The EU plans to use NFTs by 2023 to combat counterfeiting

The European Union (EU) has said that it is working on a plan to fight counterfeiting of real-world items. This plan will use blockchain technology and non-fungible tokens.

The Intellectual Property Office of the European Union will make the plan, which is the result of more than five years of work.

The organization says that they have already chosen a high-level architecture for this project. A paper that was made public at the beginning of September explains how the system will work in broad strokes.

Digital tokens (twin NFTs) will be given out by owners of intellectual property (IP) to prove that a certain batch of items made is real. Before these things can be added to the tracking blockchain, the people who own the intellectual property rights will need to be added as authorized signatories.

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The post The EU plans to use NFTs by 2023 to combat counterfeiting appeared first on NFT News Pro.

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