European Union unveils project to fight counterfeiting using NFTs for 2023 – Bitcoin News

European Union unveils project to fight counterfeiting using NFTs for 2023 – Bitcoin News

The European Union (EU) is working on a project involving blockchain architecture and the use of non-fungible tokens (NFTs) to combat counterfeiting and counterfeiting. The project is the product of several meetings and blockchain hackathons organized by the European Union Intellectual Property Office and proposes the creation of digital twins of products that will trace their path through supply lines.

The European Union will use NFTs to protect intellectual property

The European Union recently announced that it is working on a system that will use blockchain and NFTs as part of its fight against counterfeiting of physical goods.

The proposed system will be designed by the European Union Office for Intellectual Property, and is the product of more than five years of work. A document released this month explains that the organization has already chosen a high-level architecture for this task and details how the system will work.

Intellectual property (IP) owners will create digital tokens (twin NFTs) to prove that a group of manufactured goods is authentic. These IP owners will need to be previously included as approved signatories in order to create these products on the tracking blockchain.

The solution will then enable supply chain tracking as products are transported through various checkpoints, allowing IP owners to be sure that products arriving in stores are authentic.


Implementation

The European Union Intellectual Property Office hopes to have a functioning system in place by the end of 2023, but to achieve this goal, it will need to create a registry system to group together all intellectual property holders, logistics operations and traders in the EU. To better achieve its goal, the report states that the system will seek to be interoperable with existing supply chain tracking solutions.

If the European Union manages to implement this system by the end of 2023, it will be one of the first applications of blockchain technology on that scale for that purpose. However, blockchain technology has also previously been used to track feeds. Recently, Vechain, a business blockchain project, announced a partnership with Orionone, a global supply chain technology solution, aiming to integrate blockchain into its range of operational technologies.

The European Union is also currently discuss MiCA, a union-wide cryptocurrency regulation bill.

What do you think of the blockchain and NFT-based solution proposed by the European Union to fight counterfeiting? Tell us in the comments section below.

European Union unveils project to fight counterfeiting using NFTs for 2023 – Bitcoin News

Sergio Goschenko

Sergio is a cryptocurrency journalist from Venezuela. He describes himself as a latecomer, having entered the cryptosphere when prices rose during December 2017. Having a background in computer engineering, living in Venezuela and influenced by the cryptocurrency boom on a societal level, he offers a different perspective on crypto success and how it helps the unbanked and underserved.

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