The Karnataka government may soon launch a blockchain-based online ideas market to safeguard intellectual property, a senior government advisor said.
The market will create a record or a database of ideas, Saurabh Bhattacharya, director of the auditing company Pricewaterhouse Coopers.
Under this market, every individual or institution can develop an idea by uploading an application to the government portal, he added.
He was speaking at a session on how to make the mainstream blockchain at the 21st edition of the Bengaluru Tech Summit, the main event of the state government for information technology and biotechnology.
PwC is working with the state government to implement the blockchain-based solution.
The market was introduced against the background of head of state H D Kumaraswamy pledging to support start-ups and small and medium-sized businesses in overcoming legal obstacles. The prime minister said that the government would obtain the patents and intellectual property of these companies registered in India and abroad.
Bhattacharya said that the state government will bring experts on the subject to validate the novelty or feasibility of an idea before loading it onto the platform.
"Once the ideas are on the platform, investors can request access and evaluate them after digitally concluding a non-disclosure agreement. Owners can set a price while investors can bid for the idea, put in money, exchange or buy ideas, "he added.
This is among the large number of new initiatives introduced by various governments across the country. The session emphasized that Kerala created a blockchain academy to train more than 20,000 developers to use the technology.
Sreeram Ananthasayanam, partner, government and public services of PwC India, said that NITI Aayog has also had a strong interest in technology and will soon present a research paper on the use of blockchain for various government services. He added that approximately 84% of organizations are considering the use of technology while 15% already have live projects based on it.
"While fintech started to adopt the blockchain at the start, we now see manufacturing industries, energy and services, healthcare and government that quickly adopt blockchain," said Ananthasayanam, adding that if organizations do not start adopting the technology, they will be excluded.