Blockchain Use Cases In Intellectual Property Rights

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Blockchain is a wonderful technology thats for sure and all evidence suggests it's innovative nature are never in doubt, all sectors of life today benefits from blockchain integration be it politics, education, military, hospital etc. So blockchain isn't limited to a particular sector really it's innovative nature ensures that it is able to improve any of these sectors by improving the efficiency and security amongst other great things making it ideal as it improve all sectors in such a wonderful way.

Today also blockchain has found great use in intellectual property which could include digital artistic design, literature works and other inventions and other form of digital unique works. Blockchain has great usecase in intellectual property rights which shouldn't be a surprise to one at all.

Today I will like to talk about some of the great use cases of blockchain intellectual property right because for certain blockchain offers quiet a great usecase so we would look at some of this applications in my post today.

PROOF OF OWNERSHIP

Proof of ownership is one of the great use of blockchain in intellectual property and among one of the application, having a record of IP ownership has been made much easier by blockchain and this has ensured that no record is manipulated and could be changed because if not then Identifying true owners of intellectual property would have been hard which is one use of blockchain, there are records ensuring there is no mistake about who truly owns a piece because all the information about the creator and when it's created are recorded in an immutable chain.

This is is the area where blockchain has found great application, we know that blockchain is immutable, this immutability ensures that any record stored or entered in the blockchain won't be altered or manipulated at all and this ensures that there is an immutable record of IP which ensures valid and proof of ownership as when a piece of intellectual property is created the detail is entered on the blockchain and the details of who has it too is on the blockchain and the blockchain immutability ensures then there is a valid proof of ownership for any who owns any intellectual property.

So by ensuring that the details of when a piece was created and who did blockchain has found great use in intellectual property right.

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ANTI-COUNTERFEITING

Blockchain also ensure there is no counterfeit here only what is prevalent today where others try to mimic the work of others making it seems like they were the original owners and people might even lose sight of who the real creator is due to the many counterfeit available, but blockchain actually solves this problem since each product authenticity is verified making it hard for a counterfeit to be produced.

When a product is made or produced with the help of the blockchain they are linked to a set of record making which make it unique or stand out from every other product available and since it has it's own unique record it becomes rather easier for the legitimacy of the product to be authenticated since there can only be a set of that product with one true owner therefore each intellectual property created by someone is saved from counterfeiters as blockchain ensures that its IP is well being protected.

TRANSPARENT AUDITS

Also blockchain has been of great use as it offers something otherwise lacking in intellectual property right, it's not everyday we see a system that is transparent, blockchain renowned for it's transparency which ensures trust and integrity helps to ensure that audit of how an intellectual property is used is very clear with no discrepancies that could be found in a centralized system or one managed by human solely.

When there is often issues is when there is no clear trail of audit or sound explanation of how an intellectual property is used but what blockchain does for intellectual property right is to ensure there is and details of who accessed an intellectual property and when is very open for all to see even the royalties that comes from possibly any sell there is a clear record of how the rewards where distributed all this helps to do one thing which is establishing trust in the whole process.

Blockchain use has helped reduce the amount of fraud in intellectual property right since it has a transparent record of how things are done and when they are and how rewards are shared due to this reason there is an integrity of the system and this encourage this creators knowing there is a fair practice system in place and they are not cheated and neither is there any obscurity as every information of intellectual property transactions is available to them and very much transparent.

DECENTRALIZED MARKETPLACES

Unlike the hurdles commonly associated with dealing with centralized market where most times before a creator sells their unique work or even for those looking to buy they often have to go through a third party and this kind creates an opportunity for them to have lesser control of their IP during this process not to talk of the rigours associated with the process where the act of marketing becomes hard having to through needless processes.

Blockchain solves this completely by creating a decentralized market place this decentralized market place ensures that each creator has the chance to sell their work at will no approval needed from anyone, no third party standing without whom the transaction can't be facilitated no censorship and no risk of losing control over your IP(intellectual property) this is how blockchain helps intellectual property with decentralized market place which has become of great use.

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CONCLUSION

Blockchain strong application is clearly seen in intellectual property right no doubt about that I just hope more and more sectors apply it for a fact it would help to greatly improve it as it have in intellectual property right with enhance security, proof of ownership and decentralized marketplace amongst others it's usecase has been well proven and truly felt in intellectual property right.

Blockchain is one technology in our time that anything like it has never been found and truly grateful as we all should too for this wonderful technology.