European Union Presents Project to Fight Counterfeiting by Using NFTs for 2023 – In its latest announcement, the European Union stated that it is developing a system that will employ blockchain and NFTs to combat the counterfeiting of physical goods. The planned system is the result of more than five years of work and will be created by the European Union Intellectual Property Office.
This task’s high-level architecture has already been chosen by the organization, according to a document released this month, which also provides a general description of the system’s functionality. Holders of intellectual property (IP) will develop digital tokens (twin NFTs) to demonstrate the legitimacy of a collection of manufactured commodities.
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To build these products on the tracking blockchain, these IP holders must first be added as approved signatories. The IP holders will therefore be able to be certain that the goods that arrive at stores are genuine because the solution will enable supply chain tracking as the products are transported through various checkpoints.
The European Union Intellectual Property Office wants to have a functioning system in place by the end of 2023, but in order to do so, it will need to develop a registry system that compiles all of the EU’s merchants, logistics companies, and IP owners. According to the report, the system would attempt to be interoperable with current supply chain tracking tools in order to better accomplish its goal.
One of the first uses of blockchain technology at that scale for the goal will occur if the European Union is successful in putting this system in place by the end of 2023. Blockchain technology has, however, also been applied to supply chain tracking in the past.
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European Union Presents Project to Fight Counterfeiting by Using NFTs for 2023 – In order to include blockchain into its stack of operational technologies, Vechain, an enterprise blockchain initiative, recently announced a partnership with Orionone, a worldwide supply chain technology solution. The MiCA proposal for a union-wide law to regulate cryptocurrencies is also being discussed by the European Union at the moment.
