An idea is the most valuable and scarce resource in the modern world. While the internet age has opened up many opportunities, it has also presented new dangers to ideas and artists that must be met head-on.
Please be aware that securing a patent and trademark is the only legitimate means of protecting intellectual property (IP), whether in the physical or virtual realms. Unfortunately, they come with the following drawbacks:
The process of applying for and receiving a patent takes an excessive length of time. It’s demoralizing because it allows competitors time to steal your concept and put it to use before your patent is even issued.
Because patent papers are often stored in a centralized location, their security is not as high as one would want.
Keeping Your Thoughts Safe
It’s ludicrous to see someone else claim ownership and profits from your hard work when you know how close to your heart it is. Just think about it: if you spend a lot of time and money on a masterpiece, why should they get all the credit?
This is where it comes in, saving you the trouble of having to prove the authenticity of your creative work’s patents by having them officially dated and published. In the event of an infringement, your case may be simply proven in court.
You don’t need to go to a lawyer’s office to acquire a patent anymore, thanks to the widespread use of blockchain technology and the proliferation of platforms providing IP protection services. When we first heard about blockchain, it was in the context of digital currencies, but now, many exchanges like bitcoin fast profit use it to make trading Bitcoin and other cryptocurrencies risk-free.
To ensure that the internet community can trust the authenticity of your creative work and properly attribute it to you, just submit the file (such as a document, picture, video, or music) to our system and have it timestamped.
Once the entry is committed to the register, neither the system’s administrator nor the author may alter or delete it. To further improve usability, we provide connectivity with popular cloud storage services like GDrive and OneDrive, allowing creators to easily import files and have them labeled with their names.
There is no restriction on who can utilize this solution, therefore even if you are a lone inventor or other creative entity, you may access and make use of the system without any difficulty.
The Benefits Of Adopting Blockchain To Secure Your Ideas
As a result of the digital revolution, courts now give considerable weight to evidence based on the blockchain. Copyright infringement may be challenged in any court that recognizes digital evidence, provided you have the data’s timestamps and signatures to show your ownership. Due to the immutability and decentralization of these accounting records, the courts may be confident that the information hasn’t been tampered with throughout the years by admins or other centralized organizations.
In addition, even if the court employs a third party to confirm the data, they will be able to do so in comparatively less time since they will not have to spend time determining whether or not the data source is reliable, and instead will be able to concentrate just on locating the inconsistencies.
Since blockchain works only with digital entities, collaboration in every situation is both more practical and simpler. Because it facilitates sharing of resources on a more equitable basis. Example: in the real world, you either have complete ownership over a certain thing, or you don’t. Of course, in the digital realm, blockchain technology also allows for fractional ownership of any company. In addition, it allows network participants to smoothly exchange ownership.
From the standpoint of intellectual property (IP) protection as well as property exchange, even when an IP was established, say, a few years ago and is now traded for five million dollars, the procedure using blockchain technology may provide the following advantages:
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The charge for this transaction is quite minimal.
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A transaction ledger that cannot be altered
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Instantaneous change of ownership.
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Avoiding the need for documentation
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concealment from the eyes of the public
Conclusion
The versatility of blockchain lies in its ability to be used in a wide variety of different scenarios, from the standard use case of protecting ideas to the development of entirely new uses. For instance, a corporation may be founded as an intellectual property (IP) marketplace where users can list their IPs, search for suitable matches, and conduct transactions digitally.
Since the scope and potential of IP rights implementation are so great, it is appropriate to refer to them as “smart IP rights” when they are implemented on a blockchain ledger. Accordingly, a government agency may maintain its online intellectual property offices and proceed with the issuance of blockchain patents, giving full transparency into the history of an invention or trademark. This would allow for a whole history to be tracked without having to expend effort initially locating its source.
