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 view source: https://www.trademarkmaldives.com/blog/unfolding-the-hand-in-hand-relationship-between-blockchain-and-ip/
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