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The Indian state launches the Blockchain-based IP market in Bengaluru
2 December 2018 of Akshay Makadiya
The Indian state of Karnataka, home of Silicon Valley, is contemplating the creation of a blockchain based intellectual market (IP) based in Bengaluru (Bangalore), a platform in which innovators can patent ideas and then transfer them to investors.
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Blockchain to Power Trading of intellectual property
Speaking at the 21st edition of Karnataka's flagship technology event, the Bengaluru Tech summit, state minister HD Kumaraswamy, released the government's plan to launch a first blockchain-based IP register.
"We are also creating a legal framework to protect intellectual property (IP)." A blockchain-based IP registry will be created to protect smart ideas to market them. "
On the sidelines of the Bengaluru Summit Tech, the director of PricewaterhouseCoopers Pvt. Ltd. Saurabh Bhattacharya stressed that PwC, the second largest professional services company in the world, is involved with the Karnataka government in developing the IP negotiation platform with blockchain .
Optimization of patent applications
The Karnataka government advisor and the blockchain Bhattacharya evangelist have declared that the upcoming blockchain-based IP trading market will simplify the process of granting patents to innovators. For now, investors can patent ideas in disciplines related to biotechnology, agriculture, science and technology.
Once a patent has been validated by the competent authorities, it will be available to investors for purchase using an integrated bidding system. Meanwhile, blockchain technology will ensure transparency and security at the highest level for intellectual property trading.
The revolutionary IP marketplace is scheduled to be operational in a month, subsequently facilitating direct interactions between innovators and interested patent buyers. The platform allows investors to request permission to access data for a particular patent, but the granting of such access is solely the choice of the patent holder.
"There will also be a provision for the non-disclosure agreement (NDA) between the investor and the innovator, which will ensure the full confidentiality of the idea itself.There will be a legal validation of this agreement through an electronic contract. "
Bhattacharya stressed that since the platform is powered by distributed ledger technology, there is no room for manipulation.
Adoption of Blockchain in growth
While the fate of cryptocurrencies in India is poised, the revolutionary blockchain technology is witnessing rapid adoption. Sreeram Ananthasayanam, Government & Public Services partner at PwC India, said that more than 84% of companies have a keen interest in the use of blockchain technology, arguing that over 15% of these have already started live projects.
Initially, fintech companies began to adopt distributed accounting technology, but now they have entered other sectors, such as health care.
"While fintech has begun the adoption of the blockchain at the start, we now see the manufacturing industries, energy and utility, health and government that quickly adopt the blockchain."
It has been argued that organizations that are neglecting revolutionary technology will be left behind. The The Indian government expert NITI Aayog also presented a positive view of the technology. Recently, NITI Aayog joined Oracle's technology giant to test a blockchain-based pharmaceutical logistics system to combat counterfeit drugs.
Will India become the next blockchain hub? Share your opinions in the comments section below.
Images via Pixabay
