Intellectual property on the blockchain

[Patentico]

Patenting, which is the registration of intellectual property is a very important tool for the protection of inventions. Obtaining a patent is a long & expensive procedure and has a limited period of validity. For patent authors, there are important problems: how to find the necessary investor, manufacturer or marketing mechanisms. Because of this 70% of patents received by individuals are forgotten by their owners after the third year of operation.

Often there is no adequate means for authors to catalogue their inventions and ownership can be hard to prove. Blockchain technology can be used for the purpose of storage, protection, management, confidential sharing and transfer of intellectual property. Authors can store an encrypted document on a distributed blockchain registry, representing a digital certificate of authenticity. Access to the encrypted data can only be available to its authors & other authorised parties. This ensures an immutable evidence of ownership and a chronological recording of transactions performed on the object. This platform would complement traditional forms of registration and protection of intellectual property rights by offering proof of authorship through a secure form of digital publication.

The blockchain IP objects can be used as more reliable full-fledged legally significant documents. Using Smart contracts in the sale & licensing of intellectual property objects can automate associated regulatory & business operation. Users can make payments for the use of inventions directly to the owner, without the use of third party institutions.

A system of marks & ratings, would be used as an objective assessment of experts for the demand for IP on a variety of indicators.  The platform would run on tokens, being the ecosystem's internal currency, for performing various actions on the platform: Payment of services within the platform, expert evaluation of IP, technical solution for the development of smart-contracts. The platform would help inventors to get recognition, monetize their IP and create new opportunities for investors by supporting the development of new inventions. Instead of simply trading digital assets, the platform would enable trading of tokenised intellectual property.

The platform would create a fundamentally new format for the activity of patent offices, creating an international partner network, which will include leading patent offices and legal companies of foreign countries helping to implement complex protection and expanding the geography of intellectual property.

The entire ecosystem would bring together authors of patents, producers , experts in IP, science, research & various fields, investors & organisations engaged in IP & copyright. Thus creating an open, reliable and convenient platform for successful international commercialisation of Intellectual Property.