The European Union (EU) is engaged on a challenge that entails blockchain structure and using non-fungible tokens (NFTs) to battle counterfeiting and forgery. The challenge 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 Shield Mental Property
The European Union has lately introduced that’s engaged on a system that can use blockchain and NFTs as a part of its battle in opposition to the counterfeiting of bodily items.
The system proposed shall 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 process, 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 accepted signatories to create these merchandise on the monitoring blockchain.
The answer will then permit for provide chain monitoring because the merchandise are transported by means of completely different checkpoints, permitting the IP holders to make certain 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 in the EU. To raised 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 technique by the top of 2023, it is going to be one of many first purposes of blockchain expertise at that scale for the target. Nevertheless, blockchain tech has additionally been used for provide line monitoring earlier than. Lately, Vechain, an enterprise blockchain challenge, introduced a partnership with Orionone, a worldwide provide chain expertise resolution, with the target of integrating blockchain into its stack of working applied sciences.
The European Union can be presently discussing MiCA, a union-wide regulation proposal for regulating cryptocurrencies.
What do you consider the blockchain and NFT-based resolution proposed by the European Union to battle counterfeiting? Inform us in the feedback part under.
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