EU agency finds blockchain anti-counterfeiting trials promising.

The European Union Intellectual Property Office (EUIPO) stated in a post on Monday that anti-counterfeiting tools based on blockchain technology are showing promise. This follows a trial involving brands, border control, and logistics operators. EUIPO has completed a proof of concept after real-life operational tests with four brands, two logistics operators, and a customs authority. The trial, which lasted for months, showed promising results for an initiative now called European Logistics Services Authentication (ELSA), based on a separate project called the European Blockchain Services Infrastructure (EBSI).

EUIPO, an EU agency based in Alicante, Spain, aims to develop an open-source platform this year to ensure that every link in the trade supply chain can track products and verify their authenticity. Although using distributed ledger technology to combat counterfeiting is not a new idea, it has not been successful in practice. Proponents of the EUIPO project claim that by using open-source technology, it can avoid the fate of unduly centralized systems like IBM’s TradeLens, which announced its winding down in November last year.

EUIPO estimates that counterfeits account for 2.5% of global trade, worth around 412 billion euros ($451 billion).

Read more: EU Project to Fight Fakes Succeeds by Being Open, Founder Says

Edited by Sandali Handagama.

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