HOW TO DISRUPT PATENTED ECOSYSTEMS WITH BLOCKCHAIN

HOW TO DISRUPT PATENTED ECOSYSTEMS WITH BLOCKCHAIN

Blockchain technology promises exciting innovations for the Intellectual Property ecosystem. Blockchain technology seeks to increase efficiency and protect data. AI, on the other hand, can be used to assist in the analysis of many applications that have been submitted to the patent office. Blockchain and AI can be combined to decrease the labor and time needed for patent analysis.

What are Blockchain patents?

Blockchain is the most widely used technology of recent times. Blockchain patents are rights that can only be granted by an authority like a sovereign state or intergovernmental organization. These exclusive rights grant the inventor the right to make the invention public.

Blockchain patent is the key to unlocking trust in business. This disruptive technology has been gaining global attention since Bitcoin's emergence. It does not involve third parties in its operation. Instead, it broadcasts, corroborates, and exchanges data over a distributed network. This provides trust and value at a very low cost.

What is the problem?

Global innovation is causing more than one million patents to be granted every year. However, it is difficult to see the true competitive benefit of large investments in patents. Management metrics that are applied to patents include "how many do you have" and "how much do we plan on getting." However, the actual performance metrics like return on investment for intellectual property are not used.

It is not possible to keep up with the changes in a company's balance sheet. This leads to investors misunderstanding and undervaluing intangibles. This is especially true for small- and medium-sized companies. Because the assets can often be difficult to manage, such patent ecosystems aren't business- or management-friendly. There are several main problems in the world of patents:

  • It is difficult to understand and determine the protective, financial, and transactional value assets, while at the same time obtaining and maintaining cost.
  • Businesses don't usually know which patents may be relevant to them or their competition.
  • The metrics for patent portfolios are often quantified. However, this is not significant because one revolutionary patent is worth far more than hundreds of incremental ones.
  • In approximately 30% of cases, ownership records are incorrect.
  • Although organizations pay great attention to managing their physical assets such as office buildings, property, and other receivables they neglect the intangible assets that make up the majority of their value.
  • Digital assets are not only financial assets. They also have to be transparent, private, and owned by the owner. You can use a song, video, and other digital content without consent. You can also share pirated content on many websites.

Blockchain technology can solve such problems and provide absolute transparency and privacy.

Conclusion

Blockchain is a definite boon to the IP industry, benefitting both patent owners and offices. Blockchain technology provides strong time-stamping, the potential for Smart Contracts, proof-of-existence, and enables the creation of a transparent, distributed, cost-effective, and resilient environment that is open to all and where each transaction is auditable.

Click here for more details: https://www.leewayhertz.com/blockchain-patent-ecosystem/

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