How blockchain technology is revolutionizing the management and maintenance of intellectual property rights

Intellectual property protection is increasingly becoming non-negotiable, and it is clear that blockchain can play a facilitating role in this process. But how is that so? In this article, we will explore how blockchain technology can revolutionize the way intellectual property rights (IP) are managed and maintained

Although IP laws remain the same if blockchain technology is used, enforcement is necessary to keep track of this borderless technology. However, the big challenge with blockchain technology needs to be addressed – how to facilitate the registration of trademarks, copyrights and other IP laws in the blockchain, while protecting them from third parties and maintaining their authenticity. This challenge can be overcome by leveraging the distributed ledger technology of blockchain.

Secure your IP with Blockchain

First, the use of blockchain to maintain the database of registered IP ensures that the owner’s rights are secure by keeping track of the timestamp and activity of ownership. This also helps to validate any IP and prevent any infringement related cases.

Thanks to blockchain, verification of IP ownership is easy, compared to the traditional labor-intensive paperwork needed to enforce IP rights.

Businesses, governments, universities and research centers are beginning to implement distributed ledger technology for IP protection. Trending initiatives such as patent pools (global blockchain-powered pools to bring IP stakeholders from universities and research centers to a common platform), have the potential to register patents, copyrighted material and trademarked works over the blockchain.

According to Straits Research, the global intellectual property market was valued at $7.5 billion by 2021, and blockchain appears to be an enabler. With blockchain, validation of the originality of materials and maintenance of ownership is possible with fewer digital footprints and more secure lifetime.

WIPO looks set to revolutionize IP ecosystems

The World Intellectual Property Organization (WIPO) is actively exploring the potential applications and opportunities that blockchain technologies bring and their impact on IP ecosystems. Blockchain technology is being explored for its potential to revolutionize innovation, facilitate IP licensing and record-keeping, as well as its potential to provide legally admissible evidence of IP or its enforcement in courts.

Currently, WIPO is advocating the use of blockchain technology in IP disputes. In particular, smart contracts can potentially reduce and even eliminate litigation due to the contracting parties’ ability to engage in direct and secure transactions, where the software will automatically terminate the contract if a condition is met or no longer met.

Moreover, applications of blockchain technology can help create and send evidence to IP offices or courts during IP-related proceedings enforcing registered and unregistered rights. This can have a monumental impact on speeding up legal processes and ensuring accuracy and data security.

For example, during court proceedings, judges will be able to retrieve information about the status of a registered IP related to a dispute on a blockchain system in a national IP registry, almost instantly. This could change the way IP disputes are pursued and it could help reduce contentious IP-related cases in the long term

In the near future, WIPO hopes to harness the power of blockchain technology’s distributed ledger and smart contracts to streamline processes, reduce costs and eliminate errors associated with manual processes in the IP space.

This would be a major step forward in the global IP ecosystem and a powerful innovation to usher in a new era of secure, efficient and cost-effective IP law and litigation.

By embracing and leveraging the power of blockchain technology for IP, WIPO ensures that its services remain up-to-date, competitive and fully optimized for the 21st century.

Permissioned blockchain technology could revolutionize legal notices worldwide

The beginning of the digital age has opened a new chapter with opportunities in international cooperation. Permitted blockchain technology can become an important tool for enabling and facilitating international cooperation between different legal systems in other countries. It could potentially revolutionize judicial notices, help streamline the process of obtaining evidence abroad, speed up requests for information and facilitate the recognition of the authenticity of foreign judgments. Moreover, it can help minimize the risk of parallel litigation and facilitate the coordination of proceedings across jurisdictions.

Through permissioned blockchain technology, international cooperation between legal systems can go from being difficult and slow to seamless and efficient.

Blockchain technology can be used for a variety of tasks, such as digitizing existing paper systems, automating document submission processes and ensuring faster transfer of information. Through its secure encryption and immutability, blockchain technology can provide the trust and security needed to facilitate international cooperation.

The benefits of using blockchain technology for this important purpose can be significant. With blockchain technology, transactions can be recorded, processed and validated in a transparent and secure manner, while maintaining the sovereignty of various jurisdictions. Since blockchain technology is still new and evolving, a coordinated effort by legal and technological experts should be taken to ensure that appropriate laws, regulations and standards are updated in a timely manner.

It can also speed up requests for data, documents and evidence and provide more accurate information. This can help reduce delays and ensure that justice is not compromised. It can also lead to lower costs for administrative procedures.

The possibilities for international collaboration made possible by permissioned blockchain technology have caught the attention of many global technology giants. Microsoft has already started developing an open source blockchain-as-a-service platform on Azure. Similarly, IBM has created an enterprise-ready platform for enterprise blockchain applications.

Neha Dhir is an attorney in the Global Digital Assets Practice at BlockLegal.