EU makes a real “check-in” system using NFT, expected to launch in 2023

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2022-09-15 08:00:42

In order to deal with the problem of counterfeit, counterfeit and poor quality goods that are rampant in the market, the European Union (EU) has considered developing a strategy to apply blockchain technology and NFT.

NFT and EU real/fake system

According to various sources, European Union Intellectual Property Office will be responsible for the design of this system. Up to now, the real/fake distinction system is the result of nearly 5 years of operation of the relevant departments. In a document released in early September 2022, the team said that it is currently researching and building the theoretical foundation of the project, and creating preliminary working instructions and how to operate.

Accordingly, intellectual property (IP) owners will create dual NFTs to prove that all goods they own are “genuine”. These setup steps are on the blockchain system, in which the holder of the intellectual property rights of goods is first an authorized signatory.

The European Union is preparing a plan to apply NFT to the supply chain of goods.
The European Union is preparing a plan to apply NFT to the supply chain of goods.

Supply chain tracking system

As items move through these checkpoints, the process is fully recorded by the system. This is the basis to help owners of intellectual property can be assured of the authenticity of the things for sale.

European Union Intellectual Property Office (EUIPO) aims to build a system that can work smoothly by the end of 2023. But, to achieve this, EUIPO must develop a registry system that includes all IPs, owners, logistics and retailers in the EU.

Although blockchain has been the technology to monitor supply flows in the past, if this time the European Union is really successful in adopting it in 2023, it will open a new step towards blockchain on a global scale. union department.

On the other hand, after 2 years of discussion, the legislators of the European Union (EU) unanimously passed the bill ‘Markets in the Crypto Asset Industry’ (MiCA bill), agreed by European Parliament, Council and Commission. The MiCA was a major achievement when it was adopted in the final moments of France’s term at the Council of Europe.

VeChain is used for supply chain management

VeChain is used for supply chain management
VeChain is used for supply chain management

VeChain (VET) an enterprise blockchain project recently partnered with Orionone, a global supply chain technology solution. The purpose of this combination is to bring blockchain into Vechain’s existing technology system.

Last year, VeChain also became an ecosystem partner for electric components giant Schneider Electric.

VeChain (VET) is a blockchain platform designed to enhance supply chain management and business processes. Its goal is to streamline these processes and information flows for complex supply chains through the use of distributed ledger technology (DLT).

The Vechain platform contains two separate tokens: VeChain token (VET) and VeChainThor Energy (VTHO). VET is used to transfer value across VeChain’s network, and VTHO is used as energy or “gas” to power smart contract transactions.

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