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The potential to use blockchain technology for the management of IP rights is vast. Blockchain may be also used for authentication and provenance purposes in the detection and/or retrieval of counterfeit, stolen and parallel-imported goods. Potential use cases include: evidence of creatorship and provenance authentication, registering and clearing IP rights controlling and tracking the distribution of (un)registered IP providing evidence of genuine and/or first use in trade and/or commerce digital rights management (e.g., online music sites) establishing and enforcing IP agreements, licenses or exclusive distribution networks through smart contracts and transmitting payments in real-time to IP owners. It also promises a cost-effective way to speed up such processes.
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Despite this, in the context of IP-heavy industries, blockchain and related distributed ledger technology offer obvious possibilities for IP protection and registration and as evidence, either at the registry stage or in court. There are various potential hurdles to large-scale legal application (including questions of governing laws and jurisdictions, data security and privacy concerns). (photo: allanswart / iStock / Getty Images Plus). To data files, photos, videos and design documents Different types of data can be added to a blockchain,įrom cryptocurrency (above), transaction and contractual information Possible applications in the world of IPīlockchain is attractive to many different industries because of its And the technology is continuing to develop with new types of distributed ledgers such as hashgraph software, which seeks to address issues of scalability. Different types of data can be added to a blockchain, from cryptocurrency, transaction and contractual information to data files, photos, videos and design documents. It is already being used to track the progress of goods in a supply chain, which is of interest to many IP-intensive sectors including the pharmaceutical, automotive, luxury and consumer goods industries, where the traceability of goods is important and counterfeit and grey goods are of concern.īlockchain is attractive to many different industries because of its potential uses. The technology has fast become attractive beyond the world of fintech. More use cases seem to emerge on an almost daily basis. Since distributed ledger technology creates a secure, time-stamped and immutable chain of information, it is already finding applications in brand protection and enforcement, marketing and consumer engagement. While the traditional concept of blockchain is an open and anonymous network, there are also “private” blockchains which pre-screen who is allowed to administer the ledger. For this reason it is seen as “near unhackable,” because to change any of the information on it, a cyber-attack would have to strike (nearly) all copies of the ledger simultaneously. In other words, transactions are verified and validated by the multiple computers that host the blockchain. Once the block is verified, it is added to the ledger or chain.įrom the perspective of information, the real innovation of distributed ledger technology is that it ensures the integrity of the ledger by crowdsourcing oversight and removes the need for a central authority. Each transaction or “block” is transmitted to all the participants in the network and must be verified by each participant “node” solving a complex mathematical puzzle. Blockchain and other distributed ledger technologies create a trustworthy and transparent record by allowing multiple parties to a transaction to verify what will be entered onto a ledger in advance without any single party having the ability to change any ledger entries later on. In its basic form it is an open ledger of information that can be used to record and track transactions, and which is exchanged and verified on a peer-to-peer network. What is blockchain?īlockchain technology has become famous as the technology behind cryptocurrencies such as Bitcoin and Ethereum. But how might these technologies be used in the context of intellectual property (IP) law and practice? Blockchain and related distributed ledger technologies are a hot topic, with new use cases emerging almost every day (photo: Rick_Jo / iStock / Getty Images Plus). Blockchain and IP Law: A Match made in Crypto Heaven?īy Birgit Clark, Baker McKenzie, London, United Kingdomīlockchain and related distributed ledger technologies have been a hot topic recently, with multiple industries exploring their possibilities and new blockchain use cases emerging almost every day.