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

NFT

The European Union (EU) is engaged on a venture that includes blockchain structure and using non-fungible tokens (NFTs) to battle counterfeiting and forgery. The venture is the product of a number of conferences and blockchain hackathons organized by the European Union Mental Property Workplace and proposes to create digital twins of merchandise to hint their path throughout provide strains.

European Union to Use NFTs to Defend Mental Property

The European Union has not too long ago introduced that’s engaged on a system that may use blockchain and NFTs as a part of its battle towards the counterfeiting of bodily items.

The system proposed can be designed by the European Union Mental Property Workplace, and is the product of greater than 5 years of labor. A doc issued this month explains that the group has already chosen a high-level structure for this activity, and particulars generalities about how the system will work.

Mental property (IP) holders will create digital tokens (twin NFTs) to show {that a} group of produced items are genuine. These IP holders must be beforehand included as accredited signatories to create these merchandise on the monitoring blockchain.

The answer will then permit for provide chain monitoring because the merchandise are transported via totally different checkpoints, permitting the IP holders to make sure that the merchandise that attain shops are genuine.

Implementation

The European Union Mental Property Workplace hopes to have a working system by the top of 2023, however to attain this goal, it must create a registry system to group all the IP holders, logistics operations, and retailers within the EU. To raised obtain its goal, the report states that the system will search to be interoperable with current provide chain monitoring options.

If the European Union manages to implement this method by the top of 2023, it is going to be one of many first functions of blockchain know-how at that scale for the target. Nevertheless, blockchain tech has additionally been used for provide line monitoring earlier than. Not too long ago, Vechain, an enterprise blockchain venture, introduced a partnership with Orionone, a world provide chain know-how resolution, with the target of integrating blockchain into its stack of working applied sciences.

The European Union can also be at present discussing MiCA, a union-wide legislation proposal for regulating cryptocurrencies.