The EU has begun exploring how the blockchain space can help combat counterfeiting and forgery of goods.
The European Union (EU) is exploring new technologies in intellectual property enforcement that could help combat counterfeiting and forgery of physical goods, the World Intellectual Property Organization (WIPO) Enforcement Advisory Committee has disclosed in a release.
According to a joint study conducted by the Organization for Economic Cooperation and Development (OECD) and the European Union Intellectual Property Office (EUIPO) in 2019, 2.5 percent of world trade and up to 5.8 percent of EU imports from third countries are counterfeit and pirated. The EU proposes the use of blockchain technology as a solution to IP infringement, which can provide and create a secure and collectively shared record of authenticity, allowing products to be tracked and traced throughout the supply chain.
Use Cases of the Blockchain Technology
Over the past four years, the European Union Intellectual Property Office has conducted a series of workshops to investigate the benefits of blockchain technology for IP enforcement. One of the use cases of the blockchain technology includes allowing IP rights holders to create digital tokens representing digital goods. Rights holders can authorize manufacturers to develop and process the token on their behalf and to record events and information about their goods. Another use case involves combining a unique product identity with a continuous transfer of digital identity between wallets, which proves the authenticity of the goods. Customs and other law enforcement agencies would have access to this information. Containers can also be tokenized and linked to the goods they contain, preventing the opening of a sealed container to check authenticity.
EUIPO has chosen a high-level design architecture to develop a blockchain solution that allows brand owners to choose their own NFT platform, manufacturers to use their existing physical identification technology, and logistics operators to use their tracking and tracing systems. Luxury goods company LVMH partnered with Prada and Cartier in April to develop the Aura blockchain consortium, a platform where consumers can access product history and proof of authenticity.
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