Blockchain for IP Industry
The adoption of blockchain is only gaining momentum. But the realm of intellectual property protection could find blockchain particularly useful.
Blockchain, in a nutshell, is a digital ledger that distributes access to and control over data to all of its members. Its records cannot be erased or changed in any capacity, all the data is completely transparent, and hacking the system is nigh impossible.
Using blockchain to guard the rights of intellectual property has quite a few advantages. But how does this translate to IP protection? This technology is applicable in big major ways.
Proving Ownership - blockchain, possessing indelible records of all data, can tell you exactly when what was created. This makes it easier to prove ownership whenever someone illegally uses the content.
NDA and Proof of Sharing of IP - Seeing that all the information on the blockchain is transparent, every piece of data is easily trackable. The network marks any instance of a patent being used, replicated, or otherwise, so users can track exactly what is done to it.
Streamlining the Registration Process - Decentralization is blockchain’s main schick. The fact that the system doesn’t require third-party oversight means that all the red tape associated with such entities goes out the window. Especially taking to account that attaining patent rights can take as much as 22 months.
Smart Contracts offered on the Blockchain platform enables the owners to create automated agreements for distribution of profit from IP assets proportionally to fractional ownership of these assets, avoiding lengthily lockup of money and the need for intermediary parties trusted by both sides of the transaction.
Blockchain technology has the potential to shake up the world of intellectual property. With its relatively low cost of maintenance, increased transparency, lessened administrative burden, and resilience to fraud, blockchain is an attractive prospect in protecting IP rights.