One way to describe Blockchain is; an anonymous online ledger, which utilizes the online data structure and thereby streamlines the way we transact. Basically, it is a growing list of records, called blocks, linked using cryptography where each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Invented in 2008, as a Peer-to-Peer Electronic Cash System in the form of the cryptocurrency Bitcoin, the technology was the conception of a creator known by the pseudonym Satoshi Nakamoto.
Blockchain, a concept simple yet so complex and diverse in its use-cases, has the potential to engender a radical transformation; massive and revolutionary, similar to that of the Internet. From FinTech industry to everything of value, blockchain can serve as an indestructible digital ledger that can be programmed to record data, which can be sent across a network securely.
Speaking about the industrial application, with its comparatively low cost of maintenance, higher transparency, blockchain is a well-rounded technology that can be deputed in a whole host of different sectors and businesses. The prime question is – could this disruptive technology have any implementation for the management of intellectual property rights?
Blockchain and IPR: A two-track relationship
“Patents stand for you when everything else is lost”― Kalyan C. Kankanala
IPR and Blockchain have a two-way relationship, where IPR protects Blockchain on one hand and Blockchain can serve to strengthen the existing IP regime on the other. With the world realizing the enormous potential of Blockchain and tapping on the unexplored areas of the technology, IPR is going to play a vital role in creating a protected environment for the development of the technology in future. Travelling on the other side of the road, the immutability, reliability and security offered by Blockchain can be used to strengthen every step of the life cycle of IP rights such as resolving disputes over…