The European Union Intellectual Property Office (EUIPO) has launched a project to combat counterfeiting and infringement of intellectual property rights on certain products.
According to the document, for this, the agency will use non-fungible tokens (NFT) and blockchain – the organization has already found a high-level architecture for creating a system.
Intellectual property owners will create tokens to prove that the group of goods they produce is genuine. However, they will need to register, after which they will be able to track their property, for example, when transporting across the border.
EUIPO expects to have the system up and running by the end of 2023. Before that, it is necessary to create a special register, which will collect information about all intellectual property owners, retailers and logistics operations in the EU. To do this, the organization plans to combine its system with existing databases.
This is the first initiative in Europe of this magnitude related to blockchain and NFT. If the office manages to implement it, it can completely change the approach to registering property rights and obtaining patents for any product.
In April, tech giant IBM teamed up with blockchain platform IPwe to issue intellectual property patents in the form of NFTs.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
