INSUBCONTINENT EXCLUSIVE:
Blockchain could have a significant role to play in the IP industry
It has the potential to support idea generators and those that work with them to create revenue from innovation
But, this will not happen overnight
It was simple to adopt blockchain for cryptocurrencies, where no central verification method existed to support the new currencies
article, Toni Nijm, chief product and strategy officer, CPA Global will discuss how ultimately, blockchain could be more impactful on the IP
industry than it has been even to the financial services industries and how the challenge will be in creating the right adoption path for
the technology.An introduction to blockchainThe technology industry first started paying attention to blockchain when Bitcoin was launched
as the two are integrally linked
Bitcoins are rewarded to those that help create and maintain the blockchain that records the transactions when Bitcoins are bought and
Furthermore, the whole system is secured by military grade cryptography
The dispersed structure ensures that there is no single point of failure which means it is almost impossible to hack the network, forge
transactions or freeze them for legal purposes
Each new block in the chain is created with a copy of the previous block attached, meaning that in every case a past record is included in
the next version of the blockchain.Blockchain technology is generating excitement across a number of industries because it is able to help
offerThe most obvious benefit of blockchain is that it allows everyone that is part of creating and maintaining the blockchain to be part of
the creators have enabled the technology and the community that supports it to take on this role
This means that transacting with Bitcoin and other crypto currencies is quick and easy
for applying blockchain technology but, in almost all cases, large banks and financial corporations have stopped using the decentralised
element instead created a closed, private digital transaction record book
The current IP industry landscape already has third party authenticators for trademarks and patents that exist in the form of national
patent and trademark offices, as well as some international organisations
Most countries around the world have their own systems for IP management
Whilst there is some consistency, there is also a great deal that is unique to each individual jurisdiction
Before international trade was ubiquitous, this was less of an issue
More recently, particularly since the advent of the internet, this has become more of a problem
Ideas are international from inception
multiple territories is incredibly challenging, demanding a great deal of time and cost
Blockchain could potentially help to make this less of an issue.ConclusionIntroducing blockchain technology to the IP industry has the
potential to offer a powerful new tool to millions of innovators around the world by giving them ability to protect all stages in the
potential to significantly support idea generators and those that work with them to create revenues from innovation
