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ERA OF INTELLECTUAL PROPERTY WITH BLOCKCHAIN TECHNOLOGY

Courtesy/By: THEJA G SHASTRI | 2020-07-30 14:02

 ERA OF INTELLECTUAL PROPERTY WITH BLOCKCHAIN TECHNOLOGY 

 In the past few years there has been an explosion of new technologies. One such technology explosion was the emergence of Blockchain.  

Blockchain is an open ledger which can store data in real world transactions of any kind. It eliminates all sorts of middlemen which ensures that the transactions happen in a transparent and a secured environment. And these transactions cannot be altered. These databases are connected on a peer to peer computer basis. Blockchain is not governed by a single user. Hence no centralized version of ledger exists. 

This technology has been used in fields of Cryptocurrency, videos, design documents, etc. Blockchain has a lot of potential in the IP world (Intellectual Property). The IP system plays a crucial role to protect technologies using Blockchain as a base. And the most significant use of Blockchain is in the field where certain works like literary and artistic works are not registrable under IP Right. These sorts of rights can be easily protected by uploading the original design and work in Blockchain and once uploaded it creates a time stamp record of details of the designer, and its conception which is a solid evidence to prove the originality of work and evidence of creatorship even when it cannot be registered.  

The real advantage of Blockchain is the presence of Smart Contracts.  Smart contract was integrated with blockchain in the year 2013. It is a small computer program where all terms and rules of the contract are specified and stored in blockchain. In smart contract there is no trust issues, no involvement of third parties and hence, no chance of loss or hacking of smart contract as it is distributed in open ledger. 

Another use of Blockchain can be seen in the Supply Chain. Supply Chain is the process involved from the production till the distribution. So Blockchain becomes an integral part of companies which are Intellectual Property intensive as middle men are eliminated which decreases the fraud of IP, for example Pharmaceutical Companies whose foundations are built on their IPRs etc.,  
There are mainly three areas where Blockchain could add value to Supply Chain which is Replacing slow and manual process, traceability, reducing supply chain costs. 

Blockchain technology has helped advocates in the court, proving the false Patent Infringement claims as this technology helps people to secure their inventions with a timestamp and encryption, so no one can access or use it without prior contract between the patent holder and the user. 

Blockchain technology which is in its initial stages is generating a significant interest across several industries in India. Also, blockchain technology can be used to safeguard the rights of the inventions by all means. Considering all the above factors, it can be proved that blockchain has and will play a very significant role in the field of Intellectual Property.  

 

Courtesy/By: THEJA G SHASTRI | 2020-07-30 14:02