the incentive to come up with a solution to combat the problem.

What it does

Trust Bits uses blockchain (NFT), artificial intelligence and a simple UI to connect point of manufacture, ports of origin, law enforcement, and finally the consumer. To understand the flow of counterfeit goods.

How we built it

Trust bits built it over one weekend of working together with a rock solid team. We conceptualized the idea then reverse engineered ways that Trust Bits can utilize blockchain and artificial intelligence to combat the problem

Challenges we ran into

The obvious weakness is adoption. In order for Trust Bits to function it has to have user input which is turned into data that is fed into the Trust Bits system and used to train our artificial intelligence. By first having a solid framework for user interface and accessibility we can show the impact that using Trust Bits will have on law enforcement and even large companies. The first step is acquiring data, the second step is using the data to show trends, the third step is using the trends to connect law enforcement and other agencies to act on our data and take the appropriate steps to combat counterfeiting.

Accomplishments that we're proud of

Our AI keeps a real time data log of counterfeit items. Every consumer enters a serial number and an URL that contains metadata about the product the consumer is interested in purchasing on our software Trust Bits. Once the data emerges that there is a flood of new counterfeit products on the marketplace. A flag is issued to the marketplace, as well as our law enforcement clients.

What we learned

Blockchain, with its immutable flow of information, can track a product from the point of production, port of entry, and point of sale. Thus, giving the proper authorities the hard data they need to make data driven, real time decisions. Trust Bits will enable policy that is rational and time sensitive. Allowing decisions to be made that directly combat counterfeiting. This open transparency will give public and private policy makers the means to an end. The end being to limit or eliminate the flow of illegitimate goods from their countries of respective origin. And no matter what country, blockchain enables this by utilizing the public ledger.

What's next for TrustBits

The impact of Trust Bits is the mass acquisition of data. Our metrics would include the flow of products from countries of origin and to the end user. But along that path there are many data entry points that will bolster Trust Bits database and create metrics and graphs that are easily accessed to see the impact that an open, transparent software can have on combating counterfeiting. At heart Trust Bits is a software company. And software is the most scalable technology in the world today. Like all software, it takes time and a huge amount of money to develop the required technology to make an impact on the world. And the world of counterfeiting is huge. “The Organization for Economic Cooperation and Development (OECD) estimates that pirated and counterfeit products make up 2.5 percent of world trade—that’s $464 billion a year, or roughly the gross domestic product of the country of Belgium.” If Trust Bits was to utilize just .001% of the annual counterfeit trade it would require a budget of $4,750,000 dollars. With the way technology is advancing and how Trust Bits can utilize a wifi connection and a rock solid team of engineers to keep costs low. We at Trust Bits believe we could create, implement and scale our solution for $5,750,755 USD. Trust Bits came to this conclusion through looking at the scale of the counterfeiting problem itself. Do you have a problem with fighting fire with fire?

Built With

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