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How Intellectual property could be Transferred through the Blockchain Ecosystem

Published: Sunday, 17th October, 2021 - 14:43

While the world has evolved from storing and transferring information from paper to cloud storage, data is still not entirely protected. The existing cloud storage system used for sharing information while encrypted is centralized, and centralized systems have the inherent disadvantage of being vulnerable to hacks and attacks.

However, decentralized solutions such as blockchain technology have become an excellent alternative because of their immutability. Sharing intellectual property through the blockchain network can create a more secure and reliable system because of its several advantages.

The Inefficiencies in Centralized IP Storage Systems

The centralized intellectual property storage and management system suffer from outdated technology, improper management and recording of the files. Most of these systems rely on manual input of data which is not only prone to error but also lacks the precise and efficient output.

Moreover, most of the centralized IP storage systems utilize cloud storage or offline storage as paperwork, which both limit interconnectivity and are insecure methods. Cloud storage systems are prone to hacking because of a lack of a robust encryption mechanism and are not considered to be legally accepted when proving a chain of custody.

On the other hand, the paper trail can easily be manipulated making it less reliable which is a growing concern in the Intellectual Property management industry. The world is quickly moving to a more reliable and secure means of storing, managing and validating intellectual property, which is using blockchain.

Blockchain in the Intellectual Property industry

Blockchain is a digital ledger used to record information such as cryptocurrency transactions. As the name suggests, Blockchain is a growing list of blocks that stores record linked using cryptography. Every block contains a cryptographic hash linked to the previous block, transaction data, and a timestamp for the data.

While created as a peer-to-peer electronic cash system, blockchain has found use cases beyond the original intention. The data recorded on the blockchain has a timestamp and cannot be edited once registered; it creates a perfect solution to record data.

Time-consuming and costly disputes about the origin of an invention or copyright of intellectual property can quickly be resolved if recorded on the blockchain as they have a timestamp. Moreover, licensing agreements can be created and recorded using smart contracts to develop immutable proof.

Moreover, blockchain offers expert security as it is maintained by validators or nodes based in different parts of the world to keep the network decentralized. It can also be used to identify counterfeit goods by attaching blockchain tags to them. NFTs are a product of blockchain technology widely used to secure the ownership and copyright of an asset or intellectual property.

Blockchain is also helpful in speeding up the contract signing process, due diligence and file validation processes, as expertly demonstrated by KwikTrust. KwikTrust is a due diligence software-as-a-service platform that offers self-certified and third-party files verification by storing the results securely on blockchain to provide an irrefutable record.

KwikTrust offers several services such as recording, signing and validating contracts, invoices, accounts, references, identities, qualifications, intellectual property, audio and video files in a decentralized and secure environment. The platform also helps in maintaining records by reminding the users of their expiry date.

KwikTrust has developed the perfect alternative to the unreliable means of storing and managing intellectual properties with the help of blockchain technology. Not only does the platform create an irrefutable record of the IP, it also helps in smooth and easy management of the data.

KwikTrust aims to create a secure and fast method to create, store and validate files leveraging blockchain technology. To learn more about KwikTrust, visit https://www.kwiktrust.com/.

This post first appeared on: NewsBTC

Author: NewsBTC
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