Blockchain technology is a phenomenal invention perpetually transforming the internet community. Originally designed for the crypto-currency bitcoin, designers have uncovered its potential as a valuable asset in any sector. If this technology is used wisely, the Intellectual Property Community will be the most benefitted sector. This technology shall fulfill the needs of a dynamically changing IP platform and the urgent need for a common and transparent database worldwide.
Let us know more about IP and blockchain technology’s co-existence and promising future.
What is Blockchain Technology?
A blockchain is a list of ever-growing immutable records that allows us to transfer information in a completely automated and secure manner. The record, commonly known as a block, contains the transaction data, timestamp, and a cryptographic hashtag called a chain connecting to the previous record (block).
The blockchain network is a democratized system without any central authority. The technology is entirely transparent, holding everyone responsible for their actions. Hence, as the network expands, it becomes more decentralized and secure.
Blockchain applications in IP
Blockchain technology and patents go hand in hand. Using this technology in IP processes will pave the way for the easy and smooth functioning of the IP sector. On the other hand, blockchain technology is rapidly diversifying. Hence, there is a pressing need to protect all innovative applications of this technology in various sectors. Patents offer this protection to the technology enabling it to be put to use correctly.
Implementing blockchain technology in IP can completely revolutionize this field. Here are some innovative ideas where this technology could be applied in this sector:
– Blockchain technology can become the perfect, unhackable electronic track record for all the IPRs available.
– It can act as single universal evidence for the creation, registration, authentication, and clearing of IP rights.
– The immutable capacity of this technology can be leveraged to provide evidence on genuine or first use in trade details for patent disputes.
– Real-time payment transmissions to IP owners can be done quickly.
– The technology can have control over the distribution and tracking of unregistered patents.
Indian Patent Office (IPO) vs. Blockchain technology
The Indian Patent Office is undergoing a rapid shift in paradigm from traditional filings to developing a decentralized e-registry to ease IP services. The latest tender from IPO mentions “Expression of Interest for Making use of Artificial Intelligence, Blockchain, IoT and other latest technologies in the Patent Processing system of IPO.”
IPO plans on optimizing human resources and minimizing manual errors by automating the process of maintaining records and checking application formats. It aims to simplify the steps for filing patents through the transparent system of blockchain technology. They are also in the process of developing an in-built bidding system to act as a bridge between investors and innovators.
Patents in blockchain technology
Patent filings on innovations in this technology began in the year of 2014, and it has been ever-growing at a fast pace since then. We do around 80% of the patent filings in this technology, and most patent filings are done in the fintech sector. About 60% of the filings are related to crypto-currency, and the rest are related to other fintech applications such as storing account information, accounting, authorization, and authentication purposes.
Patents on block computation, and implementation of blockchains for specific applications in other sectors, such as engineering, healthcare, information technology, etc., have significantly increased since 2014. IBM, Bank of America, and Mastercard are the most significant patent-filing companies on blockchain technology in America.
The way blockchain technology and patents have begun to co-exist is alluring. We can rest assured and look forward to a new phase of IP with blockchain technology. Meanwhile, the rapid patenting trend of the latest innovations using blockchain technology in a wide range of sectors has triggered an avalanche of patents leaving limited room for innovations in the future.
Hurry up to get your latest innovation in blockchain technology patented! For more information, please get in touch with Intepat.