I have also encountered blockchain projects which have partnerships with companies to counter counterfeit products. I cannot understand how this is being done. To my mind, the only way to verify whether a certain object is genuine or not is to check it physically.
I'd be following this thread. If I am not mistaken, there were already projects which uses blockchain to make sure products such as luxury apparels and other items, drugs, etc are verifiable through blockchain whether they are genuine or not.
I think it'll be quite challenging to be able to track ownership of physical items on the Blockchain, since there's no unique identifier that we can use to link the item to its original owner. As far as I know, UPC barcodes are the same when it comes to an specific item of choice. One cannot prove ownership of a physical/tangible item this way. The only way to achieve this would be to implement some sort of microchip inside the item with its own unique identifier to be able to generate a hash from that and prove its ownership on the Blockchain. Until that time comes, only intangible items (digital) can be verified on-chain.
Considering that most businesses, governments, and central banks are interested in Blockchain technology, we might be able to see this become a reality sometime in the future. An implant would contain all of your utmost sensitive financial, personal, and medical information. Supply chains can be tracked via the use of Blockchain technology as each physical item will possess a unique hash that could be easily linked with its owner. Initially, businesses and merchants will be the owners of the merchandise they're selling. Once the physical item is sold, ownership is automatically transferred to the buyer all through the Blockchain. It's the only thing I can think of since the space is mostly focused on intangible items. My guess is that physical items will be "tokenized" in the future in order to prove their ownership on-chain. Just my opinion