Company to Develop Unique Platform for Fraud Protection
FRANKLIN, NJ / ACCESSWIRE / November 8, 2024 / Silver Scott Mines, Inc., (OTC Pink:SILS) - a diversifying holding company, is pleased to announce that it will be developing the TRUSTnft Network to help high end goods manufacturers with fraud and stolen goods protection.
As knock off product manufacturers continue to produce better quality and more accurate fake goods, luxury manufacturers are losing billions of dollars in sales and consumers are unwittingly buying these products from either unscrupulous sellers or worse, from legitimate sellers who are being duped themselves. In addition to counterfeiting, there are organized rings of thieves who are stealing product while it is in transit. These are legitimate goods that now make their way into the marketplace either through the grey market or secondary market means. The TRUSTnft will work to mitigate losses by creating a trusted means for consumers to know if the product they are receiving is legitimate.
The TRUSTnft platform will be a centralized blockchain application. The luxury goods manufacturer will be able to upload inventory as it is sold into the network with purchasing consumers receiving their TRUSTnft with their purchase. This will guarantee the authenticity of the item and remove any doubts in the consumer's mind that what they are purchasing is authentic merchandise. The benefit to the consumer with TRUSTnft is that they can use it to resell the goods, should the need arise, without worrying about producing a paper trail as it will be resident within the NFT itself. The new purchaser information will be added, and the luxury good seller will know that their product was sold to another party should there be a question of provenance.
Stuart Fine, CEO of Silver Scott Mines and TRUSTnft stated, "I've been working closely with a blockchain company to develop several different potential projects. This idea came about after reading about a major theft of goods from a rail car. My thinking is that if thieves have no market for their stolen merchandise, it may reduce overall losses for seller companies."
The anticipated launch of TRUSTnft is still several months away. We are currently building the website and the blockchain to provide the necessary initial services for this project.
About Silver Scott Mines, Inc.
Silver Scott Mines, Inc.isa holding company with several digital assets currently being held. The company is adding healthcare technology, consumer products, and clean technology to its growing base of operations. Learn more at www.silverscottmines.com
Forward Looking Statements
This press release includes forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as expects, believes, anticipates, intends, estimates, seeks and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the businesses of Silver Scott Mines, Inc. are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements.
# # #
Contact Information
Stuart Fine
CEO
stuartfine@silverscottmines.com
908-356-9852
SOURCE: Silver Scott Mines Inc
View the original
press release on accesswire.com
