Blockchain and Intellectual Property
The main trend of our time is digitalization.
According to the Intellectual Property Office of Singapore (IPOS), by 2022, about 60% of global GDP will come from digital products. Up to 70% of intangible assets will become available on online platforms in the next ten years.
The field of intellectual property (IP) is no exception, although it has its own peculiarities. So, according to the latest PCT Network survey, one of the most promising areas is the transition to blockchain registries, which allow determining the ownership of exclusive rights.
An interesting example of the use of tokens in the field of IP is the WIPO Proof project, an electronic token — “timestamp”, developed by the World Intellectual Property Organization (WIPO).
The emergence of new services and digital tools not only spurs competition, but also makes it possible to build a full-fledged market infrastructure. Many solutions can complement each other. For example, when depositing in online services for the protection and protection of intellectual property, a timestamp is needed, thanks to the standard from WIPO, users have no questions or doubts about the confirmation algorithm.
Organizations are ready to cooperate and integrate into their services a tool for proof of existence — proof of existence, which shows that a document was created at a specific date and time.
We see that blockchain systems in IP are developing, new solutions appear. Market players have developed an understanding that the blockchain is needed not only as a token system (or an organic environment for NFT), but as an infrastructure base. This technology is in harmony with the IP institution and allows you to build trust between users.
Tokens are convenient for realizing opportunities related to confirmation of actions and conclusion of transactions, for example, in this way, you can implement a loyalty program.
IP Management Benefits
A copyright digital asset exchange is only useful to copyright holders and users when it brings together many objects from different industries. The prevailing trend in the digital architecture of the IP market is the increasing influence of digital service aggregators.
When creating products, authors can combine many different types of intangibles: when producing ads, they combine music, text, video, design elements. Market players perceive these parts not separately, but as a whole — an advertising campaign, which consists of objects related to industrial property and copyright.
There is a need to collect, protect, deposit, register IP elements and multifunctional platforms allow solving complex problems for all copyright holders and for any products.
The main problem for most of the creative industries is finding funding. Specialized services will provide loans secured by intellectual property. Now such tools as crowdfunding and crowdinvesting are popular, but crowdfunding (lending to organizations by individuals) is still used to a limited extent.
Token exchanges for IP products (including NFT) will help implement secured lending processes, banks are not adapting well to this segment due to the conservatism of the financial system. Such assets are too “cloudy” and do not have a pronounced value, so the risks for bankers increase, the IP ecosystem is experiencing a shortage of borrowed funds.
Partnerships at all levels
The governments of developed countries should promote the development of the market for intellectual property objects, support the initiative to create a full-fledged infrastructure.
The state, as a traditional regulator, can take over the registration procedures for all subjects of legal relations, optimize the legal framework for digital IP assets. In a properly organized environment, there is no competition between the state and various private registries, escrow services, multifunctional platforms.
Local authorities should be actively involved in the fight against plagiarism and other copyright infringements, and promptly respond to changes in trends. A single database organized on the blockchain will maximally simplify the work of regulators and ordinary market participants, reduce operating costs, and provide information for resolving conflicts and litigation.
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