European Union Presents Project to Fight Counterfeiting by Using NFTs for 2023
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. European Union to Use NFTs to Protect Intellectual Property The European Union has recently announced that is working on a system that will use blockchain and NFTs as part of its fight against the....
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Counterfeiting and brand misrepresentation can be fought using the Blockchain technology in conjunction with other collaborative entities. Say experts. We can attach a smart token to a Gucci purse to “prove” it is real. Counterfeiting and brand misrepresentation are issues that have been tricky to handle by internet users. Product protection, especially for artists have posed an insurmountable task due to the anonymous nature of the internet. Even when counterfeiting and brand misrepresentation is detected, managing such cases have also been difficult. Jurisdiction, location, adequate....
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