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How Blockchain Improves Intellectual Property Management
For copyright and patents, blockchain now provides a secure method for keeping valuable intellectual property data. With smart contracts, the technology adds more functionality and security to IoT technologies.
Fremont, CA: The unchangeable nature of blockchain ensures that the history of ownership and creation is protected. This is critical for an intellectual property owner since it precludes another individual from disputing their claim to ownership. In addition, smart contracts, which are based on blockchain technology, give an extra degree of security and can be used to grant licenses or collect royalties. Blockchain is also an excellent method to utilize with the Internet of Things (IoT) to protect consumer data.
The use of blockchain technology allows for the creation of a tamper-proof chain of evidence regarding copyright ownership. If the data in the block were changed, the hash value of the block would change as well. On the other hand, the next block would keep the original hash value linked to the previous block.
The hash value of the block is also changed when the linking hash is changed. A person cannot update the data recorded on a block unless they can edit every block on the chain with the new appropriate hash values. This is a low-risk scenario since a person would be unlikely to have access to the processing power required to modify each block's hash. The owner of a work can safely keep their copyright information on blockchain because it is tamper-proof.
Besides being tamper-proof, blockchain allows for the tracking of a work's ownership. The block's data can be used to store the original copyright date. The data can be used as proof to prove your copyright ownership if it is ever disputed.
If litigation is ever taken, the ability to track ownership will save time and money during evidence gathering because third parties will be able to see the line of ownership. Furthermore, using blockchain to store your records allows your data to be stored globally rather than just with a single country patent office. This can also be used to organize and store original works and display the date on which patents or trademarks were filed.
With the addition of smart contracts, the value of using blockchain to secure one's intellectual property has grown. When certain circumstances are met, smart contracts reside on the blockchain and conduct activities, like granting access to the information recorded on the block. An owner can give licenses to users who want to access intellectual property by accepting the user's digital signature utilizing this functionality. An owner can also use this method to deny someone access to their work. By forming a contract, smart contracts can also be used to collect royalties from persons utilizing and accessing intellectual property.
The Internet of Things (IoT) could be used to store intellectual property data. Security, on the other hand, remains a big worry for IoT. Cyberattacks are growing increasingly common, putting data security in jeopardy. While having a private network to host IoT devices improves security, combining blockchain technology with IoT adds another degree of protection. Storing intellectual property on a blockchain ensures that the information cannot be tampered with in the event of a cyberattack.