EU is currently working on a project that uses blockchain architecture to combat counterfeiting and forgery. This project was the result of numerous meetings and hackathons held by the European Union Intellectual Property Office. It proposes to make digital twins for products in order to track their journey across supply chains.
European Union uses NFTs to protect intellectual property
Recent announcements by the European Union indicate that they are working to develop a system using NFTs (blockchain) in order to fight counterfeiting.
This system will be developed by the European Union Intellectual Property Office and the result of over five years’ work. This month’s document explains how the European Union Intellectual Property Office has selected an architecture of high quality for the task and gives details about the operation.
To prove the authenticity of a set of products, IP holders will use digital tokens (twin nfts) to create digital tokens. To create the products on the tracking Blockchain, these IP owners will need to have been approved signatories.
As the product passes through checkpoints along the supply chain, the solution allows the IP holders to track the shipment and ensure that it arrives at the destination as authentic.
However, in order to make a functional system, the European Union Intellectual Property Office will first need to develop a registry system that can group all EU IP holders and logistics operators. In order to achieve this objective better, the report mentions that the system will be compatible with current supply chain tracking tools.
This system will become the first application of blockchain technology on this scale if the European Union is able to put it in place by 2023. Blockchain tech can also be used to track supply lines. Vechain, an enterprise Blockchain project, has announced its partnership with Orionone. Orionone is a global supply-chain technology platform that aims to incorporate blockchain in their stack of technologies.
MiCA is a proposal by the European Union to regulate cryptocurrencies.
How do you feel about the European Union’s NFT and blockchain-based solutions to combat counterfeiting? Comment below.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.