It is a matter of fact that yes – the blockchain technology is best known in the mainstream corresponding to its association with Bitcoin; however, the technology indeed, holds immense potential corresponding to its use in other areas and industries as well. Without any second thoughts, one of the most promising applications is concerning the protection of Intellectual Property (IP). In the present fast-paced economy and highly competitive business environment, there are multiple solutions available that can effectively protect IP from being exploited, but the blockchain technology undoubtedly changes the entire landscape of IP.
The artistic creations and other unique works of the authors are well-protected by both the local Intellectual Property Laws (corresponding to copyright) and international agreements on copyright existing among various nations across the globe. The problem arises in cases of Intellectual Property Infringement or theft, where even if the violators have been identified; it comes down to the IP owners to provide a proof corresponding to the fact that they are the originator of the work. In this scenario, the blockchain technology can prove to be exceedingly beneficial and invaluable. Instead of relying on a centralized database for tracking IP ownership, it provides a decentralized approach corresponding to demonstrating ownership and asserting authorial rights in an entirely honest and unambiguous way.
The blockchain technology refers to an encrypted and interconnected ledger, with every entry intrinsically linked to all the other ones. Therefore, it becomes impossible to make changes to any entry, and also there is no practical way of erasing entries once they have been made or entered. Coming to the context of IP, it implies that the moment you come up with a unique creation, it can be efficiently registered in the blockchain. Then, if in case, there is a need to show that the creative work belongs to you and not some other claimant, you can effectively refer to the corresponding entry in the blockchain and make sure there is an absolute no question of your status as the owner.
By integrating the blockchain technology with digital content, we can solve a lot of issues and complications that usually come up with making creative works available online. At the very moment, the IP owners can’t see how their unique creations are distributed or how they are being used by the ones who have access to the same, which further makes unsanctioned adaptation and infringement way too easy. Registration of such works on an IP-focused blockchain solution helps in keeping tabs on all aspects of content distribution and usage. It applies to all the works, including artistic works such as images and music, patented product designs, and everything else as well that falls under the definition of IP in the present digital age.
Another challenge that most of the IP owners around the world face is at the time they decide to give their unique creations to others and get compensation for their efforts in return. There is a dire requirement for every IP owner to be familiar with license agreements; however, in most cases, these agreements and contracts turn out to be inflexible and end up giving less or no control to the IP owners. As a consequence of the complexities involved with wrangling agreements of this nature, there is typically a need for licensing to be managed by some third party.
With the introduction of blockchain technology to this process, the creators can get more power in their hands, which shall subsequently enable them to license their works to end users legitimately. Hence, in the end, we can say that the blockchain technology shall, without a doubt, change the IP game, mostly for the better.