Intellectual Property Rights and the E-contract
Dear community members of Firmachain! We are going to discuss intellectual property rights and its relevance to e-contract.
#Importance of Intellectual Property Rights
We are living in an era of information where various information is exchanged without borders thanks to the internet. Intellectual property rights (IPR) was born out of the need for protecting the inventors’ and creators’ rights on the intellectual creations such as literature, art, scientific inventions, discoveries, trade marks, names, and patents, etc.
However, IPR has been a constant source of international conflict because of the differences in regulations and protections the different countries implement. Regardless, the protection on the rights is strengthening in order to address the intellectual infringement and technology theft becoming ever more frequent.
Rapid advancement in technologies and cultures, and development of the internet proliferated novel and diverse kinds of IPRs But the protection of these rights is not exercised appropriately. And the abusing and exploitation of IPR by the individuals and corporates and difficulties in the tracking of ownership changes on IPR are emerging as serious problems in this era of information.
#Firmachain, Blockchain-based E-Contract
There needs to be a licensing contract method and protocol which is immutable and secure in order to protect the IPRs. Security limitations existing in currently available general e-contract services failed to win the users’ trusts. Thus, people still prefer a hard copy, written contract that the original copy can be physically stored.
However, the written contracts have limitations that it often require complicated procedures and agreements made internationally are much more difficult to be done. Although some of the e-contract platforms, such as Modusign and SignOK, managed to partially mitigate mentioned limitations and are being utilized and adopted by a lot of businesses, there still exist risks of a centralized server, holding all the data and backups, being hacked with the malicious intent of changing the contracts and data theft and deletion.
Fimachain’s “Stabledocs” was developed in order to address the existing e-contract platforms’ disadvantages mentioned above. “Stabledocs” consists of blockchain for digital signatures and documents, and distributed database as storage and aims to manage the contract data safely and efficiently, overcoming the limitation of current EVM (Ethereum Virtual Machine).
Implementing a decentralized file storing system can provide a stable source of storage and maintains the data to be immutable and reliable. There is no central authority for managing the data. The entire system is operated and maintained by the network participants which enables data immutability and preventing malicious exploitation on data.
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