Blockchain technology is revolutionizing industries, including intellectual property (IP) protection. Rather than worrying about IP protection and risks, businesses can use blockchain’s decentralized and unchangeable ledger for trademarks, copyrights, and patents, with full concern for the growth of innovation.
Blockchain provides a permanent timestamp that verifies ownership and authenticity of IP assets (e.g., logos, stuff that was invented, original creative works). The technology allows for easy tracking for IP transfers in the event of mergers, acquisitions, or licensing.
Blockchain minimizes disputes, and it flips the traditional model by removing intermediaries, which allows complete transparency and control by businesses and creators. Use of smart contracts further streamlines the licensing process by automatically paying royalties to creators, as well as enforcing the contract. When creators are compensated fairly and in a timely manner, trusting and accountable ownership of intellectual property is improved due to direct, secure, and transparent exchanges among stakeholders.
Many platforms are breaking ground for IP protection using blockchain technology. Blockai documents original creative works with an immutably recorded timestamp on the blockchain, helping creators track and protect their work from copyright infringement. Verisart provides tamper-proof digital certificates to verify artwork authenticity. Bernstein tracks development of innovation through a digital certification system. Everledger, Ascribe, and Verisart authenticate high value items using blockchain technology.
Nonetheless, businesses need to consider difficulties such as the risk of legal and regulatory ambiguity, which can impact enforcement across jurisdictions. There are also privacy issues associated with keeping sensitive IP information confidential. Furthermore, there is expense and technical know-how involved in implementing blockchain solutions. Despite the challenges, blockchain technology offers unique benefits for IP protection. From permanent proof of ownership, to automated licensing, to secure transactions, businesses that embed blockchain strategically into their IP frameworks can increase security, reduce disputes, and position themselves for continued competitiveness in a digital world.
