European Union (EU): NFTs to fight counterfeiting!

According to the European Union Intellectual Property Office (EUIPO), counterfeiting accounted for 5.8% of imports within the European Union (EU) in 2021. To curb this phenomenon in the coming months, the will implement a blockchain solution that uses NFTs.

Blockchain and NFT, the EU’s weapons to fight counterfeiting

Blockchain is an innovative technology that has the potential to revolutionize ways of working in many areas. Well aware of this, the EU has been interested in it for several years to develop an anti-counterfeiting solution. Today, his thoughts are taking shape. The European Union is preparing to deploy a blockchain infrastructure to facilitate the identification of counterfeit products. Announced in 2021, a prototype of the project should be in place by the end of the year. As for the production launch, it is planned for the end of 2023.

The device will allow approved brands to create a digital replica of each of their products. This will be in the form of an NFT which will be stored in the blockchain.

“As the goods move from one party to another, the token is exchanged between digital wallets. The combination of a unique product identity and the continuous transfer of digital identity between wallets creates proof that the goods are genuine. », had declared Claire Castel, Head of EUIPO department.

For the EU, the idea is that consumers, customs officials and law enforcement have access to all tracking data. The objective being that they can easily verify the authenticity of the products. Moreover, this presupposes the prior creation of a repository. Which will list all EU brand owners and retailers.

An open and interoperable platform

The system is also intended to simplify product recall procedures. Moreover, it should provide an effective exchange platform between producers and their customers. It could also be used to establish “a targeted loyalty program based on product specifications”.

Another important information, the NFTs issued by the new solution will support several blockchain networks. The objective is to offer a maximum level of interoperability. In addition, the platform aims to be compatible with existing supply chain tracking systems.

In recent times, the European Union has been paying special attention to NFTs and the metaverse. Especially with regard to intellectual property issues. The EUIPO will hold a webinar on September 13 where experts will discuss these topics.

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