The Benefits of Blockchain in Intellectual Property Management
Blockchain in Intellectual Property Management can be applied in various scenarios that can reduce time consumption on administrative tasks and help maintain IP record accuracy.
Let’s take idea generation for instance.
When given the task to protect an inventor’s idea, law firms require to defend the client as the first person to create IP for that.
Blockchain based solutions can eradicate ownership and ideation issues by allowing organizations and individuals to identify and validate their innovation and keep a safe record within a blockchain.
Blockchain based applications can provide an accurate ownership record of IP assets. With such an application, the industry can improve on being more effective in interrogating, rather than using existing methods available. Any complications surrounding who was the first to develop an idea could easily be determined through a blockchain based application.
Also, licensing agreements could be created digitally and recorded safely via Blockchain itself.
Along with numerous advantages, blockchain brings to the fore the ease of storing an initial idea on it and then update it, form a geographical scope and, if a network of law firms globally using the same blockchain, anyone could access the process of protection, and update the blockchain respectively.
Thus, significantly decreasing complexity and promoting more companies and individual to protect their ideas.
The Scenario of Adoption of Blockchain in Intellectual Property
The widespread adoption of blockchain could bring transformative changes in the processes of IP firms. Though, the process of blockchain adoption is complex and will take time.
Early adoption of Blockchain in IP would likely mean company-wide blockchains to allow inventors residing in different countries to collaborate more efficiently. Researchers around the world could collectively cooperate for a company, bolstering each other by appending other’s work via a blockchain application.
Further, global IP firms could begin adopting the blockchain to expedite the ‘Idea Protection’ process and allow inventors to assert their possession of IP assets.