The to-the-point definition of the term blockchain defines it as an
anonymous online ledger that efficiently keeps a growing list of records, known
as blocks, which are, in turn, linked using cryptography, where every single
block contains a cryptographic hash of the previous block, transaction data, and
a timestamp. As a Peer-to-Peer Electronic Cash System, blockchain was invented
by an inventor with the pseudonym Satoshi Nakamoto back in 2008. The blockchain
technology is a concept that is too simple on the one hand and much complex on
the other. It is exceedingly diverse in all of its uses. Many experts across
the globe believe that the blockchain phenomenon is quite similar to the
revolution brought by the Internet and the online world. When it comes to the
industrial application of blockchain technology - Finance is undoubtedly one of
the leading areas where it is traversing its roots.
The early birds that filed a patent on the blockchain include some of the
widely known financial institutions such as Goldman Sachs, Mastercard
International, and Bank of America. In India as well, people have filed a few Patent Applications on
the blockchain technology. Other than blockchain, shared economy, smart
contracts, file storage, governance, identity management, Internet of Things
(IoT), stock trading, data management, e-commerce, healthcare, life sciences,
pharmaceuticals, luxury and consumer goods, and automotive, are some of the
fields in which technology is gaining immense pace and momentum.
It is a matter of fact that yes - Intellectual Property Rights (IPRs)
and the blockchain technology go hand-in-hand. On one side, IPRs protect
blockchain, and blockchain, on the other side, can efficiently serve to
strengthen the already existing Intellectual
Property (IP) regime. Without any doubt, the world, at present, is
realizing the enormous potential that blockchain holds, and IPRs are indeed
going to play an integral role in coming up with a protected environment for
the development of the technology. While taking into account the other side's
aspect, we can observe that the security and reliability offered by blockchain
can very well strengthen every phase of the lifecycle of the IPRs including
creating licensing agreements, resolving disputes over ownership, identifying
counterfeit products, or creating an IP register to keep a record for all forms
of IPRs.
Initiatives Taken
by the Indian Patent Office
Many nations across the globe have started realizing the true potential
of blockchain technology, and India is no exception in this case. The Indian Patent Office (IPO)
is doing its best to stay at par with the technological advancements. It
expects to be able to predict the timelines for users corresponding to the
different actions to be taken by the office.
A scientifically-handled workload-based allocation of patent
applications to the examiners shall result in making optimal use of human
resources available. Automated checking
against all the formal requirements, including attachments, application
formats, amongst many others, can speed up the entire process by reducing the
manual intervention required. With
reduced manual intervention, there shall also be an impact on the
accountability and transparency procedures in an optimistic way. For achieving
all the above measures, the IPO is efficiently establishing a legal framework
for a blockchain-based IP registry to commercialize ideas and further protect
them.
Final Thoughts
The use of blockchain technology for the benefit of the IP industry is
indeed significant. However, like other emerging technologies, blockchain
technology has a few setbacks as well. At present, such setbacks include the
need for massive processing power and restrictions on the number of
transactions per hour. The reality is far away from simple when it comes to the
ultimate notion of a method for connecting the IP registries around the world
via a single distributed ledger. Remember, successful and proactive management
of IPRs using blockchain requires having a standardized platform that is
adopted internationally. For more visit: https://www.trademarkmaldives.com
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