cryptonews.net
The EU is working on a project that includes blockchain architecture and the use of non-fungible tokens (NFTs) to combat counterfeiting. The project is the result of several meetings and blockchain hackathons organized by the EU Intellectual Property Office and proposes to create digital twins of products to trace their path along the supply lines.
Intellectual property (IP) holders will create digital tokens (NFT twins) to prove that a group of goods produced is genuine. IP holders must be included as approved signatories to create these products on the tracking blockchain. The solution will then allow tracking of the supply chain as products are transported through various checkpoints, allowing IP holders to be confident that the products entering stores are genuine.
The EU Intellectual Property Office hopes to have a working system by the end of 2023, but to achieve this goal it needs to create a registry system to group all IP holders, logistics operations and retailers in the EU. The report states that in order to better achieve its goal, the system will seek to be compatible with existing supply chain tracking solutions. If the European Union succeeds in implementing this system by the end of 2023, it will be one of the first applications of blockchain technology on such a scale.
Image: Eumetsat