Blockchain integrity in intellectual property management

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Assalamualaikum steemians

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How are you?Hope so everyone would be safe and sound just like me as I am also safe Alhamdulillah....

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Blockchain integrity is playing it's role in intellectual property management that I am going to discuss today as my topic for discussion so let me elaborate my topic from the very basics.

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We all know that from the recent years with the advancements and developments in the technology field blocks and technology is also gaining much popularity and attention among people and that's the reason it also has some of the significant applications in intellectual property Management so I am going to share it because it is exciting to break my topic into some points.

First it is important to note and we all know this point already that blockchain is decentralized and a transparent ledger that is responsible for recording and verification of transactions or data so in this way this thing makes the management of intellectual property and its rights ideal because there is a lot of security in it and it is tamper proof method for establishing ownership and for protecting work which is creative.

There is one of the most important risk and challenge that have link with intellectual property Management and it is to provide more authenticity and ownership to digital tokens so it is easy for creators to establish timestamped and record of their work within the blockchain so they can use and save digital fingerprint or has at blockchain as a proof of unique work of a particular person who have created in his first attempt. It is significant in copyright disputes when you search for legal protection for creative work of people's creation.

When I talk about blockchain then it allows using small contracts for the management of intellectual property and basically smart contracts are self executing we all know it already so they are responsible for automatic enforcement of terms written into code but when I talk about it in terms of intellectual property then small contracts are responsible for streamlining the licensing agreements and other payments that are royalty free so if I given example of it then you can understand that;

If there is a creator who have licence and he licence his work to any other person done in a small contract terms of agreement can be written in the form of code. As well as if conditions or requirements are meeting like payment and limit of usage of that licence then contract would execute in automatically as it is self executing and then it would give fairness to whole process.

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In management of intellectual property blockchain also have its role in detection of and prevention of plagiarism and copyright in French if it is present so this all is detected and protected when you store digital fingerprints of copyrighted works at blockchain then unauthorized copy can be compared and identified in this way so in this way creators and right holders are free to take certain actions of their choice for protection of their intellectual properties.

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Above I have discussed some of the potentials but there are also some of the challenges and some of the considerations that we can consider associated with it so now let me share these challenges and considerations;

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• Scalability is one of the most potential and crucial challenge because if there are large number of transactions blockchain have to handle then its working and speed to verify the transaction becomes lower and transactions also becomes expensive.

• If I talk about privacy that it is another challenge then it is not wrong to say at all because transparency of blockchain can be felt conflicted if there is a need to protect information which is sensitive.

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• There is another one of the most complex challenge of legal frameworks and some of the regulations that have requirement to catch up the fast development of blockchain technology but intellectual properties have laws that vary across different jurisdictions and adapting their self to incorporate with blockchain which is quite complex process but there are different organisations that are searching out and exploring for its solution and working for creation of supportive legal environment.

That was all about my topic that how blockchain integrity is playing its proper role in management of intellectual property and I have discussed the some of the potential benefits of it as well as some of the challenges that are associating with it so pros and cons exist in it to me over all its a great thing.

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Thanks

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