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The need for distributed ledger technologies in the fight against counterfeits

On the 6 June 2019, the European Union Intellectual Property Office (EUIPO) released an extensive report highlighting that the EU is currently losing € 60 billion each year as a result of counterfeits. Alongside the trends of globalization, integration of markets and the rise of the Internet economy, a new era has evolved for the world’s growing counterfeiting industry, leading to challenges for both legislators and European brand owners. The EUIPO report estimates that the overall losses in sales in the EU amount to 7.4%, this translates into a cost of € 116 per year for each EU citizen, and a loss of 468,000 jobs. The report compiled the findings of research studies carried out for the past five years by the EUIPO, through the European Observatory on the Infringement of Intellectual Property Rights. It tracked the economic costs of counterfeiting in 11 sectors ... Mehr