Fun

European Union Presents Project to Fight Counterfeiting by Using NFTs for 2023

News Feed - 2022-09-09 12:09:56

European Union Presents Project to Fight Counterfeiting by Using NFTs for 2023


The European Union (EU) is working on a project that involves blockchain architecture and the use of non-fungible tokens (NFTs) to fight counterfeiting and forgery. The project is the product of several meetings and blockchain hackathons organized by the European Union Intellectual Property Office and proposes to create digital twins of products to trace their path across supply lines. European Union to Use NFTs to Protect Intellectual Property


The European Union has recently announced that is working on a system that will use blockchain and NFTs as part of its fight against the counterfeiting of physical goods.


The system proposed will be designed by the European Union Intellectual Property Office, and is the product of more than five years of work. A document issued this month explains that the organization has already selected a high-level architecture for this task, and details generalities about how the system will work.


Intellectual property (IP) holders will create digital tokens (twin NFTs) to prove that a group of produced goods are authentic. These IP holders will have to be previously included as approved signatories to create these products on the tracking blockchain.


The solution will then allow for supply chain tracking as the products are transported through different checkpoints, allowing the IP holders to be certain that the products that reach stores are authentic. Implementation


The European Union Intellectual Property Office hopes to have a working system by the end of 2023, but to achieve this objective, it will have to create a registry system to group all of the IP holders, logistics operations, and retailers in the EU. To better achieve its objective, the report states that the system will seek to be interoperable with existing supply chain tracking solutions.


If the European Union manages to implement this system by the end of 2023, it will be one of the first applications of blockchain technology at that scale for the objective. However, blockchain tech has also been used for supply line tracking before. Recently, Vechain, an enterprise blockchain project, announced a partnership with Orionone, a global supply chain technology solution, with the objective of integrating blockchain into its stack of working technologies.


The European Union is also currently discussing MiCA, a union-wide law proposal for regulating cryptocurrencies. Tags in this story authenticity, Blockchain, European Union, European Union Intellectual Property Office, nft, OrionOne, Supply Chain, Vechain


What do you think about the blockchain and NFT-based solution proposed by the European Union to fight counterfeiting? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Bitcoin Mining Threatens America"s Climate Change Efforts, White House Science and Tech Department Says NEWS | 12 hours ago Pinning the Tail on Satoshi Nakamoto — How Journalists Erroneously Used Circumstantial Evidence Over the Years to Identify Bitcoin’s Creator NEWS | 14 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleElon Musk’s $258 Billion Dogecoin Lawsuit Grows as New Defendants, DOGE Investors Join Next articleMaterium (MTRM) Is Now Available for Trading on LBank Exchange Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design

News Feed

Solana ‘Must Break Descending Resistance’ To Regain Bullish Momentum – Analyst
Este artículo también está disponible en español. Solana is trading above a critical demand level of around $157, showing signs of a potential bounce after a recent pullb
Martin Young3 hours agoNic Carter doubles down on theory Bitcoin was invented by NSAThe decade-old “NSA created Bitcoin” theory has again made the rounds on social media, with one Bitcoin advocate adding more weight
US Treasury Report Warns of Defi’s Threat to National Security, Authors Conclude Fiat Is Used in Illicit Finance More Than Crypto
US Treasury Report Warns of Defi"s Threat to National Security, Authors Conclude Fiat Is Used in Illicit Finance More Than Crypto The U.S. Treasury has released a 42-page report as
Montenegrin court delays Do Kwon’s extradition to South Korea
Turner Wright7 hours agoMontenegrin court delays Do Kwon’s extradition to South KoreaThe Terraform Labs co-founder has been in Montenegro since his arrest in 2023, potentially facing extradition to either his native So
Tristan Greene5 hours agoSEC Chair Gary Gensler warns impending AI-wrought financial crisis ‘nearly unavoidable’Gensler reportedly fears Big Tech’s stranglehold on AI technologies homogenizing the financial market.
Bitcoin Price Following Analyst’s Prediction For Bullish Breakout, Here’s The Target
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
‘Feels surreal’ — Bitcoin sticks to $68K as market ignores 200K BTC US election pledge
William Suberg11 hours ago‘Feels surreal’ — Bitcoin sticks to $68K as market ignores 200K BTC US election pledgeBTC price gains fail to materialize as Donald Trump and others promise to build a giant Bitcoin strate
Japanese Police Arrest 30 People for Allegedly Having Exchanged Stolen Cryptos From the 2018 Coincheck Hack
Japanese Police Arrest 30 People for Allegedly Having Exchanged Stolen Cryptos From the 2018 Coincheck Hack Japanese police charged 30 people for their alleged i
Cardano Vasil Hard Fork Postponed to Allow for More Testing
Cardano Vasil Hard Fork Postponed to Allow for More Testing A The Input-Output Global (IOG) team has said it will postpone sending the Vasil hard fork update proposal because it st
CoinEx Looks Forward to Celebrating RLWC2021’s Finalists
CoinEx Looks Forward to Celebrating RLWC2021’s Finalists press release PRESS RELEASE.As the exclusive cryptocurrency trading platform partner of the Rugby League World Cup 2021 (R
Shiba Inu Burn Rate Hits 26,000% in the Last Day, 1.4 Billion SHIB Destroyed in 24 Hours
Shiba Inu Burn Rate Hits 26,000% in the Last Day, 1.4 Billion SHIB Destroyed in 24 Hours On Saturday, the second-largest meme-based cryptocurrency shiba inu has seen a lot of token
How Exodus Passkeys wallet claims to simplify Web3 onboarding
Helen Partz14 hours agoHow Exodus Passkeys wallet claims to simplify Web3 onboardingThe Exodus Passkeys Wallet allows users to set limits on transactions while ensuring that users have full control over their assets.1769