European Union Adopts Blockchain And NFTs To Fight Forgery
More and more use cases for blockchain technology continue to emerge in business and industry, as well as in government, trade systems, and organizations. Blockchain and non-fungible tokens (NFTs) are now being used by the European Union to prevent the forgery of physical goods.
On Friday, the European Union Intellectual Property Office announced a new tracking system powered by blockchain. Tracking will help IP holders authenticate manufactured goods to mitigate forgery.
European Union Adopts NFTs
As the European Union adopted blockchain and NFTs, the Japanese government also announced it would adopt NFTs to reward local government administrators who empower the lives of the public in their regions.
This proposed system is an outcome of the European Union’s hard work over the next five years. Blockchain technology will enable intellectual property holders to create twin NFTs, which will be used to authenticate their products.
European union’s New System Functionality
A new blockchain-powered tracking system will require that intellectual property holders include previously approved signatories. IP holders have the option of validating their products after reaching various checkpoints using the new feature.
In order to successfully perform this validation process, the European Union Intellectual Property Office will establish a registry system for storing information about all IP holders, logistics operations, and retailers located within the European Union.
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