NFT
The European Union (EU) is engaged on a challenge that entails blockchain structure and using non-fungible tokens (NFTs) to struggle 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 traces.
European Union to Use NFTs to Defend 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 struggle in opposition to the counterfeiting of bodily items.
The system proposed might 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 should be beforehand included as permitted signatories to create these merchandise on the monitoring blockchain.
The answer will then enable for provide chain monitoring because the merchandise are transported by totally 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 tip of 2023, however to attain this goal, it should create a registry system to group the entire 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 technique by the tip of 2023, it will likely 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. Just lately, Vechain, an enterprise blockchain challenge, 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 be presently discussing MiCA, a union-wide legislation proposal for regulating cryptocurrencies.