Europe hates Bitcoin, but it appropriates NFTs to fight counterfeiting

NFT spared? – The European Union clearly wants this kill Bitcoin and stablecoin with its MiCA law. However, not all cryptocurrencies would be tossed around. In fact, the EU plans to rely on the unique, tamper-proof nature of non-fungible tokens (NFT). This is to hunt counterfeits.

For once, cryptocurrencies are not being denigrated by the EU

Several elements of the MiCA law, currently under discussion in the European Parliament, are very worrying, not to mention deadly for the cryptosphere. Surprisingly, one of the services of the European Union is found very interested from the innovations and technological solutions provided by some crypto-assets.

This is theEuropean Union Intellectual Property Office (EUIPO). As reported in particular by Bitcoin.com, the EU “To explore” how blockchain technologies could help fight against counterfeiting.

” [L’EUIPO] joined efforts with the tech community to develop a blockchain solution for product authentication to support law enforcement [anti-contrefaçons].

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A blockchain-based NFT system to defeat counterfeiters

Intellectual property rights holders could then create unique digital tokens. In other words, NFTin order to try authenticity of their production.

NFTs are on their way to becoming a counterfeit protection tool from 2023 according to the EUIPO vision.

However, there doesn’t seem to be a need for a single blockchain to take advantage of this. The choice it would be left to the owners of the intellectual property rights. With only a structure of common communication.

“The general idea is driven by the principle of technology neutrality, which allows brand owners to choose their NFT platform, manufacturers to leverage existing physical identification technology, and logistics operators to use their own tracking and tracing system. choice. The solution will introduce a common language to (…) be able to collect and share the data necessary for anti-counterfeiting operations. “

The EUIPO would like to set up this system for monitoring intellectual property through NFT by the end of 2023. This, however, will require bringing all players together in a common registry system until then.

Another interesting fact, the EUIPO would not try to play alone. Indeed, the EU service specifies that it intends to establish a communication and connection protocol with suppliers existing private blockchain tracking and traceability solutions. We can therefore think that the Office could solicit crypto projects as VeChain (VET)specialized in the traceability sector, in the implementation of such monitoring by NFT.

NFTs arouse the interest of the European Union! While waiting to protect consumers from counterfeits, you need cryptocurrencies. Register now on the PrimeXBT platform (commercial link).

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