EU Initiative Uses Blockchain and NFTs to Fight IP Infringement
The EU is preparing to launch its own blockchain solution to authenticate physical products through NFTs. The technology can be used to fight counterfeit products but has many other use cases as well. The tokens are compatible with regular NFT platforms and will be tied to the EU’s own blockchain services infrastructure.
To the public at large, blockchains and NFTs are often associated with volatile coins and expensive JPG files.
However, beyond the major headlines, many projects in development put this technology to use in novel ways.
The European Union recognized this potential several years ago. In 2017, the European Commission started exploring options to use blockchain technology to combat online piracy and counterfeiting. Today, more than half a decade later, this vision is about to become reality.
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