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The functionality of Blockchain goes beyond cryptocurrency. The technology has advanced to be used to archive documents in areas such as the medical field and notaries. Another important area that blockchain can be used for is intellectual property.
Blockchain and intellectual property
The immutable nature of the blockchain provides a history of ownership and creation that cannot be tampered with. This is imperative for an intellectual property owner as it prevents a property claim from being challenged by another person. Using blockchain-powered smart contracts adds a layer of security and can be used to provide licenses or obtain royalties. Blockchain is also a valuable strategy to implement with the Internet of Things (IoT) to ensure the protection of user data.
If you decide to store your intellectual property data using blockchain, it is still important to have a professional consultant trained in intellectual property law. An intellectual property attorney will be able to discuss your options on how to best protect your creations. In the event that a person attempts to violate your job or disputes your property, the lawyer can provide invaluable guidance during the collection of evidence and the litigation process.
Blockchain implementation
The implementation of the blockchain allows for a tamper-proof chain of evidence for copyright ownership. If a person were to change the data stored in the block, the hash value of that block would change. However, the next block would still retain the original hash value that links to the original block.
Changing the link hash also changes the hash value of that block. Unless a person is able to modify each block in the chain with the corresponding new hash values, a person cannot modify the data stored on a block. This is low-risk as the computing power to change the hash of each block is unlikely for one person to access it. Because the blockchain provides a tamper-proof way to store data, the owner of a work can safely store their copyright information.
In addition to being tamper-proof, the blockchain provides a way to track ownership of a work. The original copyright date can be stored in the block data. If your copyright ownership has been disputed, the data can be used as evidence to prove your ownership.
The ability to trace ownership will save time and resources when gathering evidence if litigation is ever prosecuted as third parties will be able to view the ownership chain. It can also be used to catalog and store original works or show the filing date of patents or trademarks. Additionally, using the blockchain to store your records allows your data to be hosted internationally instead of just with a national patent office.
Smart contracts and security
The addition of smart contracts has increased the usefulness of implementing blockchain to protect one’s intellectual property. Smart contracts live on the blockchain and perform actions, such as allowing access to information stored on the block, when conditions are met. Using this feature, an owner can grant licenses to users who want to access the intellectual property by accepting the user’s digital signature. An owner can also deny a person access to their job in this way. Smart contracts can also be used to collect royalties from people who use and access intellectual property by establishing a contract.
It can be considered that the IoT hosts data on intellectual property. However, security continues to be a major concern for the IoT. Cyber attacks are becoming more and more widespread and data security is at risk. While using a private network to host IoT devices can improve security, using blockchain technology in turn with IoT will add a layer of security. Storing intellectual property on a blockchain will ensure that data cannot be tampered with in the event a system faces a cyber incident.
Overall, blockchain is a technology that shouldn’t be overlooked when determining how to record data. Technology has advanced from use for cryptocurrency. Blockchain now provides a secure option for storing valuable intellectual property data for works like copyrights and patents. The technology provides additional features with smart contracts and increased security for IoT technology.
