European Union plans to combat counterfeiting with NFTs by 2023
As part of its efforts to combat the counterfeiting of real-world goods, the European Union (EU) has revealed that it is developing a strategy that would use blockchain technology and non-fungible tokens (NFTs). The Intellectual Property Office of the European Union will be responsible for designing the system that has been suggested, which is the culmination of almost five years of labor.
The owners of intellectual property (IP) will issue digital tokens, (twin NFTs,) to demonstrate that a set of manufactured goods are genuine. In order to build these items on the tracking blockchain, the holders of these intellectual property rights will first need to be incorporated as authorised signatories. The system will therefore make it possible to trace the supply chain as the items are moved through the various checkpoints, so enabling the owners.
