The European Union (EU) will use NFTs to combat counterfeiting

According to the European Union Intellectual Property Office (EUIPO), counterfeiting accounted for 5.8% of imports into the European Union (EU) in 2021. To stem this phenomenon in the coming months, it will implement a blockchain solution using NFT.

Blockchain and NFT, the EU’s weapons to fight counterfeiting

Blockchain is an innovative technology that has the potential to revolutionize the way people work in many areas. Well aware of this, the EU has been interested in developing an anti-counterfeiting solution for several years. Today his thoughts are taking shape. The European Union is preparing to implement a blockchain infrastructure to facilitate the identification of counterfeit products. Announced in 2021, a prototype of the project is expected to be in place by the end of the year. As for the production launch, it is expected by the end of 2023.

The device will allow approved brands to create a digital replica of each of their products. This will be in the form of an NFT which will be stored on the blockchain.

“As the goods move from one place to another, the token is exchanged between digital wallets. The combination of a unique product identity and the continuous transfer of digital identity between the wallets creates proof that the products are authentic. “said Claire Castel, head of the EUIPO department.

For the EU, the idea is that consumers, customs officials and law enforcement have access to all tracking data. The goal is that they can easily verify the authenticity of the products. Furthermore, this presupposes the prior creation of a repository. Which will list all EU brand owners and retailers.

An open and interoperable platform

The system also aims to simplify product take-back procedures. Furthermore, it should provide an effective trading platform between producers and their customers. It could also be used to establish “A targeted loyalty program based on product specifications”.

Other important information, the NFTs issued by the new solution will support several blockchain networks. The goal is to offer the highest level of interoperability. Furthermore, the platform aims to be compatible with existing supply chain traceability systems.

In recent times, the European Union has paid particular attention to NFTs and the metaverse. Especially when it comes to intellectual property issues. The EUIPO will hold a webinar on 13 September where experts will discuss these topics.

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Junie MAFFOCK avatar

I came to the blockchain out of curiosity and stayed there for passion. I was amazed at the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.

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