The European Union has announced that it is working on a Blockchain and NFT-based system to fight forgery of physical goods.
The proposed system will be designed by the European Union Intellectual Property Office (EUIPO), and will be an output of more than five years of hard work. As per an issued document, the EU has already selected a top-tier framework for this project, and the document also gives general details about how the system will work.
Intellectual property (IP) holders will develop twin NFTs as a proof that a group of produced goods are authentic.
As per the outline, these IP holders must be previously included as ‘approved signatories’ to build the goods on the tracking blockchain.
After transporting products through different checkpoints and a successful supply chain tracking, the solution will let IP holders be sure that the products reaching stores are authentic.
The EUIPO plans to have a working system by the end of 2023. However, to achieve this goal, EUIPO will create a registry system for recording all of the IP holders, logistics operations and retailers in the EU. The report also says that the system will try to be interoperable with existing supply chain tracking solutions to attain its goal in a better way.