Blockchain technology can be helpful to check the legitimacy of IP job ownership on a secure network.
Fremont, CA: Blockchain is a decentralized, distributed ledger technology that keeps track of a digital asset's origins. It is an information-recording system that is difficult to alter, hack, or cheat.In other words, Blockchain is the system that enables any digital information to be distributed across a network while being time-stamped, unchangeable, and transparent to everyone on the web. Blockchain technology has significant consequences in various fields, including bitcoin, health care, real estate, voting systems, supply chain and logistics, and so on.
Applications of Blockchain in IP
The following are some of the possible use-cases for Blockchain-based Intellectual Property Management in the current state of the intellectual property industry.
Smart Contracts in IP based on Blockchain
A smart contract is a Blockchain-based computer application that runs automatically even when a preset requirement in a contract is getting to meet.Considering the need for digitalization and a secure transaction system that develops trustworthy relationships among persons without compromising security, Smart contracts can be broadly applicable in the IPR domain with the ever-increasing innovation in Blockchain technology.
For determining creatorship/Proof-of-Ownership on the Blockchain
Blockchain technology can help to check the legitimacy of IP job ownership on a secure network. Exercising copyright has become more difficult in the age of the internet when anybody can freely download and utilize creative content such as recorded music, a photograph, or a painting.
Fortunately, Blockchain itself is potential technology that may meet the system's requirements by offering both confidentiality and proof of ownership for intellectual property.
Use of Blockchain to allow IP marketplaces
In terms of how information is exchanged, Blockchain's Ledger system has revolutionized the industry. This new way of exchanging information, prioritizing accountability, protection, and timeliness, will have far-reaching implications across all domains.
In reality, IPR is one of those domains where information sharing with necessary regulations should be manageable. Given the blockchain ledger technology, we might see a possible application in IPR relevant data information sharing.
The Blockchain to unify the global patent/IP system.
With its decentralized ledger platform, Blockchain may also help to unify the patent framework throughout countries. Meanwhile, this could significantly improve the efficiency of IP management,
accelerate the innovation process in businesses, and facilitate knowledge sharing between them through the ledger.
Blockchain technology is becoming a global system for securing digital assets due to its immutability, security, and transparency. Various laws and governments are gradually recognizing and incorporating Blockchain as a kind of proof of evidence.Going future, most governments may recognize Blockchain as an underlying technology, which may ultimately unify the overall intellectual property system.
The Blockchain can be handy to keep track of the versions of digital properties.
Patents, research publications, copyrights, and other digital assets have many versions over time, necessitating the development of technology that allows for the connection of different versions of digital assets throughout their lifecycle.Using a blockchain-based system to link many digital assets and regulate them in real-time offers up many possibilities for individuals to collaborate on numerous aspects and form their ideas, resulting in increased industrial innovation.