AuthenTEZ is an innovative solution developed by a team of University freshmen and one high school student. The project targets the widespread issue of counterfeit goods in sectors like pharmaceuticals, luxury goods, and sneakershoes. Leveraging Web3 technology, AuthenTEZ introduces an efficient authentication system that utilizes NFC chips and blockchain technology for secure product verification.

Key Highlights:

Objective: Combat the rising counterfeit market by ensuring product authenticity.

Technology: Utilizes NFC chips for product tracking and blockchain for secure, immutable record-keeping.

Market Focus: Targets significant markets with a combined value of over $1.8 trillion, including pharmaceuticals, luxury items, and sneaker brands.

Business Model: Offers a subscription-based service with additional revenue streams from transaction fees, consulting, and partnerships.

Future Vision: Aims to incorporate end-to-end encrypted NFC chips, multiple blockchain support, remote authentication, and machine learning for fraud detection.

Team: Led by Simon Tian alongside four other dedicated students, focusing on making authenticity verification accessible globally.

AuthenTEZ differentiates itself with features like RFID duplication protection and real-time blockchain updates, setting a strong foundation for growth and innovation in the fight against counterfeit products.