NFT
The EU is engaged on a venture that features blockchain structure and using non-fungible tokens (NFTs) to fight counterfeiting. The venture is the results of a number of conferences and blockchain hackathons organized by the EU Mental Property Workplace and proposes to create digital twins of merchandise to hint their path alongside the provision strains.
Mental property (IP) holders will create digital tokens (NFT twins) to show {that a} group of products produced is real. IP holders have to be included as authorized signatories to create these merchandise on the monitoring blockchain. The answer will then enable monitoring of the provision chain as merchandise are transported by numerous checkpoints, permitting IP holders to be assured that the merchandise getting into shops are real.
The EU Mental Property Workplace hopes to have a working system by the top of 2023, however to attain this objective it must create a registry system to group all IP holders, logistics operations and retailers within the EU. The report states that with a view to higher obtain its objective, the system will search to be suitable with present provide chain monitoring options. If the European Union succeeds in implementing this technique by the top of 2023, it will likely be one of many first functions of blockchain expertise on such a scale.
Picture: Eumetsat