The European Union

Blockchain technology continues to find more use cases in business and industry, and across different organizations, governments, and trade systems. The European Union is the latest example, now adopting blockchain and non-fungible tokens (NFTs) to prevent the forgery of physical goods.

Last Friday, the European Union Intellectual Property Office (EUIPO) announced a new working system with a blockchain-powered tracking system. The new tracking feature will help IP holders to authenticate produced goods to mitigate forgery.

European Union Adopts NFTs

The European Union’s blockchain and NFT adoption appeared the same week the Japanese government also announced adopting NFTs to reward its local administration heads for their efforts in empowering the lives of the public from their respective regions.

According to the European Union, its proposed system will be an output for the next five years of hard work. The blockchain-powered system will allow intellectual property holders to create twin NFTs, which they will use to authenticate the produced goods.

EU’s New System Functionality

The new system will require intellectual property holders to include previously approved signatories before incorporating goods into the new blockchain-powered tracking system. The new feature will allow IP holders to validate their products after reaching different checkpoints.

To successfully achieve this validation process, the European Union Intellectual Property Office will establish a registry system for recording all IP holders, logistics operations, and retailers in the European Union.

In the meantime, the European Union has already established the framework for this anticipated project. Moreover, it has shared general details about how the highly anticipated blockchain-powered system will work. The European Union will host a webinar on Tuesday this week to allow the public to contribute to the discussion.

The European Union will officially roll out its new supply chain tracking solutions system before 2023. Upon Success, this project will be one of the most ambitious implementations of NFTs in crypto’s short history.

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