In the recent explosion of industry-wide research, one of the most difficult problems has been the protection of intellectual property, partly because the stakeholders, costs, and benefits of the property are unevenly distributed among various sectors. However, there are a variety of ways that people might help achieve this goal, despite the fact that diverse industries may share the overarching objective of giving society helpful inventions. One such innovation being used to transform how intellectual property is being protected is blockchain.
Blockchain is a cutting-edge technology that fundamentally changes corporate operations and countless ecosystems for innovation and creativity. Blockchain is a flexible technology used in many industries and businesses due to its comparatively low maintenance costs, enhanced transparency, less administrative burden, and resistance to fraud.
In this piece, we’ll discuss intellectual property rights and how blockchain technology can be a crucial tool to transform this industry.
What is Blockchain?
Blockchain is more than just a platform for virtual money. It is a technological advancement that has the potential to change numerous sectors. But first, we must comprehend that blockchain technology and digital currency are separate ideas and that both technologies have uses far beyond financial services.
A continuously expanding collection of entries, known as blocks, is maintained via the distributed ledger technology known as the blockchain. The blocks are connected via cryptography to guarantee that each block has the right and immutable data.
The Intellectual Property industry can use blockchain technology to increase market efficiency, consensus, immutability, and provenance.
The term “intellectual property” refers to the collection of intangible assets that a business, organization, country, or individual owns and is legally entitled to protect against unauthorized use or application by third parties. A firm or individual may own intangible assets, which are non-physical assets.
The idea of intellectual property stems from the idea that some creations of the human brain ought to have the same legal protections as tangible goods or tangible property. As a result, legal protections for both types of property are in place in the majority of developed economies. The most common protections offered are patents, trademarks, copyright, etc.
How is blockchain helping in the transformation of the industry?
- Immutable Nature: Blockchain’s immutable nature offers an unchangeable history of creation and ownership. An intellectual property owner must do this in order to prevent someone from contesting their claim to ownership. Blockchain technology with smart contracts adds a layer of security and can be used to grant licenses or collect royalties. In order to protect users, data blockchain is a useful approach to deploy.
- Track ownership: Blockchain offers a mechanism to track work ownership and is tamper-proof. The block’s data can contain the original copyright date. The information can be used as proof of ownership in the event that your copyright is ever disputed. If litigation is ever pursued, being able to trace ownership will save time and money when gathering evidence because third parties will be able to see the line of ownership. Additionally, it can be used to record the date of filing for patents or trademarks, categorize original works, and store them. Additionally, storing your documents on a blockchain enables them to be kept globally rather than just with a national patent office.
- Smart Contracts: The usefulness of using blockchain to secure one’s intellectual property has expanded with the incorporation of smart contracts. When requirements are met, smart contracts on the blockchain carry out tasks like granting access to data stored in the block. By accepting the user’s digital signature, an owner can grant licenses to users who want to access the intellectual property. The owner might likewise deny a person’s access to their work in this way. By creating a contract, smart contracts can also be used to impose royalties on those who use and access an intellectual property.
The blockchain has the potential to have equally significant effects when used in protecting intellectual property rights as it has in the fields of money, business, and technology. The underlying ideas behind a secure, distributed ledger could offer a standard platform to enhance information exchange and collaboration, despite the fact that the technology may differ. There will be no turning back once the businesses, governmental organizations, and people involved in intellectual property systems protection start to test the blockchain implementation waters. As blockchain gains more adoption and uses, it will be interesting to see how it develops.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.