Blockchain and intellectual property

The manner in which companies protect their information is changing because of blockchain technology - as can be seen by statistics showing that the US spends approximately $6.6billion a year on building blockchain-based solutions. Most of the time, blockchain technology is used to protect the way people share information and the spread of blockchains can help solve some of the most common problems with intellectual property. Hence, it is important to understand how blockchains work, how it affects intellectual property (IP) law - especially brand rights - and how businesses will have to change to keep up with the impact of blockchains.

Blockchain as a database for IP

IP owners can cryptographically create and store digital certificates of their intellectual property and use a blockchain platform to obtain payments, by using a smart contract, from those people who use their works or inventions. Most of the time, patent offices and other government bodies take an age to give their approv…