The EU’s Intellectual Property Office is working on a blockchain-based supply chain system that brings together all stakeholders.
VeChain’s supply chain ecosystem could play a pivotal role in the entire process.
VeChain has emerged as the go-to blockchain network for all supply-chain-related matters. As per the recent development, the European Union could also be considering the use of VeChain to combat the counterfeiting of real-world goods.
For this, the European Union recently revealed a strategy that would utilize blockchain technology and non-fungible tokens (NFTs). The EU’s Intellectual Property Office will be responsible for designing the system under consideration.
Earlier this month in September, the EU released a document with the group already decided on a high-level architecture of the project. It also puts a larger picture of how this system would work. To demonstrate that the set of manufactured goods are genuine, the owners of intellectual property will issue digital...
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