Counterfeit products are a major issue for brands; they can cause long-lasting damage, not only to sales but also to a brand’s reputation. Today, in an exclusive interview with CXO VOICE, Nikhil Narayan, VP of Data Science at Ennoventure, explains about anti-counterfeit technology and how it can detect counterfeit products in real-time.
Can you tell us about Ennoventure, its offerings, and the market?
Nikhil Narayan: Ennoventure, Inc., is a global SaaS company at the forefront of the digital revolution in brand protection. Our patented invisible signature technology, powered by AI and cryptography, sets us apart. Headquartered in Massachusetts, Ennoventure, Inc. also has offices in Dubai and India.
Our technology delivers real-time scan reports to brands, enabling immediate action against counterfeit products upon detection. The dashboard provides precise latitude and longitude coordinates, allowing brand protection teams to raid locations before counterfeit products can spread in the market.
Counterfeit medicines, in particular, represent a significant threat. Even slight variations in their composition can lead to severe health issues and tarnish the reputation of pharmaceutical companies.
Currently, the primary responsibility for anti-counterfeit technology lies with the companies selling the products. However, Ennoventure, Inc. aims to shift this paradigm by empowering both brands and consumers. With its state-of-the-art technology, Ennoventure enables anyone with a smartphone to verify the authenticity of a product, ensuring safety and trust in the marketplace.
Tell us about the anti-counterfeit invisible signature technique and how it works
Nikhil Narayan: Invisible signatures are an advanced anti-counterfeiting technique that improves product authenticity verification by embedding unique, hidden markers into a product or its packaging.
These invisible identifiers are integrated into the production process and can be made with specific inks, nanoparticles, or digital watermarks.
Only specialized instruments, like infrared scanners, UV light, or smartphone apps that show patterns or codes confirming the product’s legitimacy, can be used to detect them.
This advanced method of making invisible signatures is particularly difficult for counterfeiters to replicate, as it requires specialized knowledge and equipment.
Since each invisible signature is unique, it is possible to accurately track and authenticate specific products, which greatly aids in the identification and isolation of counterfeit goods.
What technology is being used in anti-counterfeit solutions?
Nikhil Narayan: Our anti-counterfeit solution at Ennoventure uses a combination of cutting-edge technology to safeguard brands and guarantee product authenticity.
Our method relies heavily on the application of encryption and artificial intelligence (AI), which allow us to incorporate invisible digital signatures into goods and packaging.
By guaranteeing the integrity and uniqueness of every invisible signature, AI algorithms improve the detection and verification procedure. The stored information is further secured by cryptographic procedures, which essentially eliminates the possibility of exact product replication by counterfeiters. In addition to making counterfeiting attempts more difficult, this multi-layered defense system offers customers, retailers, and customs officers a smooth and efficient approach to authenticating products.
It is a unique way to distinguish between original and fake products; how do markets respond to this solution?
Nikhil Narayan: There has been a positive market response for our anti-counterfeiting solution as it is extremely dependable and effective. Companies value the added layer of security and the ability to protect their products and reputation.
The assurance that they are dealing with authentic products benefits both retailers and customers, as it increases consumer trust and confidence.
Additionally, regulatory agencies and customs officials find our technology helpful in promptly and precisely confirming the legitimacy of products, which decreases the number of fake items crossing borders and entering new markets.
Overall, our approach has garnered positive feedback from a range of industries, making the market more reliable and safe. Our technology of Invisible Signatures coupled with real-time analytics makes it a unique proposition for clients worldwide. More than 10 billion product packages, spanning industries such as automotive and industrial spare parts, FMCG, agrochemicals, and more, now carry our invisible signatures.
Counterfeit products are a major brand issue; how are businesses tackling this challenge?
Nikhil Narayan: I keep a keen eye on the most recent developments in anti-counterfeiting technologies, which are getting harder to outpace counterfeiters. Companies are looking into the latest advancements in anti-counterfeiting technologies.
One possible area of nanotechnology application is micro tagging, or the process of making objects with microscopic tags or identifiers implanted. These invisible tags offer a high level of protection against replication since they may be verified through the use of specialist readers. Another frontier is the integration of unique DNA sequences into product materials for DNA-based tagging, which offers an irrefutable means of authenticity verification. Virtual reality (VR) and augmented reality (AR) are also being utilized to create interactive experiences for product verification that allow customers to certify authenticity through the use of immersive digital platforms.
Moreover, advancements in machine learning and artificial intelligence have made it possible to detect counterfeit patterns and predict threats in real-time. Future developments in brand innovation could totally change the anti-counterfeiting technology business, giving consumers more confidence around the world and offering robust protection against counterfeiters.
Tell us about Ennoventure’s future plan for the Indian market
Nikhil Narayan: Ennoventure is focusing on expanding its footprint in the Indian market by leveraging its advanced anti-counterfeiting technologies to address the growing issue of counterfeit goods. We are well-placed to turbocharge our growth in India, having worked with some of the largest brands. We plan to continue expanding our operations here and have more interesting conversations and research focusing on making an impact together against counterfeiters.
