In keeping up with the current times, the European Union is working on a blockchain and NFT-based system by the end of 2023 to fight forgery of physical goods.
Designed by the European Union Intellectual Property Office (EUIPO), intellectual property (IP) holders who are included as ‘approved signatories’ will develop twin NFTs, and the system will be interoperable with existing supply chain tracking solutions to prove the authenticity of the product.
The EUIPO will also create a registry system for recording all of the IP holders, logistics operations and retailers in the EU.
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