It seems it’s another day, another major institution recognizing the value of NFTs and their underlying blockchain technology. The European Union Intellectual Property Office (EUIPO) recently announced a new blockchain-based tracking system that will be used to combat forgery.
Blockchain for a Good Cause
According to the official announcement, Intellectual Property (IP) holders can create NFTs that will authenticate the goods that they produce to prevent any instances of forgery. With this new development, a registry will be designed that will cater to holders of IP rights, retailers, and logistics operators in the EU.
As the IP holders onboard their products onto the system, they can also add previous signatories to ensure cohesion across the board. While this project is already significant, the EU will be taking public opinion on the matter through a webinar to be held on September 13, 2022.
Following this, the new tracking system is expected to be fully rolled out by 2023 and will serve stakeholders in all EU states. This comes as the EU has been finetuning the treatment of NFTs as an asset class over the last few months. Given how ambitious this project is and how widespread its application will be, it is safe to say that NFTs have gotten into the EU’s good books.