The European Union Prepares Project To Combat Counterfeit Products Using Nft For 2023

NFT

The EU is engaged on a undertaking that features blockchain structure and using non-fungible tokens (NFTs) to fight counterfeiting. The undertaking is the results of a number of conferences and blockchain hackathons organized by the EU Mental Property Workplace and proposes to create digital twins of merchandise to hint their path alongside the provision traces.

Mental property (IP) holders will create digital tokens (NFT twins) to show {that a} group of products produced is real. IP holders should be included as accredited signatories to create these merchandise on the monitoring blockchain. The answer will then enable monitoring of the provision chain as merchandise are transported by means of varied checkpoints, permitting IP holders to be assured that the merchandise coming into shops are real.

The EU Mental Property Workplace hopes to have a working system by the tip of 2023, however to realize this purpose it must create a registry system to group all IP holders, logistics operations and retailers within the EU. The report states that so as to higher obtain its purpose, the system will search to be appropriate with present provide chain monitoring options. If the European Union succeeds in implementing this technique by the tip of 2023, it is going to be one of many first functions of blockchain know-how on such a scale.

Picture: Eumetsat