The European Union Intends to Deploy NFTs to Combat Forgeries

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Key Takeaways:

  • In an effort to combat counterfeiting and forgery, the Ecu Union (EU) is working on a blockchain project that makes use of non-fungible tokens (NFTs).
  • The planned system is the result of more than five years of work and will be created by the European Union Intellectual Property Office.

The use of forgery will no longer be tolerated due to blockchain technology. According to the study, by creating digital twins of a single product so it can be tracked throughout the supply chain, the European Union wants to create a strong system using NFTs to combat counterfeiting activities.

The proposed program is the result of more than five years of work and was designed by the European Union Intellectual Property Office.

In a paper released this month, it is said that the company has already chosen a high-level architecture for this project and provides general information about how the method would function.

The IP holders will therefore be able to be sure that the goods that arrive at stores are genuine because the solution will enable supply chain tracking as the products are transported through various checkpoints.

The officials’ system is expected to launch by the end of the next year, according to reports.

To accomplish this goal, the registration system will need to gather all IP owners in one location. They will have a hard time doing it and need to invest a lot of money.

It would be the first official blockchain application to be utilized on this scale if the authorities implement this system in the nation by the end of the next year.

One of the first uses of blockchain technology at that scale for the goal will occur if the European Union is successful in putting this system in place by the end of 2023.

Currently, the European Union is debating MiCA, a proposal for comprehensive regulation of cryptocurrencies.

Europe has made an effort to step up the crypto game and prosper with new advancement updates daily despite the recent dramatic price swings in the market.

Therefore, it was not surprising when Jacobi Asset Management announced in June that it will introduce the first Bitcoin exchange-traded fund (ETF) in Europe on the Euronext exchange.

In July, under the ticker code “BCOIN,” the company said its Jacobi Bitcoin ETF would start trading on Euronext Amsterdam.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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