VeChain to be choosen by EU for counterfeiting project?

  • 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 tokens in the form of twin NFTs. Now, to build these items on the tracking blockchain, the holders of the intellectual property rights need to be incorporated as authorized signatories.

Building a system for the supply chain

The European Union is working to build a system to trace the chain as the items move through various checkpoints. This will allow the owners of intellectual property to be assured that the products sold in the shops are authentic.

The European Union Intellectual Property Office plans to get this system up and running by the end of 2023. But to accomplish this, the EU Intellectual Property Office needs to build a system that will group together all of the IP holders, retailers, and logistics operations in the EU. Thus, it will strive to be compatible with other supply chain monitoring technologies that are already in place.

This is where the VeChain blockchain could come into the picture. The VeChain blockchain network facilitates massive efficiency, traceability, and transparency across supply chains. It also helps to facilitate real-time and trustless data sharing between several participants.

If the European Union manages to successfully get this system in place before the end of 2023, it will be one of the first blockchain deployments happening at a huge scale for achieving the end goal. However, in the past, blockchain tech has been used for monitoring supply lines.

In addition, the European Union is also working on MiCA, a framework of proposed crypto regulation pan Europe.

VeChain and supply chain

As said, VeChian is an enterprise blockchain project that specializes in offering supply chain solutions. Recently, VeChain made an announcement about its relationship with a worldwide supply chain technology solution Orionone. The two players will work together to integrate blockchain technology into VeChain’s existing stack of technologies.

Vechian has emerged as the preferred choice for tracking the supply chain of some of the top companies in the world. Last year, electric component giant Schneider Electric VeChain was its ecosystem partner.