The European Union (EU) is working on a project. This includes blockchain architecture and the use of non-fungible tokens (NFTs) to combat counterfeiting and counterfeiting. The project, the result of several conferences and blockchain hackathons hosted by the European Union Intellectual Property Office, proposes creating digital twins of products to trace their paths through supply lines.
European Union uses NFTs to protect intellectual property
announced that it is working on physical goods.
The proposed system was designed by the European Union Intellectual Property Office and is the result of more than five years of work. A document, published this month, explains that organizations have already chosen a high-level architecture for this task and details the generalities of how the system works. .
Intellectual property (IP) owners create digital tokens (twin NFTs) to prove the authenticity of a group of goods produced. These IP holders must be pre-included as approved signers in order to create these products on the tracking blockchain.
This solution enables tracking of the supply chain as the product passes through various checkpoints, giving IP owners confidence that the product reaching their stores is genuine. Become.
Implementation
The European Union Intellectual Property Office hopes to have a working system in place by the end of 2023. , to achieve this goal, it is necessary to create a registry system grouping all IP owners, logistics operations and retailers within the EU. To better achieve that objective, the report says it aims to make the system interoperable with existing supply chain tracking solutions.
If the European Union succeeds in implementing this system by the end of his 2023, it will be one of the first applications to apply blockchain technology at that scale for the purpose. However, blockchain technology was also previously used to track supply lines.Recently, an enterprise blockchain project, Vechain, has launched a global Announced a partnership with Orionone, a supply chain technology solution.
The European Union is also currently discussing MiCA, a draft union-wide law to regulate cryptocurrencies.
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