Blocking the fake supply chain
Perkins Coie’s Michael Henson looks at how blockchain can help in the battle against illicit goods entering the US
Michael Henson, Perkins Coie
In today’s expanding global economybusinesses increasingly generate value through the exploitation of intangibleassets. Effective
procurement, management and enforcement of intellectualproperty rights (IPR) can be crucial to maintaining a competitive advantage.Those
that stand to benefit from a comprehensive IP strategy include the IPowners themselves, content producers, distribution partners,
end consumers, andeven insurers. Such stakeholders, however, suffer when opportunistic thirdparties intentionally disrespect
or disregard such rights. According to SteveShapiro, the unit chief for the FBI’s IPR unit, counterfeit goods cost the USeconomy
alone an estimated $600bn a year, or 3% of the US gross domesticproduct. The flow of counterfeit and pirated goods is a global
issuenecessitating collaboration between customs agencies and IPR stakeholders toensure effective border enforcement.
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