Global taxonomy for all blogs


i wonder if anyone of you already worked with or knows a solution for having a global custom taxonomy system. For example let's say we have a bunch of products where people blog about in different blogs within one multisite installation. Would it be possible to use one custom taxonomy (e.g. "products") that was setup in blog 1 on all other blogs to tag blog posts with the respective product?

I hope it gets clear what i want :slight_smile:

Thanks for helping,