EU Adopts Blockchain And NFTs To Prevent Fraud
Blockchain technology strives to seek new applications in industry and commerce, as well as in a wide range of institutions, governments, and trading platforms. The European Union is the most recent organization to use blockchain technology and non-fungible tokens (NFTs) to avoid the counterfeiting of tangible commodities.
The European Union Intellectual Property Office (EUIPO) launched on Friday a novel monitoring system backed by blockchain technology. The advanced tracking capability will aid IP holders in authenticating manufactured items to prevent infringement.
The blockchain and NFT acceptance by the European Union was announced during the same week that the Japanese government introduced its acceptance of NFTs to recognize local administration leaders for their contributions to enhancing the lives of the people in their various areas.
As per the European Union, the mechanism it proposes will be the result of five years of labor. The blockchain-based approach will enable proprietors of intellectual property to construct doppelgänger NFTs, which will be used to verify manufactured items.
Prior to putting items into the novel blockchain-driven monitoring system, owners of intellectual property will be required to incorporate previously authorized signatures. The new function will enable IP owners to authenticate their items after passing several checks.
EUTM applications received using NFTs: 2432.
EUTM applications using metaverse: 206.
As these numbers are quickly increasing, we have a webinar planned 13 September. For you to get an overview, but also to contribute to the discussion.
— European Union Intellectual Property Office (@EU_IPO) September 7, 2022
The European Union Intellectual Property Office will build a register system to document all IP holders, logistical activities, and merchants in the European Union in order to effectively complete this verification procedure.
In the meanwhile, the European Union has so far defined this expected project’s structure. Moreover, it has disclosed broad information about the operation of the widely anticipated blockchain-based system. Tuesday of this week, the European Union will organize a webinar to enable the public to participate in the conversation.
Prior to 2023, the European Union will formally implement its fresh distribution chain monitoring solutions platform. This endeavor, if successful, will be one among the most sophisticated adaptations of NFTs in the brief history of crypto.