The need to Adopt Blockchain in the Intellectual Property Field and How to do It

The need to Adopt Blockchain in the Intellectual Property Field and How to do It

Journal article

1 online resource

Blockchain technology (“blockchain”) is a platform that offers transparent transactions, automated contracts, immutable records, asset management, and decentralized interactions. Blockchain offers unique solutions to mitigating theft, proving ownership, and verifying royalty transactions within the intellectual property field. It functions as a decentralized ledger comprised of blocks and consensus protocols. Implementing a blockchain requires designating a purpose for the blockchain, determining the platform to use, selecting a governing consensus protocol, initializing the blockchain with the first block, and building and maintaining a community of trust. Blockchain leverages decentralized applications, smart contracts, and tokenization of assets, which can provide intellectual property rights owners more efficient and productive management. The intellectual property field should implement blockchain to further enhance efficiency, trust, and innovation within intellectual property ownership and management.

Crossref

AIPLA Quarterly Journal, Spring 2023, Volume 51, Issue 2, p. 353.

[New York, NY] : Thomson Reuters, 2024.

eng

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