In today’s business, innovation is everything. However, when you create new products and ideas, it’s crucial to keep them protected. Without adequate protection in place, your creations could be stolen.
Technology has helped to secure intellectual property. Blockchain technology is the latest to aid in the prevention of copyright. Here, we’ll look at how blockchain can help protect intellectual property.
Making use of Decentralised Ledgers
One of the key ways blockchain can help to protect intellectual property is through decentralised ledgers. These are extremely difficult to corrupt and they record ownership of practically anything.
Blockchain technology works by creating blocks of information. However, unlike traditional record keeping, the blocks of data are stored in separate servers across the world. The fact they are difficult to corrupt and they record ownership means even smaller artists can gain copyright protection through them.
Blockchain can be used as evidence
Another major advantage of blockchain is that it can now be used as evidence of ownership in court. The creators behind the popular Tik Tok app have recently won a copyright case, providing blockchain technology as evidence. It was the first time in history blockchain has been used as evidence in a courtroom.
After a Chinese version of popular search engine Google mimicked the app, the creators took action to protect their rights. They had data stored on immutable ledgers which proved copyright infringement had been carried out.
Providing IP protection
Blockchain technology also offers excellent IP protection. As it uses decentralised storage, there is no risk your intellectual property could come under attack.
Your IP data will be fully encrypted as it is added to the blockchain. As each block chain contains a timestamp, it is also easy for ownership rights to be established based on the IP information held in the stored data.
Of course, if you are using a VPN, this could impact your ownership rights case. The IP address needs to match your location. So, if you are based in the UK, using a US server, it could go against you if you need to provide your IP as evidence.
Creating smart contracts
You can use blockchain technology to create smart contracts. The IP registration service offered by blockchain enables smart contracts to be used to manage sales automatically.
These contracts enable you to propose the terms of use for you IP. You can also interact with people who want to purchase or license your creations. This cuts out the middleman, allowing you to earn a lot more for your work.
When creating smart contracts and dealing with Blockchain technology, it’s important to seek legal help. The technology is still quite new and complex. So, seeking advice from professionals at Withers can ensure you utilise the technology and protect your rights correctly.
Overall, if you create your own products and services, protecting your work is crucial. The above are just some of the ways Blockchain technology can help to protect your intellectual property. So, if you haven’t utilised its benefits yet, now is the time to look into it.