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In the Blockchain Tech Summit, a government official said that the Karnataka state government is planning to launch a Blockchain-based platform for intellectual property protection.
We all know that the Bengaluru Summit Tech is organized in the Start Hub of India – Bengaluru. The news has come to light as a very interesting and relaxing news for innovators, investors and entrepreneurs. For this, the state government will establish an authority for innovation Karnataka (KIA) under the presidency of the prime minister.
The step was taken to remove the legal obstacles that the startup must face in order to commercialize innovative ideas. Start-ups complain most of the time that their IPs are stolen or large companies pressurize them to surrender their idea to them and then present it to the market.
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According to reports, the PwC is working with the state government to execute and implement the plan.
The director of PwC, Saurabh Bhattacharya said,
"PwC is working with the state government to create and develop this platform, it will probably be completed in about a month and it will start to work."
This market will not only allow innovators to present their smart ideas, but will also ensure their transparency and security.
To present the idea, innovators will have to register on the Blockchain-based IP registry platform. After verification of the application, the idea will be loaded so that interested investors can request access to detailed information and bidding. Furthermore, a digital non-disclosure agreement will be signed between the investor and the innovator.
Bhattacharya said:
"Owners can set a price while investors can make an offer for the idea, put in money, exchange or buy ideas."
According to reports, NITI Aayog is very fascinated by this initiative and will soon publish a research paper.
Speaking of the percentage, Sreeram Anantha Sayanam, PwC's government service partner, said,
"About 84% of organizations are considering the use of blockchain technology while 15% already have live projects based on it".
Image source: Flickr
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