Blockchain based IP Management System solution to Looming patent war
Every innovator or creator knows that any invention which falls under the protection of Intellectual property law could easily be stolen online. The protection and patenting of your creation/invention is very crucial to have legal rights of ownership. In the age of blockchain, the process of protecting and registering patents is becoming far simpler.
The potential to use blockchain technology for the management of IP rights is vast. Recording IP rights in a distributed ledger rather than a traditional database could effectively turn them into “smart IP rights”. Distributed ledger technology makes a safe, time-stamped and permanent chain of data it already has / its applications in many sectors.
Using blockchain as an IP registry may help give clarity to copyright authors, owners and users. By registering their works to a blockchain, authors could end up with tamper-proof evidence of ownership. This is because a blockchain transaction is immutable, so once a work has been registered to a blockchain, that information cannot ever be lost or changed. In theory, third parties could use the blockchain to see the complete chain of ownership of a work.
Currently, there are very few blockchain projects that are working to create IP registration management system. However, upcoming projects like Kakushin Ecosystem are looking to change this. While this project can certainly be beneficial for innovators and creators wanting a better way to search IP information, Kakushin wants to go a step further. Ultimately, this project aims to create a decentralized ecosystem for innovators to search/sort/register their patents, get funding for R&D of their innovation, and to buy/sell or lease the patent on Kakushin marketplace. The idea is that Kakushin was a solution for improving the current centralized IP registration systems. The project adheres to World Intellectual Property Organization standards, which could help increase its adoption.