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Customers demand a reduction in overheads and an increase in productivity, looking for technology and software to impact IP management. Following, Toni Nijm of CPA Global discusses the seriousness of the blockchain within the intellectual property industry, raising some interesting points about the feasibility and time limits of the implementation of this new adaptive technology.
An explosion of IP activity in the last decade has led companies to spend time on administrative and non-billable tasks to meet customer expectations. A CPA Global survey of nearly 400 IP professionals found that the key challenges that IP law firms face are business growth, improved customer service and profitability. Meeting these challenges takes time that PI lawyers do not have if they continue to work manually.
An IP accounting opportunity
Blockchain allows you to record transactions in a decentralized accounting register. The ledger records transactions between two or more parties on a permanent basis without requiring a third party to authorize the transaction. Created in 2008, Blockchain has been more closely associated with digital currencies such as Bitcoin. However, the technology has wider implications for a number of areas, including IP.
Blockchain allows you to record transactions in a decentralized accounting register. The ledger records transactions between two or more parties on a permanent basis without requiring a third party to authorize the transaction.
Blockchain remains accurate because a copy resides on not one but many computers globally. Each new block in the chain is created with a copy of the previous block connected, which means that in any case a record is included in the next version of the Blockchain. The whole system is protected by military-level cryptography.
The benefit of the IP law firm
In the IP sector, Blockchain could be applied in a number of management scenarios to reduce the time spent on administrative tasks and maintain the accuracy of the IP record. Consider the generation of ideas. When it has the task of protecting the idea of an inventor, law firms must defend their client as the first person to create that IP. Blockchain has the potential to remove ownership and design problems by allowing people and businesses to identify their innovation and put it into a blockchain.
A blockchain that provides a clear and accurate record of IP properties for the industry could be more effective to query than the methods currently available for intellectual property law firms. Any problem concerning who was the first to create an idea would have been easily identified through Blockchain. License agreements could also be created and registered via the Blockchain itself.
A blockchain that provides a clear and accurate record of IP properties for the industry could be more effective to query than the methods currently available for intellectual property law firms.
Blockchain also offers the opportunity to place an initial idea on a Blockchain and then update it, create a geographical scope and, if the same Blockchain is used by a network of law firms globally, any action could take the process of protection and updating of the Blockchain accordingly. This could significantly reduce complexity and encourage more companies to protect their ideas.
Long way to adoption
The benefits of Blockchain promise positive transformations for IP companies. However, the process of adopting Blockchain could be complex and will take time to act.
The early adoption of Blockchain in IP will likely mean private blockchains at company level to enable innovators in different countries to collaborate more effectively. Researchers from around the world could work collectively on designing for a company, supporting each other by adding to the work of others through Blockchain. Improvements in efficiency such as these could see the rapid adoption of technology in companies and later in law firms. Over time, IP offices around the world can start adopting technology to accelerate the process of protecting ideas and enabling innovators to effectively assert ownership of IP resources.
Blockchain has the potential to significantly support law firms that manage IP resources to create revenue from innovation. If industry can find the means to quickly and effectively adopt the ledger, Blockchain has a potentially significant role to play in intellectual property law firms.
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