Last Update
Feb 28, 2018
PROBLEM
The impact counterfeit goods have on the fashion and pharmaceutical industry is estimated to be $700 billion/year. This does not include collateral damage caused by counterfeit goods: legal battles between brands and consumers, additional cost to repair or replace counterfeit goods, medical problems caused by inferior materials used by counterfeit goods, and even death.
SOLUTION
Group Project’s authentication system, built on the blockchain, will verify genuine goods throughout the supply chain from the manufacturer, to the retailer, and to the consumers using mobile applications powered by GRUP tokens.
The Company’s GRUP tokens are used to charge the mobile application and allow users (retailers & consumers, and third-party sellers) to scan the Crypto-TagTM to determine the authenticity of goods.
Group Project integrates four major components to fight the counterfeit industry (U.S. Patent Pending).
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Verified 20%
Attention. There is a risk that unverified members are not actually members of the team
Verified 0%
Attention. There is a risk that unverified members are not actually members of the team
Summary
You’ll like Group Project IO if you want a small e-shopping business or you have physical products that need some verification. This ICO has great growth opportunities and has a reliable system behind it. In conclusion, this is mid-term ICO that will start to grow once it receives more news and attention.
Positives
Enhanced Security: The crypto-tags have a two-layer security process. If the crypto-tag is physically removed, then the digital tag is destroyed. This will show that the product is tampered with.
Clear Project Goal: Group Project’s solution is simple, and it creates a network where users are buying realistic products. People who are creating their own products or their own brand, view Group Project as a great security system.
Unverified Products: Group Project’s system stops counterfeit products from being sold. For example, if a counterfeiter tries to place a verified Crypto-Tag on a fake product, the verified product will be unsellable.
Negatives
Slow Growth: While it’s an interesting platform and project idea, Group Project might take a few years before it gains mass market appeal.
Is the Group Project a good investment for you? It can certainly be an interesting one, that is for sure. If you plan to use Crypto-Tags on your products, it will be a great idea to invest in this company right now, as you will be able to get the services of this company paying a lot less for them if you do that. We can assure that the technology behind the products being offered by this company is impressive.
If your only interest in the Group Project is money, we have good news, too. The project might take some time to actually start to be profitable, so it looks like this is for patient investors, but we can assure you that the company has a great chance of becoming an interesting business with time and that there is a return on investment to be gained from this company.
Take your time and think about this investment. The Group Project might really be an interesting option for you if you are looking for an innovative company which really wants to be on top of the market and to get a very profitable return with its business.
Group Project is a new ICO that proposes to establish a line of defense for traders, manufacturers, retailers, and consumers using a crypto-tag as its weapon of choice.
Group Project’s fight against counterfeit goods hinges on its proprietary device, the Crypto-Tag.
This device is a digital tag that stores manufacturer-specific data so that the item that the tag is attached to can be identified as genuine.
This data will include who the original manufacturer was, when and where it was made, and when it arrived at an authorized reseller.
Transactional data will be entered into the blockchain at every step of the way through the supply chain.
On the consumer side, the end user will use an app installed on an NFC-enabled device to scan the item and verify the data provided by the tag.
Competition
There are currently a couple of ICOs operating in the same environment as Group Project. Stopthefakes and Checkitsreal offer similar propositions. Still, it stands to reason that the more ICOs fighting counterfeited goods, the harder it will be for dodgy items to reach the market.
In other words, there is still breathing space for this type of ICO, which may make all the difference for its long-term survival.
Conclusion
The fight against counterfeiting rages on, both online and offline. It is an uphill battle, as bad guys always find new ways or new products to imitate and sell. This dynamic requires a multi-pronged defense, played out across the blockchain battlefield and elsewhere.
Group Project enters the fray with effective weaponry (at least on paper), in the form of the Crypto-Tag. This device should guarantee the authenticity of a given product, as long as that product exists in the blockchain.
If there is one criticism that can be leveled against this ICO, is its very name. ‘Group Project’ is a completely nondescript term, which could mean anything. The ICO needs to offer a better definition of itself.
