European Union Embraces Blockchain to Avoid Forgery
The endeavors of blockchain technology are being continuously taken to incorporate more use cases in the sector of business technology. This takes into account diverse governments, trade systems, and institutions. In this area, the European Union counts as the exclusive player that is presently embracing non-fungible tokens (NFTs) and blockchain technology to avoid forgery in the case of physical products.
European Union to Utilize NFTs and Blockchain to Circumvent Forgery
On the previous Friday, the European Union Intellectual Property Office (EUIPO) declared a unique working system featuring a tracking mechanism backed by blockchain technology. With the latest tracking system, the IP holders will be assisted to authenticate the products to minimize forgery attempts. The NFT and blockchain adoption of the European Union surfaced during the week when the authorities of Japan declared to accept non-fungible tokens.
This was to provide rewards to the heads of its native administration for the endeavors thereof to empower the common masses’ lives within their respective zones. As per the European Union, the system proposed by it will provide positive results in the coming years. These tokens will play the role of authenticating the products.
The holders of intellectual property will require in line with the latest system to incorporate formerly accepted signatories in advance of adding the products into the exclusive tracking system powered by blockchain. The IP holders, while operating with the innovative feature, will validate the produced goods thereof without any restriction following touching on diverse checkpoints.
EUIPO to Formulate a Registry System for Validation of Products
The EU Intellectual Property Office (EUIPO), to effectively accomplish the respective validation process, will formulate a registry system. This will record the retailers, logistics operations, and IP holders within the European Union. Meanwhile, the European Union has in advance created the agenda to complete the anticipated project. Furthermore, it has also provided general details regarding the operation of the blockchain-powered system.
On Tuesday, the EU will conduct a webinar to permit the common masses to take part in the discussion. The European Union will formally introduce its exclusive system of solutions for supply chains this year. Furthermore, if the project turns out to be successful, it will secure a place among the most enthusiastic implementations of non-fungible tokens in the short history of cryptocurrency.
