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Information technology giant #IBM and #patent #marketplace #IPwe plan to convert patents to #NFT.
According to the press release shared on April 20, IBM will work with the patent marketplace IPwe to tokenize patents and facilitate buying, selling and transferring transactions.
With this study, IBM aims to enable fast and secure transfer of patent ownership without the need for complex bureaucratic processes. Thus, IBM believes that friction in the market will disappear. However, there are many legal hurdles that the IT giant must overcome in order for the project to be available worldwide.
IPwe CEO Erich Spangenberg spoke about the study and stated that the tokenization of rights specific to a patent ownership could be a revolution, especially for small businesses:
“Using NFTs to represent patents will help create entirely new ways to interact with IP. This is expected to bring new opportunities not only to large enterprises with significant intellectual property, but also to small and medium-sized businesses and even individual intellectual property owners. "
Spangenberg is known in the industry as the 'patent trawl'. The CEO profited massively from patent law abuses.
NFTs will be stored on the IPwe platform powered by IBM Blockchain . IPwe plans to begin trials of patent NFTs in the second quarter of this year. The trials will focus on both large and small and medium-sized businesses.