The European Union recently announced that it is developing a system that will use blockchain and NFTs as part of its fight against counterfeit physical goods.
The proposed system will be designed by the European Union Intellectual Property Office. A document released this month explained that the group had chosen a high-level architecture for the mission and detailed how the system would work.
Intellectual property (IP) holders will create digital tokens (dual NFTs) to attest to the authenticity of a set of produced goods.
These IP holders must be listed in advance as an approved signatory to create these products on the tracking blockchain.
The solution will allow supply chain tracking as products travel through different checkpoints, allowing IP holders to be certain that the products arriving at the store are genuine.