European Union Working On Project Using NFTs To Fight Counterfeiting

The European Union (EU) is working on a project that involves blockchain architecture and the use of non-fungible tokens (NFTs) 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.

The system proposed will be designed by the European Union Intellectual Property Office, and is the product of more than five years of work. A document 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.

The European Union Intellectual Property Office hopes to have a working system by the end of 2023, but to achieve this objective it will have to create a registry system to group all of the IP holders, logistics operations, and retailers in the EU. To better achieve its objective, the report states that the system will seek to be interoperable with existing supply chain tracking solutions.

If the European Union manages to execute this system by the end of 2023, it will be one of the first applications of blockchain technology at this level for this aim.