European Union Presents Project to Fight Counterfeiting by Using NFTs for 2023

The European Union (EU) is moving connected a task that involves blockchain architecture and the usage of non-fungible tokens (NFTs) to combat counterfeiting and forgery. The task is the merchandise of respective meetings and blockchain hackathons organized by the European Union Intellectual Property Office and proposes to make integer twins of products to hint their way crossed proviso lines.

European Union to Use NFTs to Protect Intellectual Property

The European Union has precocious announced that is moving connected a strategy that volition usage blockchain and NFTs arsenic portion of its combat against the counterfeiting of carnal goods.

The strategy projected volition beryllium designed by the European Union Intellectual Property Office, and is the merchandise of much than 5 years of work. A document issued this period explains that the enactment has already selected a high-level architecture for this task, and details generalities astir however the strategy volition work.

Intellectual spot (IP) holders volition make integer tokens (twin NFTs) to beryllium that a radical of produced goods are authentic. These IP holders volition person to beryllium antecedently included arsenic approved signatories to make these products connected the tracking blockchain.

The solution volition past let for proviso concatenation tracking arsenic the products are transported done antithetic checkpoints, allowing the IP holders to beryllium definite that the products that scope stores are authentic.

Implementation

The European Union Intellectual Property Office hopes to person a moving strategy by the extremity of 2023, but to execute this objective, it volition person to make a registry strategy to radical each of the IP holders, logistics operations, and retailers successful the EU. To amended execute its objective, the study states that the strategy volition question to beryllium interoperable with existing proviso concatenation tracking solutions.

If the European Union manages to instrumentality this strategy by the extremity of 2023, it volition beryllium 1 of the archetypal applications of blockchain exertion astatine that standard for the objective. However, blockchain tech has besides been utilized for proviso enactment tracking before. Recently, Vechain, an endeavor blockchain project, announced a partnership with Orionone, a planetary proviso concatenation exertion solution, with the nonsubjective of integrating blockchain into its stack of moving technologies.

The European Union is besides presently discussing MiCA, a union-wide instrumentality connection for regulating cryptocurrencies.

What bash you deliberation astir the blockchain and NFT-based solution projected by the European Union to combat counterfeiting? Tell america successful the comments conception below.