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- The EU Intellectual Property Office is working on a blockchain-based supply chain system that brings all stakeholders together.
- The VeChain supply chain ecosystem could play a central role in the whole process.
VeChain has become the go-to blockchain network for all supply chain issues. According to recent developments, the European Union may also consider the use of VeChain to combat the counterfeiting of real-world goods.
For this, the European Union recently revealed a strategy that would use blockchain technology and non-fungible tokens (NFTs). The EU Intellectual Property Office will be responsible for designing the system under consideration.
Earlier this month in September, the EU released a document in which the group has already decided on a high-level architecture for the project. It also gives a broader picture of how this system would work. To demonstrate that all manufactured goods are genuine, intellectual property owners will issue digital tokens in the form of twin NFTs. Now, to build these elements on the tracking blockchain, the owners of the intellectual property rights must be incorporated as authorized signers.
Build a system for the supply chain
The European Union is working on setting up a system to trace the chain as items pass through various checkpoints. This will allow intellectual property owners to be assured that products sold in stores are genuine.
The European Union Intellectual Property Office plans to have this system in place by the end of 2023. But to do this, the EU Intellectual Property Office must create a system that will bring together all intellectual property owners, retailers and logistics operations. in the EU. Thus, it will strive to be compatible with other supply chain monitoring technologies already in place.
This is where the VeChain blockchain could come into play. The VeChain blockchain network facilitates massive efficiency, traceability and transparency across supply chains. It also helps facilitate real-time, trustless data sharing among multiple participants.
If the European Union manages to successfully implement this system before the end of 2023, it will be one of the first large-scale blockchain deployments to reach the end goal. However, in the past, blockchain technology has been used to monitor supply lines.
In addition, the European Union is also working on MiCA, a pan-European crypto regulatory proposal framework.
VeChain and supply chain
As stated, VeChian is an enterprise blockchain project that specializes in offering supply chain solutions. Recently, VeChain made an announcement regarding its relationship with a global supply chain technology solution, Orionone. The two players will work together to integrate blockchain technology into VeChain’s existing technology stack.
Vechian has become the preferred choice to track the supply chain of some of the largest companies in the world. Last year, electrical component giant Schneider Electric VeChain was its ecosystem partner.