Blockchain in Intellectual Property | For 'Smarter' IP Rights Management
technologies2

Blogs

Told You, We Love Sharing!

  • Blockchain in Intellectual Property | Making IP Rights Management ‘Smarter’

    blockchain in intellectual property

    Law firms are increasingly looking to adapt to change and innovation within their business operations. Now, they need to embrace new technology for more efficient collaboration and enhanced operations.

    Clients are eyeing for reduced overheads and increase in productivity- want a technology that can positively impact the Intellectual Property Management.

    In this blog, we are discussing the gravitas of blockchain in Intellectual Property Management. We will be raising and talking about some pain points, and the viability and time restrictions of implementing and adopting this relatively new technology.

    In recent years, there’s has been an explosion in the IP activity resulting in firms putting time on administrative, non-billable tasks to achieve client requirements.

    The Challenges

    As per a survey by CPA Global of around 400 IP professionals, the key challenges found that IP law firms are facing:

    • Gradual Business Growth
    • Obscure Customer Service
    • Profitability

    To meet these challenges, it requires time, that IP lawyers don’t have. And also, if they depend on manual development, these challenges may remain challenges for unexpected time.

    The solution is Blockchain based IP ledger

    Blockchain decentrally records transactions in a distributed ledger. The ledger stores the transactions conducted between two or more parties forever without requiring to involve any middleman to validate them.

    Mainly created to bolster the development of cryptocurrency in 2008, Blockchain now has wider implications for numerous prominent industries including IP.

    Blockchain provides accuracy because the copy of a transaction resides on not one but numerous nodes (computers) globally. Interestingly, each new block created in the chain contains a copy of the previously added block, making every piece of information visible to everyone. Essentially, in every case, a record gets attached to the next version of the blockchain. Most importantly, the whole system is made secure using military grade cryptography.

    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.

About Author

Mudit Kumar

Mudit has been working with Oodles since 2017. He writes about technologies that not only disrupt the digital space but also influence the physical world. Initially, he explored revolutionary technologies like ERP (Enterprise Resource Planning) and AI (Artificial Intelligence). Now, he focuses on unfolding the elements of blockchain technology, given its potential and edge over others.


No Comments Yet.


Leave a Comment

Name is required

Comment is required




Latest Trends

Cookies are important to the proper functioning of a site. To improve your experience, we use cookies to remember log-in details and provide secure log-in, collect statistics to optimize site functionality, and deliver content tailored to your interests. Click Agree and Proceed to accept cookies and go directly to the site or click on View Cookie Settings to see detailed descriptions of the types of cookies and choose whether to accept certain cookies while on the site.