Europe is betting big on NFTs

europe NFT

Despite its opposition to Bitcoin, the EU still believes it is fair to fight NFTs. To this end, the EU has also released a document detailing the measures it will take to address the NFT approach, which looks like a big step forward in the NFT space and seems to make brands happy, here are the details.

NFTs to protect intellectual property: the EU plan

Recently, the European Union announced that it is developing a system using blockchain and NFTs to combat counterfeiting of physical goods. The proposed system will be implemented by the European Union Intellectual Property Office after a five-year effort. A recently released document explains that the organization has chosen a high-level structure to protect intellectual property. In addition, you can find general details about the new setup’s system operation there.

Those who own property and intellectual property will be able to create digital tokens to prove the authenticity of a set of assets. These IP holders need to be included in advance as approved signers to be able to create these products on the tracking blockchain. The solution will then track the supply chain as the product moves through the various checkpoints. This practice will give intellectual property owners the opportunity to prove that their products are genuine.

Implementation of the device

The EU Office for the Protection of Intellectual Property hopes to have an operational system in place by the end of 2023. However, in order to achieve this, it must create a registration system that will link all intellectual property owners, logistics EU operations and retailers. Additionally, to better achieve its goals, the report states, the system will seek to integrate with existing supply chain tracking solutions.

Here we are, facing one of the first applications of blockchain technology, but only if the EU achieves its goals. Note, however, that blockchain technology has also been used for supply chain tracking before. Recently, an enterprise blockchain project called Vechain announced a partnership with a global supply chain technology solution called Orionone to incorporate blockchain into its working technology stack.

The EU is also currently discussing the MiCA Act, a proposed EU-wide law to regulate cryptocurrencies. Additionally, the EU wants to establish communication and connectivity agreements with suppliers already working in the blockchain and NFT space, a first in Europe.

Victoria

Passionate about cryptocurrencies, NFTs, and everything related to Blockain more generally, I share all my advice with you on my blog! Note that I am not an expert and what I am saying should never be taken as absolute truth. I am not an investment advisor 🙂

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