Blockchain in Intellectual Property 2020 – Everything you should know

Blockchain has the potential to transform changes and it is contributing in a major way for the development and adoption of transformational technologies is laden with Intellectual Property issues, concerns, and strategies.

The private and public nature of its application holds the potential to wide-ranging the impact of blockchain technology.  

Let us start with some of the Potential Real use cases of Blockchain in Intellectual Property.

Real Use Cases Of Blockchain in Intellectual Property

Some Real use cases how Blockchain revolutionizes the way innovators secure their intellectual property and helps lawyers and legal advisers minimize issues associated with IP management – 

1. Smart IP rights

The potential to use blockchain technology for recording IP rights in a distributed ledger ( blockchain )  rather than a traditional database could effectively turn them into smart IP rights.

This technology is being benefited by IP offices in order to develop smart IP registries in the form of centralized solutions run by the IP office as an accountable authority which would create an immutable record of events in the life of registered IP rights.

It could include when a trademark was first applied for, registered, first used in trade; when a design, trademark, or patent was licensed, assigned, and so on.

It would also resolve the practicalities of collating, storing, and providing such evidence.

There has been another benefit named IP right audits which could simplify the due diligence exercises that are important for IP transactions, for example in mergers and acquisitions. 

2. Evidence of Creatorship

With the context to unregistered copyrights IP rights such as Copyrights, an unregistered design rights, blockchain technology plays a key role within this, since it can provide evidence or proof of their conception, use, qualification (such as originality and the country in which articles made to the design were first marketed) and status.

Uploading an original design or work and details of its designer or creator to a blockchain will create a time-stamped record and solid evidence to prove these matters.

Distributed ledger technology-based repositories for unregistered IP rights are already being developed by several blockchain start-ups and could be an interesting and manageable solution for copyright protection as well as digital rights management.

3. Smart Contracts and Digital rights management

Smart contracts are often cited in the process of the blockchain concept.

Blockchains can hold, execute, and monitor contractual codes and that is smart contract performance.

For the need to IP agreements, such as licenses and allow the transmission of payments in real-time to IP owners, smart information, about IP rights in protected content, a song or an image, for example, could be encoded in digital form (in music or an image file),

Smart contracts could be used to establish in the need for this. 

4. Secure Collaboration

Blockchain in Intellectual Property establishes secure channels and evidence records for your IP assets sharing offering safe collaboration with partners, investors, and employees while exchanging confidential information, data, and documents.

For example, NDA’s is the most watchable example of evidence.

This is the technology that transfers agreements or emails.

Evidence of a non-disclosure agreement in a court is a step in the right direction, but may not comprehensively cover material aspects of the infringement.

Consequently, you can have a non-disclosure agreement document without enough details to protect yourself.

With Blockchain in Intellectual Property, digital assets can be protected before sharing them, regulate access rights, link NDA and policies to sensitive IP assets, avoid data leaks and access by unauthorized parties. 

5. Extensive IP safety matters

Legal matters along with administrative and technical matters are required to protect and secure intellectual property. 

To illustrate, 

A company has a lot of innovators and science departments working together to deliver breakthrough research to the market.

Access to data inside the company is crucial to progress faster.

But not all the data should be available to everyone, for example, device designs and specifications should be available only to the hardware department.

To avoid data leaks and access by unauthorized parties, limit access to critical information to specific departments or individuals. 

Hereby proving that Blockchain in Intellectual Property has the ability to contribute to IP in a big way.

With its relatively low cost of maintenance, increased transparency, reduced administrative burden, and resilience to fraud, blockchain is an attractive strategy to safeguard IP rights.

Lawyers and legal entities would be the first one to enjoy the benefits by dealing with IP protection. 

6. Anti – counterfeiting

Adding scannable blockchain-connected tags, tamper-proof seals, or imprints to products is one of the most convincing use cases in Blockchain in Intellectual Property of distributed ledger technology and could play an important role in fighting counterfeits.

If a brand owner informs customs authorities about the security features that its genuine products should have, then the absence of such features is an easy way for border officials to check whether a product is counterfeit.

The presence of these features interacting with the blockchain also offers greater potential to engage with and educate customers about the risks of counterfeits and the ability to verify whether the products they have purchased are genuine.

The technology could also be used in connection with certification marks to certify that products meet certain established criteria or standards, for example, the Woolmark, which certifies that the goods on which it is used are made of 100 percent wool.

Conclusion

Cryptic Ocean is a blockchain technology company that provides end-to-end blockchain development and blockchain consulting services to multiple business domains.

Our goal is to assist corporations adopt new technologies and change difficult problems that arise throughout technology evolution.

Contact us for the most effective solutions regarding the utilization of blockchain technology to resolve the toughest challenges faced by the globe nowadays.

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