Although the European Union is against Bitcoin, it still finds it fair to fight against NFTs. To do this, the EU has additionally put a document that details the measures to be taken against the ways of NFTs, which looks like a great advancement in the field of NFTs and which seems to delight brands and here are the details.
NFTs to protect intellectual property: an EU plan
Lately, the European Union has declared that it is working on a system that will use blockchain and NFTs in its view of combating the counterfeiting of physical goods. The proposed system will be implemented by the European Union Intellectual Property Office after five years of hard work. A recently published document explains that the organization has already selected a high-level architecture for the protection of intellectual property. Moreover, one can find there the details concerning the generalities on the functioning of the system freshly set up.
Those who own property and intellectual rights will be able to create digital tokens to prove the authenticity of a group of assets. These IP holders will need to be included as Approved Signers beforehand to be able to create these products on the tracking blockchain. The solution will then track the supply chain as products are transported through various checkpoints. This maneuver will give owners of intellectual property the opportunity to prove that their products are genuine.
Implementing the devices
The European Union Office for the Defense of Intellectual Property hopes to have an operational system in place by the end of 2023. However, in order to achieve this goal, it will have to create a registry system to bring together all intellectual property owners, logistics operations and retailers in the European Union. Also to better achieve its objective, the report indicates that the system will seek to be practicable with already existing supply chain tracking solutions.
We are here, faced with one of the first applications of blockchain technology, but only on the condition that the EU achieves its objectives. Note, however, that blockchain technology has also been used for supply chain tracking before. Lately, an enterprise blockchain project named Vechain, announced a partnership with a global supply chain technology solution named Orionone, to put blockchain in its working technology stack.
The European Union is also currently discussing the MiCA Act, a proposed EU-wide law to regulate cryptocurrencies. In addition, the EU wants to set up a communication and connection protocol with suppliers who are already working in blockchains and NFTs, which is a great first in Europe.
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War against counterfeiting: Europe is betting big on NFTs
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