Importance of Blockchain Intellectual Property Rights and How You can make money from it

The Internet is the greatest invention of the 20th Century as it benefited humanity in so many ways. But it still remains to be a double-edged sword for creators as it offers them a global platform to showcase their work, but it also makes it frustratingly easy to steal. 

Copyright infringement is rampant, and traditional methods of protecting intellectual property rights often feel like chasing smoke monsters in the desert. So just like the old saying – “It takes a Diamond to cut a Diamond”, technology will be the solution to this issue – Blockchain Intellectual Property Rights platforms. 

But why do we need to integrate blockchain and intellectual property rights to solve this issue? Let us address the issue in the existing system. 

What are the issues a creator faces in protecting their intellectual property rights?  

With the traditional intellectual property rights system, inventors face several hurdles. The process can be expensive and time-consuming, leaving them vulnerable during that gap. Enforcing their rights can be another battle, often requiring legal action against infringers, which can be a costly and lengthy process. 

Physical goods can be easily counterfeited with surprising ease, and proving ownership of unregistered creative works can be an uphill battle. As per a report, the overall counterfeited goods industry is estimated to be more than 3.3% of global trade. This massive number keeps rising even though we have regulations in our systems to curb it, leading to a major question – How does intellectual property rights protect the original creator and the efforts behind it?

How does Blockchain Technology help to protect Intellectual Property Rights?

Imagine a world where your creation has a birth certificate, permanently etched in a digital ledger, visible to everyone. That’s the foundational concept of this technology. Blockchain for intellectual property creates a secure, tamper-proof record of ownership, proving you’re the mastermind behind that killer song or hilarious meme (yes, even memes!).

How can creators use Blockchain Intellectual Property rights to protect their work? 

Blockchain for intellectual property goes beyond just copyright. It can safeguard trademarks, patents, and even trade secrets. Think of it as a digital vault for all your intellectual property (IP), accessible only with the right key (which you hold, of course!).

A Creator’s Guide to Blockchain and Intellectual Property Rights Management 

Now, you might be wondering, “What are intellectual property rights in this blockchain fancy thingy?” Don’t worry, it’s not all cryptic complex code. Platforms are emerging that make it easy for creators to register their work on the blockchain.

How to Monetize our work with Blockchain Intellectual Property Rights?

Here’s the coolest part – Blockchain can revolutionize how you earn from your intellectual property rights. Let’s say you simply embed a “micropayment” system directly into your blockchain intellectual property. Now every time someone uses your photo, song, or design, a tiny fraction of cryptocurrency automatically gets sent to your wallet. Talk about passive income and easy money!

Real life Applications of how Blockchain can be used to Protect Content on the Internet

1. Establish an IP Marketplace

Imagine a platform where creators can upload their inventions, music, artwork, designs, or even memes, all securely registered on the blockchain. Blockchain can power secure marketplaces where creators can register, showcase, and license their work. This Blockchain Intellectual Property Rights marketplace allows creators to connect with potential licensees and sell their work directly, cutting out middlemen and fostering a more democratic creative economy. 

2. Version Control in IP of assets

The Blockchain Intellectual Property Rights platforms act as a time machine for your IP.  Every change made to an asset, like a software update or a revision to a manuscript, is permanently recorded. This provides a clear history of development and protects against claims of plagiarism.

3. Unregistered IP rights

While registration strengthens IP claims, it’s not always mandatory. Blockchain can still be valuable for unregistered IPs by providing a timestamped record of creation. This can be helpful in establishing ownership in case of disputes. 

4. Blockchain is the answer to Digital Piracy 

Remember that time when your favorite star’s movie gets released and you somehow grab the ticket to the first screening only to return home and find a pirated version floating around the internet? Blockchain puts a stop to that. 

With a verified proof of ownership record on the Blockchain Intellectual Property Rights, you can easily prove your work is the real deal and take down those pesky pirates.

5. Royalties made easy for Creators with Blockchain

Say goodbye to chasing down licensing fees! Smart contracts, self-executing agreements written into the blockchain, can automate royalty payments. With every stream, download, or use of a creator’s work recorded on the blockchain, creators have a transparent record of usage. 

For example, every time your song gets played on a streaming service, a predetermined percentage automatically lands in your account. No more middlemen, no more delays, no more royalty-demanding issues, Just Sweet, Sweet Digital Cash. 

6. Future of Digital Ownership for Creators with NFTs 

NFTs are a game-changer as these unique digital certificates, powered by blockchain, allow creators to sell digital artwork, music, or even in-game items with verifiable ownership. It’s like having a signed, one-of-a-kind version of your digital masterpiece.

7. Enforcing Creative Rights and Fair Deals with Blockchain

A world where contracts write themselves is not what you’d see in sci-fi movies anymore! Smart contracts can automatically enforce the terms you set for your work. Want to allow non-commercial use but restrict commercial use? No problem! Smart contracts handle it all, ensuring you get fairly compensated for your work. 

Which Countries Use Blockchain Intellectual Property Rights for Copyright Protection?

The use of blockchain for copyright protection is still evolving, but several countries are exploring its potential. Here’s a glimpse into some approaches:

The United States: 

The U.S. Copyright Office is researching how blockchain could streamline copyright registration and recordkeeping. As per their report, NFTs may help artists to secure their work and address concerns that fall out of the existing intellectual property rights filing system.

China: 

The Copyright Society of China launched a blockchain intellectual property rights management solution back in 2021 to increase and reduce costs to protect digital copyrights. 

The European Union: 

The European Commission launched Blockchain Regulatory Sandbox in Feb 2023 for regulators and supervisors to enhance their knowledge of blockchain technologies and share best practices.

India: 

The National Informatics Centre in India is currently hosting nearly eight million verifiable government-issued documents in areas such as education, property, judiciary, and drug logistics across five blockchain platforms. 

What are the Steps to use a Blockchain Technology Patents Platform?

Here’s a simplified step-by-step guide to learning how a Blockchain Intellectual Property Rights platform will function:

Step 1: Creators Sign Up on the Platform

Creators register and create profiles on the platform, providing details about themselves and their inventions.

Step 2: Creators Upload Their IP on the Blockchain Network

The platform facilitates the secure upload of patent details, including descriptions, technical specifications, and potentially even prototypes, onto the blockchain network.

Step 3: Consumers Raise a Request to Use the Work

Companies or individuals interested in licensing the patent can submit requests through the Blockchain Intellectual Property Rights platform.

Step 4: Patent Management Entities Enter the Blockchain Network

Patent management entities, like law firms or licensing agencies, can connect with creators and licensees on the platform to facilitate negotiations and manage licensing agreements. This adds a layer of expertise for complex transactions.

Real-World Example of Companies Using Blockchain to Protect Intellectual Property

IBM: 

This tech giant utilizes blockchain to track the origin and ownership of goods, ensuring the authenticity of products and protecting intellectual property associated with them. With this solution, they help supply chain leaders to use data to handle the disruptions of today and build resiliency for the future.

Samsung: 

Samsung is exploring blockchain for managing digital rights management for its content and protecting copyrighted materials distributed on its platforms. It also welcomes companies to integrate their DApps into the Samsung Blockchain Wallet to be a part of their growing ecosystem.

BASF: 

BASF started using blockchain technology in mid-2018 in several projects to efficiently track the development process of new inventions and materials, safeguarding valuable intellectual property rights related to their research and development. 

Sony Music Entertainment: 

Sony has teamed up with AWS, piloting blockchain to track music streaming and ensure artists receive accurate and timely royalty payments. Here’s a video to learn more about how Sony Music is using a blockchain intellectual property rights management solution to protect.  

 

Pfizer: 

Pfizer is exploring blockchain intellectual property rights through an initiative called the Clinical Supply Blockchain Working Group that focuses on developing a platform to enhance the trial supply chain and experimental drug tracking. 

Conclusion

So, there you have it! Blockchain isn’t just about complex algorithms, it can empower creators and foster a thriving blockchain intellectual property rights marketplace. It’s the ultimate weapon in the fight for a fairer, more creative future.