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Undoubtedly blockchain technology elicits images of cryptocurrency in your mind. But the applications of this secure digital transaction chain is now being extended to a completely new form of digital currency - intellectual property!

Defined as the outcome of any creative effort, intellectual property extends to copyrights, trademarks, patents, trade secrets, publication rights and much more. A constantly growing digital sphere of influence makes it increasingly difficult for intellectual property lawyers to pinpoint where ideas originated, who was involved, how many iterations and modifications it’s been through, etc. It’s a complicated affair, made harder still by access to the internet and to global influences.

Blockchain technology could theoretically put an end to such ambiguity, solidifying intellectual property rights in a digital safehold.

Government Legalization

The first obstacle to enforcing blockchain based intellectual property rights is government permits. Blockchain tech has been under much scrutiny, with many nations already banning cryptocurrency in its entirety, claiming the increase in guns, violence and drugs as a side effect of the same.

However, blockchain technology for intellectual property presents a new dynamic, one that could create positive change once legal compliances have been figured out.

No Leaks

Security concerns can be addressed effectively by blockchain tech, which is based on a completely encrypted and decentralized architecture, adding incredible security to data exchange, preventing data leaks, mimicking of intellectual property and hacking attempts.

This decentralized architecture also allows for comprehensive backup systems to prevent data loss due to transaction failures and corruption of information.

Ownership

Ownership is one of the most common issues intellectual property lawyers face. With blockchain tech, this would be an open and shut case in court! Maintaining a clear and transparent chain of ownership, blockchains can be traced back to identify the very originator of the idea!

Furthermore, complicated and multi-faceted technologies that involve numerous patents, make intellectual property rights a legal nightmare to defend. Using blockchain, every single patent could be defined clear as day, as well as any modifications made to them during the product’s lifecycle.

Collaboration

Legal compliance of country wise restrictions can be imposed on products/services, making international collaborations easier through clearly segregated intellectual property rights.

Protecting the interests of creatives globally, blockchain technology is a faster and more reliable form of intellectual property rights enforcement. Would you agree? Head over to Lawyered and let us know!