Introduction:

Recently, there have been pictures everywhere on Facebook, Twitter, Instagram and even on WhatsApp by different concerned Nigerians displaying different fake products in circulation here in Nigeria. This infiltration of fake and substandard products into the Nigerian markets has become a pressing issue, contributing to an alarming increase in death rates and posing a significant threat to the nation's healthcare system. Recent revelations, such as the discovery of adulterated products in the Ezukwu market in Aba, Abia State, by the National Agency for Food and Drug Administration and Control (NAFDAC), have underscored the gravity of the situation. In this context, experts are advocating for innovative solutions, and one promising avenue is the application of blockchain technology to address the pervasive problem of counterfeit goods.

The Menace of Fake Products and its Effects on Public Health and Economic Welfare

Fake products in Nigeria are not merely a nuisance; they are a public health crisis. The discovery of over 2000 adulterated items, including alcoholic drinks, beverages, and expired goods in Ezukwu market, points to a systemic issue that demands immediate attention. Experts argue that the proliferation of fake drugs, in particular, is tantamount to an attack on the healthcare system, eroding confidence in medicines and healthcare providers.

Alcohol consumption is already exposes the body system to health risk, but what happens when Nigerian consistently take the counterfeit products? Of course this will affect the health condition of the all the citizens. Perhaps this is what prompted International Agency for Research on Cancer (IARC) to once report that a significant portion of cancer cases in Nigeria can be linked to alcohol, with a notable percentage attributed to the consumption of adulterated alcohol. The risks associated with fake drugs are equally alarming, as they not only fail to treat the intended diseases but can lead to severe health complications and even death.

Coupled with the poor or weak health system and economic challenges in the country, the influx of fake products only worsens the hardships faced by many Nigerians. Cash scarcity, soaring transport fares, and low purchasing power further contribute to the misery caused by counterfeit goods. It is crucial to address this issue comprehensively, considering the broader socio-economic impact on the population.

Blockchain Technology as a way out with its Immutability

Enterprises around the world are increasingly turning to blockchain technology to address issues of transparency, traceability, and authenticity. In the case of Nigeria's battle against fake products, blockchain emerges as a potential game-changer. The decentralized and immutable nature of blockchain makes it an ideal candidate to build a robust system that can track and verify the authenticity of products from their origin to the end consumer.

There are so many ways which I believe blockchain can be leveraged by companies and manufacturers to control the spread of fake products here in the Nigerian. To make this more practical and easy to be understood by all, I have carefully explained some of the ways below 👇:

1. Supply Chain Transparency:

Blockchain enables end-to-end visibility in the supply chain, allowing stakeholders to trace the journey of products from manufacturers to distributors, retailers, and consumers. Each step in the supply chain is recorded on the blockchain, thus creating an unalterable and transparent ledger of product movement.

2. Product Authentication:

Unique identifiers, such as QR codes or RFID tags, can be associated with each product and recorded on the blockchain. This way, consumers can easily verify the authenticity of a product by scanning the QR code or using a dedicated app to access the blockchain record.

3. Smart Contracts for Compliance:

Smart contracts embedded in the blockchain can enforce compliance with regulations. For instance, products lacking proper certifications or those with expired dates can be automatically flagged.

4. Collaboration and Information Sharing:

All participants in the supply chain, including manufacturers, distributors, regulators, and consumers, have access to the same blockchain, fostering collaboration and real-time information sharing.

3. Public Awareness and Education:

Blockchain technology can be leveraged to create public awareness campaigns, educating consumers on how to verify product authenticity using blockchain-powered tools.

Undeniable Challenges and Considerations:

While the potential benefits of using blockchain to combat counterfeit products are significant, there are challenges and considerations that must be addressed:

• Implementation Costs:

The initial setup costs of implementing a blockchain system may be a barrier for some businesses. However, the long-term benefits often outweigh the upfront investment.

• Technology Literacy:

Ensuring that all stakeholders, including consumers and small businesses, are technologically literate and can effectively use blockchain-based tools is crucial.

• Regulatory Framework:

Developing a robust regulatory framework that supports the integration of blockchain technology into existing systems is essential for its successful implementation.

Conclusion:

The fight against fake products in Nigeria requires innovative solutions, and blockchain technology presents a compelling case for transforming the current landscape. By embracing blockchain's transparency, traceability, and authentication capabilities, Nigeria can significantly reduce the prevalence of counterfeit goods, safeguard public health, and rebuild confidence in its healthcare system. As the nation grapples with the different challenges posed by fake products, a strategic and technology-driven approach could pave the way for a more secure and trustworthy marketplace.

Photo source: Trendsbee