IPwe, Casper Labs Converts 25 Million Patents to NFTs as Enterprise Blockchain Use Grows

During the World Economic Forum meeting in Davos, IPwe Inc. and Casper Labs announced a historic move to convert 25 million patents into dynamic NFTs.

The announcement marks one of the most significant enterprise implementations of blockchain technology and the realization of a long-theorized use case for NFTs.

IPwe is a digital intellectual property management company that provides IP services through artificial intelligence and blockchain. Casper Labs (CSPR) offers a business-focused proof-of-stake blockchain with a market cap of $401 million as of press time.

Leann Pinton, the president of IPwe, described digital assets as a “revolutionary technology” while publishing the patent coin.

“IPwe is proud to announce the minting of 25 million patent NFTs to advance the digital transformation of IP. IPwe Digital Assets is a revolutionary technology and the true manifestation of the promise of enterprise blockchain.”

An NFT blockchain solution called IPwe Digital Assets has been developed by the partner companies leveraging “permissive distributed ledger technologies”. Alongside the proprietary network, the project also leverages the “open source Hyperledger Fabric and the public Casper Blockchain” to secure the information.

Clarivate, a global leader in data and analytics, will provide the data that supports the blockchain. IPwe described the solution as offering “a simple, transparent digital representation of asset ownership” for patents.

Hyperledger Foundation CEO Daniela Barbosa commented.

“The innovation and scale of this deployment demonstrates the power of hybrid networks to manage critical assets in a secure and extremely efficient, but also transparent and accessible manner.”

The tokenization of the patent process provides “verifiable ownership data and auditable, [and] compliant aggregate evidence records” to an important sector of global business.

CSPR, the native token of the Casper blockchain, is down 6% the day after the news. Integrating permissioned blockchains with public networks is divisive in the crypto industry. Many see open, transparent blockchains as the only faithful implementation of the technology. However, through this new project, Casper Labs and IPwe demonstrate the potential of merging public and private networks for enterprise products.