Blockchain is a type of distributed ledger technology that keeps a secure, transparent record of all transactions and reports them to everyone on the blockchain platform. For example, if we wanted to use a blockchain to prove the creation of this article, i.e. our copyright, it would not store the actual article. Instead, it would save a hash, which is an encrypted, one-of-a-kind string of letters and numbers that uniquely identifies this article.
It enables authorship verification and provides evidence that the creative work existed at a specific time, albeit without revealing its actual contents. This hash is then linked with any other hashes made at the same time, and all of these are recorded in a “block.”
Each block is then hashed, with each new block referencing the previous block’s hash, resulting in a cryptographically connected chain of blocks. Any changes to an older block will break the chain because its hash will no longer be validly referenced in subsequent blocks.
This article will discuss intellectual properties and how blockchain technology can help this niche prevent fraud.
Blockchain & Intellectual Properties
The immutable nature of blockchain provides an unalterable record of ownership and creation. This is critical for an intellectual property owner because it prevents another person from contesting a claim to ownership. Using smart contracts in conjunction with blockchain technology adds a layer of security and can be used to grant licenses or collect royalties. Blockchain is also a valuable strategy to use in conjunction with the Internet of Things (IoT) to protect user data.
An intellectual property lawyer can advise you on the best ways to protect your creations. If someone attempts to infringe on your work or disputes your ownership, counsel can be invaluable throughout the evidence gathering and litigation process.
Can Blockchain Protect Intellectual Properties?
If you are a creative person in any field, whether it is writing, designing, or media-related work, intellectual property rights essentially protect your work. However, the internet is riddled with unethical practices, and anything that appears on it can be easily stolen. However, for a creative individual who employs his intellect to create a masterpiece. Blockchain technology can now be used to protect intellectual property.
Unravel all About Security & Smart Contracts
The addition of smart contracts has increased the value of using blockchain to protect intellectual property. When certain conditions are met, smart contracts on the blockchain perform actions such as granting access to the information stored on the block. An owner can use this functionality to grant licenses to users who want to access intellectual property by accepting that user’s digital signature.
An owner can also deny someone access to their work in this manner. By establishing a contract, we can also use smart contracts to collect royalties from people who use and access the intellectual property.
- IoT could be used to store intellectual property data. However, security remains a significant concern for IoT. Cyberattacks are becoming more common, putting data security at risk.
- While using a private network to host IoT devices may improve security, combining blockchain technology with IoT will add an additional layer of security.
- Storing intellectual property on a blockchain ensures that data cannot be tampered with in the event of a cyber incident in a system.
- Overall, blockchain is an important technology to consider when deciding how to record data. The technology has advanced since it was first used for cryptocurrency.
- Blockchain now offers a safe way to store valuable intellectual property data for works like copyright and patents. With smart contracts, the technology adds functionality and security to IoT technology.
Read here to know about – What is a crypto wallet?
Blockchain Applications In Protecting Intellectual Properties
- Blockchain for determining proof of ownership
Blockchain technology can be used as a trusted platform to verify the ownership of intellectual property. A person who wants to obtain a patent for an invention can go to the patent office to apply for a patent and protect his intellectual property. However, in the case of copyright, the creator bears the burden of proving ownership of creative content due to the lack of any official documentation.
In the internet age, exercising copyright has become even more difficult. Anyone can freely use the content created, such as a recorded song, a photograph, or a painting. Fortunately, Blockchain is one such technology that could meet the system’s requirements by providing both security and proof of intellectual asset ownership. Many companies have already begun to offer blockchain-based timestamping and validation systems to protect one’s digital assets.
- Blockchain for a global patent system
Blockchain’s decentralized ledger technology would also solve the problem of unifying patent systems across countries. This could vastly improve the effectiveness of IP management, accelerate the innovation process in businesses, and promote information distribution across them via the ledger.
Blockchain technology has the potential to become a global technology for protecting digital assets due to its immutability, security, and transparency. Various laws and governments are gradually accepting and incorporating blockchain as proof of evidence. In the future, most governments may accept blockchain as an underlying technology, potentially unifying the entire intellectual property system.
- Blockchain for maintaining control of digital assets
There is a need for a technology that allows for the linking of multiple versions of digital assets throughout their lifecycle. Patents, research publications, copyrights, and other digital assets have multiple versions throughout their lifetime. We can use blockchain technology in such systems where one can use blockchain’s ledger technology to link all versions of their digital assets and potentially use it for end-to-end asset lifecycle maintenance.
Defensive publications are a method of preventing someone from patenting an innovation by publicly disclosing it, thereby creating prior art for the innovation. Blockchain technology could be used as a defensive publication platform. Each file is assigned a unique fingerprint, duplications are eliminated, the platform supports versioning, each network node can select which content to host, and the database is indexed and searchable.
Conclusion
Overall, blockchain is an important technology to consider when deciding how to record data. The technology has advanced since it was first used for cryptocurrency. Blockchain now offers a safe way to store valuable intellectual property data for works like copyright and patents. With smart contracts, the technology adds functionality and security to IoT technology.
