New research by the Organisation for International Cooperation and Development and the Intellectual Property Office of the European Union showed that in 2016, imported counterfeit products accounted for $509 billion, about 3.3% of all imports for that year. Companies are exploring the potential of blockchain technology with smart contract development to create more transparent supply chains, tools for product authentication, prevent knockoffs threatening brands, and build consumer trust. Indeed, however, it may get fastidious to develop such a system. The system has to include all parties involved in the life cycle of the product, from production to final distribution to the end customer.