EU Will Reward the Successful Team of the “Blockathon” with $124,000

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Many European nation agencies will participate to form an event called the “blockathon” to explore the different applications of the blockchain technology concerning intellectual property rights enforcement, reported Coindesk on April 10. 

The “blockathon” was created by the partnership between the European Commission and the European Union Intellectual Property Office and its Observatory on Infringements of Intellectual Property Rights, which aims to use a blockchain-based “integrated solution to combat counterfeiting.”

According to EU agencies, it is estimated that more than 40 million european residents bought counterfeit products without knowing it.

The blockchain technology is a great solution to solve this problem told Antonio Campinos, the EUIPO executive director.

“The EUIPO is determined to explore the potential of blockchain to interconnect systems and ensure security and immutability of data in order to add trust to our legitimate ecosystem for the benefits of citizens, enforcers and companies alike,” he expressed.

“We believe a strong networked alliance can be built to secure logistics, ensure the authenticity of goods, protect consumers and combat criminal and illegal activities.”

Huawei also announced earlier in March that it wants to use blockchain for intellectual property rights.

Recently, Europe has been very active concerning blockchain technology and wants to be involved considerably in the space.

Yesterday, the vice-president of the European Commission expressed that Europe will be a leader of the digital technology.

Today,  22 european nations signed a declaration to join the European Blockchain Partnership.

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