Although the European Union is against Bitcoin, it still finds it fair to fight against NFTs. To do this, the EU has also put out a document detailing the measures to be taken against the ways of NFTs, which looks like a great advance in the field of NFTs and which seems to delight brands and here are the details.
NFT 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 NFT in its perspective 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 paper explains that the organization has already selected a high-level architecture for the protection of intellectual property. There are also details regarding the general information on the functioning of the system just developed.
Owners of intellectual property and 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 in advance as approved signatories in order to create these products on the tracking blockchain. The solution will then follow the supply chain as the products are transported through various checkpoints. This move will give intellectual property owners the opportunity to prove that their products are genuine.
Implementation of devices
The European Union Intellectual Property Office hopes to have an operational system by the end of 2023. However, to achieve this, it will need to create a registry system to bring together all intellectual property owners, logistics operations and resellers in the European Union. Also to better achieve its goal, the report indicates that the system will seek to be viable with existing supply chain traceability solutions.
We are here, facing one of the first applications of blockchain technology, but only under the condition that the EU achieves its objectives. Note, however, that blockchain technology has previously also been used for supply chain monitoring. Lately, a corporate blockchain project called Vechain announced a partnership with a global supply chain technology solution called Orionone to put the blockchain into its working technology stack.
The European Union is also discussing the MiCA Act, an EU-wide law proposal to regulate cryptocurrencies. Furthermore, the EU wants to establish a communication and connection protocol with suppliers who already work in blockchain and NFT, a big news in Europe.
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