How Intellectual property could be Transferred through the Blockchain Ecosystem
17 Ottobre 2021 - 02:43PM
NEWSBTC
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management system suffer from outdated technology, improper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/.
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