Despite its novelty, blockchain technology is being actively used in many sectors, such as transport, energy, health, pharma & public. By harnessing its immense potential, IP rights holders can ensure effective IP protection in the EU, US or Asia, and take a more proactive stance in the prevention of the infringement of their IP rights.
IP Management & Blockchain
Very often, the need to resolve IP disputes in the EU & Asia arises when authors (aka original creators) have to prove their ownership of a particular invention. However, they can avoid having to go to court if they register an IP asset on the blockchain. If that’s the case, disputes about who was the first to suggest this or that idea can be resolved by using a timestamp.
What makes blockchain technology really useful is that it may be used for storing information about IP assets that are owned by companies all over the world. It also has other tangible benefits, including but not limited to:
- creating & recording license agreements with the help of smart contracts;
- providing IP rights owners with irrefutable proof of ownership if the blockchain is used as a means of registering patents or copyrights in the US & other jurisdictions;
- tracking down counterfeit products by marking them with blockchain tags;
- tracking a product throughout its entire lifespan, especially in jurisdictions requiring one to prove ownership rights.
Using the Blockchain Technology for IPR Management: Potential Problems
While using a centralized & corruption-free governance system can bring about a veritable revolution in the IP industry, it can also result in some major challenges, namely.
- using blockchain as evidence is permitted in certain jurisdictions; however, its full-scale use will require establishing a proper legislative basis;
- implementing blockchain-based technological processes (i.e. maintaining blockchain-based databases) is an extremely energy intensive process requiring substantial financial investment
- successful management of IP rights by using blockchain in the US, EU & Asia will require using a digital platform which is recognized all over the world.
Considering using the blockchain for resolving IP disputes in Europe or America? Need advice on blockchain dispute resolution in Asia, Europe or the US? Why not contact IQ Decision UK?