Pine Platform Co., Ltd. Friday announced its partnership with EMPT for the innovative product verification solution development partnership for a more transparent and efficient product verification system.
Pine Platform, one of the most innovative companies in South Korea, headquartered in Seoul, said it’s partnering with EMPT to offer its product verification system that is optimized for EMPT. CEO of Pine Platform described this partnership as “a groundbreaking platform which will be a great solution to the current imitation market which is defiling various markets from products to services.”
Counterfeit markets, according to the OECD, amounted up to 509 billion US Dollars in 2016 only to be enlarged until now. With counterfeit fashion brands consisting of over 40% of the counterfeit market and cosmetics/pharmaceutical counterfeits amounting up to 12%, major problems directly related to users’ health have spawned.
EMPT’s Product Authentication system will be designed to protect consumers from these distribution of counterfeit goods and enhance manufacturers’ confidence by using security methods. And with the support of Pine Platform scalability will be possible with EMPT’s data encryption and data storage technology. This will result in a more persistent and transparent data through public validation methods and a more convenient query system.
EMPT is aiming to open its beta test for the product authentication solution at the end of 2020 Q4.