Piracy is a historical crime that has been seen over the years, and far from having diminished. But it is in this scenario that NFTs come to bring a solution, thanks to blockchain technology.
Day by day we see how crime is on the rise all over the world, from traditional crime to cybercrime. But recently a new use for non-fungible tokens has been discovered for certain crimes.
In order to see a decrease in crimes and infringements of intellectual property and copyright, such as product counterfeiting and piracy, the European Union has set out to develop a tool that is based on blockchain.
Therefore, those who sell products of their own creation in that region will also be able to generate the same product but in its digital version, in non fungible token (NFT) format, to guarantee its originality and inviolability, so that everything will be registered in the blockchain.
This news was made public following a recent publication by the European Union Intellectual Property Office (EUIPO), which included an explanatory document on the functionality of this tool, which is designed to start operating in 2023.
One of the benefits it offers is to provide product holders with protection against counterfeiting and piracy. All this would be possible through a specific platform where NFTs will be created to digitally represent physical products sold in the European Union.
Thus, in its contribution, the Tencent Group analyzed the conjunction between copyright and advances in technology. It explains how new technologies, including NFT and Artificial Intelligence, lead to new content protected by copyright. And it is in these advances where an order of priorities must be established, where technology must be prioritized in the application of copyright and intellectual property, leaving in the background other issues such as legislative, technological, platform design, among others.
Thanks to this innovation, rights holders can subsequently authorize others to create and manipulate NFTs on their behalf, and even register events for their products.
The creators of this tool claim that as a consequence of combining a unique product ID that is registered on the blockchain, and the successive transfer of a digital identity between wallets, leads to the generation of a proof that these products are original.
They also noted that users can use a single wallet across the European Union, where it is possible to store NFTs and other certificates of authenticity, all in one place.
The original document argues that intellectual property rights and their protection are essential to ensure current and future economic growth in the European Union, as well as to defend the entrepreneurial spirit of citizens and small and medium-sized enterprises.
On the other hand, crimes such as piracy and all types of intellectual property and copyright infringement are notoriously detrimental to the economic growth of the area.
In view of the scarce resources of law enforcement officials, the emergence of new technologies such as blockchain will give a break to the situation and can change the rules of the game in the fight against piracy, counterfeiting, and other intellectual property crimes, with a correct and adequate implementation to achieve their purposes in an efficient and effective manner.
This is why, by making use of blockchain technology and non-fungible tokens, alerts can be generated in cases where product abnormalities are detected.
For the end consumer this would also be very beneficial, because they ensure the information, records, and authenticity of the product they are about to purchase.
From NFTexpress we are very convinced of the great potential and future that remains to be discovered for NFT, due to its immense positive characteristics and its usefulness cases.
Written by Luciano Garriga (TW:@luchogarriga) for NFT Express