Can the blockchain tech be used to prevent counterfeiting of physical cash? - page 2.

dkbit98

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Quote from: Vishnu.Reang on August 01, 2019, 11:49:57 AM

I was just having my cup of tea and watching the ongoing Ashes series... a strange thought came to my mind.

All of us know that one of the main advantage with Bitcoin is that it can't be counterfeited. On the other hand, counterfeiting is a major issue with fiat cash.
According to some estimates, the sale of counterfeits and pirated goods are worth $1,700 billion per year, and the sale of counterfeited banknotes is worth $250 billion.

Is it possible to use this technology to prevent the counterfeiting of bank notes? Don't tell me to install microchips on all the banknotes. We need to keep the manufacturing cost below $0.10 per piece. I thought about it for 2 hours, but no practical solution came to my mind. Do you guys have any suggestions?

At the moment I don't think it is possible to do that right now, but who knows, maybe I am wrong.

As for counterfeiting Bitcoin, maybe creating all this altcoins with Bitcoin brand and adding words like:
Cash, Private, SV, Diamond, Gold, Black.... can be considered as a way of counterfeiting BTC.

vintages

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I doubt if it is possible without the use of microchips.
What the blockchain technology can only control is the counterfeit of goods which are purchasable.
Another solution to this is the total elimination of physical fait currency to the adoption of full digital currency which I think many will not agree to particularly the government.

locatedemail

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do you know how much faked paper money only inside the usa genereated on a daily basis, holysh**

its in the millions per day..more then 20 million dollars per day only inside usa, do you get this!

blockchain can stop all this kind of fake problems.

AB de Royse777

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Quote from: avikz on August 01, 2019, 11:57:34 AM

Blockchain technology can't help in identifying bank issued notes until a microchip is installed in that note! There has to be a tracking mechanism installed in the physical goods to attach it with the controlling blockchain, otherwise you won't get the desired output! Because two notes with same number can't exist and a tracking mechanism is needed to separate the legal note from a counterfeited note! I am practically getting no other solution to it!

Talking about goods, I think wabi tried to do this but not sure how is there project working.

And talking about notes, do you think government will do this (tracking mechanism on the notes)? I do not know what will be the props and cons but if the government wants to do that they can easily implement it like they do in the passports or other identification materials these days.

avikz

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Quote

the sale of counterfeits and pirated goods are worth $1,700 billion per year

Are you sure about this number?? Looks exorbitant!!

Blockchain technology can't help in identifying bank issued notes until a microchip is installed in that note! There has to be a tracking mechanism installed in the physical goods to attach it with the controlling blockchain, otherwise you won't get the desired output! Because two notes with same number can't exist and a tracking mechanism is needed to separate the legal note from a counterfeited note! I am practically getting no other solution to it!

Vishnu.Reang

sr. member

Activity: 1974

Merit: 453

I was just having my cup of tea and watching the ongoing Ashes series... a strange thought came to my mind.

All of us know that one of the main advantage with Bitcoin is that it can't be counterfeited. On the other hand, counterfeiting is a major issue with fiat cash.
According to some estimates, the sale of counterfeits and pirated goods are worth $1,700 billion per year, and the sale of counterfeited banknotes is worth $250 billion.

Is it possible to use this technology to prevent the counterfeiting of bank notes? Don't tell me to install microchips on all the banknotes. We need to keep the manufacturing cost below $0.10 per piece. I thought about it for 2 hours, but no practical solution came to my mind. Do you guys have any suggestions?

Topic: Can the blockchain tech be used to prevent counterfeiting of physical cash? - page 2. (Read 262 times)