The Role of Blockchain in Intellectual Property Rights Management

We are actually living in an era whereby there is massive advancement of the technology most especially when it comes to the protection and the management of the intellectual property that is becoming a constant issue actually. When we talk about the intellectual property, it contains a whole lot of things like the copyrights, patents and even trademarks. It is actually what contains a whole lot of innovation and creativity beyond what one can ever imagine of.

There have been several issues for years attached to the intellectual property as that is issues like piracy, disputes and also ownership issues. These are actually affecting the value of a lot of property. Come to think of it, the Blockchain technology which is very Decentralised in nature and with the awesome features it has like transparency and also other transformation features most especially.

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There are several challenges that the intellectual property management is constantly facing which actually needs to be addressed. The first is the aspect of the proof of ownership. Most of the time, the creator of that particular property or work sometimes can later see his or her work been copied and even shares without his own permission. Also there is the challenge of the piracy. In fact I will say this has been the constant challenges. It is becoming so often.

Most of the time, there is actually always lack of transparency when it comes to the process of the IP registration process and which I believe needs to be looked into before it gets out of hand. This is constantly causing issues. I can continue to make mention of a lot of challenges that contains in it but let me just pause here for a while.

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Now come to think of it, there are a whole lot of ways that the Blockchain addresses those challenges and which needs to be looked into. The first one is the proof of ownership and timestamping. The fact that Blockchain operates on this Decentralised nature, it helps to enhance the proof of ownership for the creators. The second way Blockchain technology also addressed those issues is the aspect of transparency. In fact one of the things that has make the Blockchain technology to always stand out for years is the transparency feature. With Blockchain been built on smart contracts, it helps to make sure that there is transparency achieved.

Talking about the application of the Blockchain in IP management, I will first start from the aspect of media and entertainment. I have come to discover that there are a whole lot of platforms most especially the entertainment platforms to actually manage music rights for the artist. Talking the aspect of the art and collectibles also, I will say it also helps for the Blockchain based marketplace to help create a system whereby creators can monetised their digital art work making use of NFTs system also.