Previous Intellectual Property (IP) management system are centralized in nature and involved the storing of the entire IP asset in its database for subsequent matching and verification when a matching IP is presented. Such centralized databases require huge and ever-increasing storage requirements. For example, an IP that is 1 Petabyte in file size will require a large centralized database to accommodate. Further, such IP management systems are exposed to being easily compromised. A hacker of the IP management system could modify the IP database to insert additional IP Asset, thereby compromising the validity of the IP management system. There is therefore a need for a method and system for addressing the foregoing problems, which they are using Blockchain to address.
Blockchain is one of Bitcoin’s key innovation where it is a publicly available structured database containing all the Bitcoin transactions. Each block within the blockchain includes a digital digest of a transaction as well as the digital digest of the previous block. Any modification of the blockchain can be easily detected due to the change in its digest when computed at a later stage. It is widely believed that the blockchain technology will revolutionized the finance industry.
The patents pending and working system is currently implemented and is in use within a crowd resourcing platform.
The blockchain technologyis a web-based tool for alternative IP registration. The blockchain platform allows the registration of numerous intellectual assets including invention disclosures, logos, trademarks, copyright works, trade secrets, courseware, slides, business plans, term sheets, Intellectual assets in general.
With the implementation of Blockchain in the system, it allows for transactions to happen between parties who do not necessarily trust each other. Transactions are also immutable, where once a transaction is agreed and shared across the distributed network it becomes close to impossible to undo.
Primary application is the registration and verification of intellectual assets in general.
Secondary application includes other blockchain applications for ledger and transaction purposes covering any industry that requires a blockchain technology.
In a Harvard Business Review article "The Impact of the Blockchain Goes Beyond Financial Services" (May 2016) by Dr. Don & Alex Tapscott, the authors said "The technology most likely to change the next decade of business is not the social web, big data, the cloud, robotics, or even artificial intelligence. It’s the blockchain.”
In the book Cryptoassets (2017) by Chris Burniske & Jack Tatar, they said “Blockchain technology can now be thought of as a general purpose technology, on par with that of the steam engine, electricity, and machine learning… General purpose technologies are pervasive, eventually affecting all consumers and companies. They improve over time in line with the deflationary progression of technology, and most important, they are a platform upon which future innovations are built. Some of the more famous examples include steam, electricity, internal combustion engines, and information technology. We would add blockchain technology to this list. While such a claim may appear grand to some, that is the scale of the innovation before us. As a general purpose technology, blockchain technology includes private blockchains that are going to have a profound impact on many industries and public blockchains beyond Bitcoin that are growing like gangbusters. The realm of public blockchains and their native assets is most relevant to the innovative investor, as private blockchains have not yielded an entirely new asset class that is investable to the public.”
There are already several blockchain applications and this patents pending technology offer is specifically for the registration and verification of intellectual assets.
There are several patents that involved the Blockchain technology:
1. WO201524129 is one such patent that is applied in the area of art works
2. WO2015175722 is another that is for the healthcare industry
3. US20140344015 for personal data
4. US20150170112 for the banking and wealth management
An introduction to Blockchain technology produced by the World Economic Forum is available in this link: https://youtu.be/6WG7D47tGb0
The live system allows the customers to explore the use of Blockchain technology at a minimal cost and risk.