document<\/u><\/a> issued this month, the organization has already selected a high-level architecture for this task, and details generalities about how the system will work.<\/p>\n\n\n\nIntellectual property (IP) holders will create digital tokens (twin NFTs) to prove that a group of produced goods are authentic. These IP holders will have to be previously included as approved signatories to create these products on the tracking blockchain.<\/p>\n\n\n\n
The solution will then allow for supply chain tracking as the products are transported through different checkpoints, allowing the IP holders to be certain that the products that reach stores are authentic.<\/p>\n\n\n\n
The European Union Intellectual Property Office hopes to have a working system by the end of 2023 but a lot needs to go in this.<\/p>\n\n\n\n
If the European Union manages to implement this system by the end of 2023, it will be one of the first applications of blockchain technology at that scale for the objective. However, blockchain tech has also been used for supply line tracking before.<\/p>\n\n\n\n
About the author<\/strong><\/p>\n\n\n\nAnjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.<\/p>\n","protected":false},"excerpt":{"rendered":"
September 15, 2022 By Anjali Kochhar The European Union (EU) is working on a project involving blockchain architecture and the use of non-fungible tokens (NFTs) to fight counterfeiting and forgery. […]<\/p>\n","protected":false},"author":2,"featured_media":1780,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/1779"}],"collection":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/comments?post=1779"}],"version-history":[{"count":1,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/1779\/revisions"}],"predecessor-version":[{"id":1781,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/1779\/revisions\/1781"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media\/1780"}],"wp:attachment":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media?parent=1779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/categories?post=1779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/tags?post=1779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}