The European Union (EU) has recently announced it's working on a system that will use blockchain and NFTs as part of its fight against the counterfeiting of physical goods.
The European Union is working on a project that involves blockchain architecture and the use of non-fungible tokens to fight counterfeiting and forgery. The project is the product of several meetings and blockchain hackathons organized by the European Union Intellectual Property Office and proposes to create digital twins of products to trace their path across supply lines.
issued this month explains that the organization has already selected a high-level architecture for this task, and details generalities about how the system will work.Intellectual property holders will create digital tokens to prove that a group of produced goods are authentic. These IP holders will have to be previously included as approved signatories to create these products on the tracking blockchain.
with Orionone, a global supply chain technology solution, with the objective of integrating blockchain into its stack of working technologies.
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