COLLETRIX: USING TOKENIZATION TO CHANGE THE INTELLECTUAL PROPERTY (IP) INDUSTRY
Blockchain technology has been and currently been used to offer solutions to issues in systems, sectors and platforms through decentralization, use of smart contracts, tokenization etc. All these features and many more offered by blockchain helps to make upcoming platforms as well as already existing to be efficient while growing globally and one of such industry that a team of experts from COLLETRIX aims to enhance is the IP industry.
Problems Facing the IP Industry
At present, there are so many challenges hampering the growth of the merchandise industry. One of such is the preference of fiat currency and conventional trading system to the blockchain industry. Although the blockchain system is quite efficient and easier to use, not so many people are aware of its potentials, so they are sceptical of investing in it. This scepticism is seen in delayed adoption of blockchain technology and cryptocurrencies generally by big-time investors.
Yet another challenge facing the Intellectual Property Industry is the gradual loss which is usually recorded by the owners of the IP after they have licensed it. This is a common experience for IP owners and it is a great disincentive, one that does not guarantee a steady income for the IP owners. Sometimes, after exporting their franchise, companies can lose billions of US$ due to the existing IP business models.
Similarly, the IP industry is beset with the troubles of fake products that make it difficult for a buyer to differentiate between the fake and the original ones. It also dents the image of the producer of such luxury product and cumulatively, reduction in collectible value of the product.
SOLUTION OFFERED BY COLLETRIX
Collectrix plans to use blockchain technology on its network. This will undoubtedly propagate and increase awareness of blockchain usage in the business world. Again, Colletrix will gain so much from the digital assets as a new economic pattern will be formed in the world of merchandise.
Similarly, blockchain will get more popular with its usage on Colletrix as end-users would be able to make instant redemption of NFT as they buy same from the seller. This will, in turn, increase their trust in the blockchain technology as a system.
To correct the problems of reduction in revenue of IP owners, Colletrix platform offers IP owners privileges of holding on to long-lasting licensing options for their Intellectual properties. Through the use of NFT, owners of IP can hold on to the franchise on their products forever.
By the usage of blockchain’s transparency nature, Colletrix will improve the verification system of the current IP business model such that it will be very difficult for a fake product to “survive” in the IP market as it will easily be fished out. Colletrix will combine conventional merchandise and digital asset to improve the value of luxury products and send fakes out of the market.
What Colletrix is Set Out to Achieve
Colletrix runs a blockchain-based platform and is set to incorporate the token economy into the IP market so as to develop a new market value for the Intellectual Property industry. By the usage of NFT, the traditional economy together with the new economy will be synchronized, such that owners of IP can get to use their licence for a longer period and generate a higher revenue in the long-run.
Sellers of the products obtained through the merchandise of the franchise will equally benefit from a new market value on their products because of the trustworthiness offered by the blockchain technology. End-users will be more attracted to their products. By incorporating the NFT offered by Colletrix, users will gain seamless access to the crypto market and this will improve the world economy at large.
Colletrix is a blockchain-based platform which seeks to incorporate the traditional economy and new one, such that a completely new economic model will be forged that will offer maximum benefits for both the IP owners as well as the merchants.
IMPORTANT PLATFORM LINKS
Bitcointalk Ann Thread: https://bitcointalk.org/index.php?topic=5138397.0