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

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

European Union to Use NFTs to Protect Intellectual 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 struggle towards the counterfeiting of bodily items.

The system proposed can be designed by the European Union Intellectual Property Office, and is the product of greater than 5 years of labor. A document 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.

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

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

Implementation

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

If the European Union manages to implement this method by the top of 2023, will probably be one of many first functions of blockchain technology at that scale for the target. However, blockchain tech has additionally been used for provide line monitoring earlier than. Recently, Vechain, an enterprise blockchain project, introduced a partnership with Orionone, a world provide chain technology resolution, with the target of integrating blockchain into its stack of working applied sciences.

The European Union can also be at the moment discussing MiCA, a union-wide regulation proposal for regulating cryptocurrencies.

What do you concentrate on the blockchain and NFT-based resolution proposed by the European Union to struggle counterfeiting? Tell us within the feedback part beneath.

Sergio Goschenko

Sergio is a cryptocurrency journalist based mostly in Venezuela. He describes himself as late to the sport, coming into the cryptosphere when the worth rise occurred throughout December 2017. Having a computer engineering background, residing in Venezuela, and being impacted by the cryptocurrency increase at a social stage, he gives a unique standpoint about crypto success and the way it helps the unbanked and underserved.

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