Apocryphal "Made in Italian republic" products are sold in marketplaces around the world. The Italian government is now fighting back against these knockoffs by investing €15 million ($16.2 million) towards the development of a blockchain-based solution.

Co-ordinate to a new report by dGen, counterfeits of the "Made in Italian republic" label caused a loss of €12.iv billion ($thirteen.4 billion) in 2022 alone. Such losses directly impact both the income and future survival of many Italian artisans.

The prestige of being "Made in Italian republic"

The Italian way manufacture, and the state's association with artisan craftsmanship, both feed into the prestigious reputation of the "Made in Italian republic" characterization. Indeed, if it were registered as a make, it would be the 3rd-most valuable global property (afterwards Coca Cola and Visa).

The label's high profile associations have led to an ever increasing trouble with counterfeit goods. These fakes facilitate intellectual property theft, and tarnish the reputation of the label, the brands, and artisans who the label represents. They also cost the industry billions of dollars every bit a whole.

Blockchain to the rescue

The Italian government has acknowledged the threat of counterfeiting and identified blockchain technology as a potential solution. The regime recently allocated €15 million to support the rapid implementation of digital technologies, including the financing of a joint project between IBM Italy and the artisan community.

Aspects of the industry that are beingness considered for comeback include: hallmark of goods and raw materials through the supply chain, a secure ledger of intellectual property rights, provable sustainability and upstanding practices, and closer relationships betwixt brands and their customers.

Information technology is hoped that such measures will curb the rise of counterfeit goods and secure the futurity of Italian artisans.

Fashion is non the only area in which Italians accept been valuing authenticity equally of tardily. Cointelegraph recently reported that Italian firm, LKS, has created a blockchain-based organisation that tin can allegedly prevent the spread of false news