Around ten years ago, nobody predicted that blockchain technology could well grow to such colossal proportions. Bitcoin and Initial Coin Offerings (ICOs) were the sole topics of discussion for a while, but this has changed dramatically over the last five years, and now almost all sectors are seeing positive results from this innovation. In this piece, we'll discuss intellectual property as well as the ways in which blockchain technology may be used to assist the IP industry combat crime. Hence, if you're a creative person and you operate in any field, such as writing, creating, or media production, your work is effectively safeguarded by rights to intellectual property.

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Blockchain technology enables the generation of a visible and (perhaps) unchangeable chain of data. Such features may offer a unique opportunity for intellectual property (IP) offices to modernize the licensing of Intellectual Property rights by rendering it cheaper, quicker, more precise, as well as safer. In addition, the innovation can offer a chance to improve the openness as well as efficacy of data pertaining to digital rights.

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On the other hand, the internet is rife with unethical behaviors, and everything that is shared via this medium may readily be taken without permission. But, the most heartbreaking thing that can happen to a creative individual whose mind has been used to produce a masterpiece is to see that masterpiece being robbed. You now have the ability to secure your copyrighted material as well as assure that what you produce will always belong to you via the use of blockchain technology.

Basics of Blockchain Technology

Blockchain, a kind of public ledger, is essentially a digital ledger that keeps track of all transactions made on the network and makes that information available to all users. If I used a blockchain to verify that I wrote this piece, the blockchain just wouldn't keep a copy of this item in its database. Instead, it'd store a hash or in short, an encrypted random string of numbers and letters that identifies this article, permits authorship verification, and offers proof that the creative output happened at a particular moment, all without disclosing the real elements of the work. After which, a "block" is created that includes this hash and any other hashes generated at the same moment. After that, we hash each block, and each subsequent block includes a reference to the value of the prior block, so that we end up with a cryptographically linked series of blocks.

Why is IP Protection So Important?

You spend weeks conceptualizing an idea followed by a number of sleepless hours bringing it to fruition, and in the end, somebody else gets all the credit for your labor. Should we do this? No! This is very unacceptable for the designer! Furthermore, the government as well as intermediaries sometimes muddle things up anytime someone sought to bring a copyright or IP claim in court for possession. The length of time needed to resolve the matter as well as the difficulty in identifying the perpetrator and passing verdict were both exacerbated by the participation of additional unneeded personnel.

Current Status of Design/Trademark Registration

Let's look at the process of registering a trademark or design in the European Union (EU) and/or the United Kingdom to see how blockchain technology can be useful in this context (UK). Selecting the jurisdiction(s) in which you want to register your design or trademark is a prerequisite to doing so. Secondly, think about potential problems with registration. You should think about the items and/or services you want security for when deciding whether your trademark is unique and if it may be registered. It is also important to do the necessary searches to remove any prior rights that could be in dispute. Checking the condition of models and trademarks in EU Member States is currently possible with the EUIPO's Design View application and TMView; however, wider security screening checks, such as those performed through the WIPO Global Brand directory as well as the WIPO Global Design registry, or through advertising search queries, might well be necessary. 

The Use of Smart Contracts

According to its name, it is a contract between 2 individuals. The biggest benefit is that it may be asserted and put into action independently of any authoritative body. A smart contract is a digital agreement between two parties that executes itself in a trusted, distributed network. Smart contracts not only improve safety, but they also mimic single-window processing. For example, with the assistance of smart contracts and digital transfers of ownership, you no longer need to physically visit various offices to register a patent, check its assignment, validity, negotiate a sales agreement, execute a payment, and then inform each and every patent headquarters for the transition of your patent. This greatly simplifies the process, and it may be completed in minutes rather than the weeks or months it would take using manual methods.

Unregistered IP Rights

Unregistered intellectual property rights, like design rights and copyright, may also benefit from blockchain technology, since this ledger system may quickly give proof of the moment of invention, rights management data or if relevant, and jurisdictional requirements. Yet, such a platform would need meticulous preparation and execution. To be effective, a blockchain-based registry would need to incorporate an authorized and trustworthy 3rd party, quite an Intellectual Property office or a Collective Management Organization, to which any member of the public might submit rights management information as a time-stamped registration.

The Bottomline

Although each industrialized nation has its unique system for protecting intellectual property, they all agree on one thing: no one should be able to claim ownership of something they didn't make. The solution is extremely minimalistic, simple, and uncomplicated in that it covers the fundamental standards of all jurisdictions across the Globe, so all you need is an internet connection to secure your work in whatever format you want, without worrying about your complex and outdated local rules.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.