Global governments demonstrate the wide range of use cases for NFT technology

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(Kitco News) – Non-fungible token (NFT) technology remains one of the most promising real-world use cases for blockchain, with the potential applications far-reaching, spanning sectors from fine art to identity verification.

A recent document released by the European Union Intellectual Property Office (EUIPO) indicates that EU officials are considering the use of blockchain and NFT technology to help combat counterfeiting of real-world goods.

The Office has proposed that intellectual property (IP) owners can issue digital tokens for physical goods, called “digital twins”, which will be registered on the blockchain and used to prove that the item is genuine.

“As the goods pass from one party to another, the token is exchanged between digital wallets. The combination of a unique product identity and the continuous transfer of the digital identity between wallets creates proof that the goods are genuine,” the document says.

The EUIPO intends to have the new system fully operational by the end of 2023, which will require the development of a registration system that brings together all intellectual property owners, logistics operations and retailers in the EU.

The study also suggested that for the system to achieve its goal, it will need to be compatible with other supply chain monitoring technologies that already exist.

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“The tool itself will remain versatile in terms of interoperability and with little effort and investment, thus minimizing technological and economic barriers in the way of its wide adoption,” the EUIPO said.

NFT as a reward for solving problems with digital technology

An example of NFTs in action comes from Japan, where the government became one of the first to issue NFTs as a form of additional reward intended to recognize the work of local authorities who have used digital technology to solve local problems.

Japan’s Cabinet Secretariat was responsible for handing out the awards during the recent “Summer Digi Denkoshien 2022” ceremony, which was attended by the country’s Prime Minister Fumio Kishida.

A total of seven mayors received an NFT award for their efforts to promote the digital economy for developments such as the use of electric vehicles to make local deliveries or the use of cameras on mobile devices to track changes in traffic conditions in real time.

Non-transferable NFTs were issued on the Ethereum blockchain using the proof of attendance protocol (POAP). Indiesquare’s low-cost blockchain platform Hazama Base was used to mint the tokens.

Despite the widespread pullback in the NFT market amid the broader cryptocurrency downturn, the technology’s underlying capabilities and applications suggest that NFTs will be widely adopted and integrated into numerous aspects of the global digital economy in the coming years. next years.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has gone to great lengths to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage arising from the use of this publication.

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