Near field communication (NFC) technology, which works by allowing two devices to communicate when they are in close range, is generally associated with mobile payments such as Apple Pay and Android Pay. However, the countless other opportunities of NFC are still being explored. Brands are just starting to realize the value of this technology in authenticating products and reassuring consumers that they are protected from fakes.
This month, iOlive and Thin Film Electronics have partnered to fight widespread fraud in the olive oil sector using NFC technology. A small tag is integrated into a bottle’s label and users can scan the product with their smartphone to check whether the product is what it claims to be. Various brands including Buonamici, La Ranocchiaia, SPO and Il Cavallino have implemented the technology so far. Because olive oil fraud is expected to cost the industry $16 billion a year, the value of NFC for these brands is evident. This sort of authentication can benefit a range of industries that rely on quality and often face counterfeits, from wine to pharmaceuticals, from medical devices to luxury goods.
