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Blockchain Technology Protection

If you are the owner of a start-up business, you need to be up-to-date on the groundbreaking innovations associated with blockchain technology, especially within the realm of intellectual property.

What the Heck is a Blockchain?

Blockchains offer a way to substantiate ownership and priority without having to rely on institutions that set their own terms. They do not require the use of middlemen like patent offices, large banking institutions, or even notaries. As a result, they can be used as a way to register digital works, contracts, images, etc.

Most people have heard of the crypto-currency Bitcoin. It has made headlines due to its dramatically-fluctuating value and rumors that Venezuela may actually adopt Bitcoin as its primary currency. Bitcoin is not the only blockchain company on the market. In fact, there are more than 500 different companies using similar blockchain technology to offer cryptocurrency.

The blockchain technology behind Bitcoin and other companies supports more than just cryptocurrencies. Recent innovations have made it possible to actually build applications that are blockchain-based and can be utilized in an array of business sectors. For example, these applications can be utilized for a variety of transactions such as real estate agreements, oil and gas purchases, and so forth. There are also serious implications for intellectual property rights.

For intellectual property, blockchain technology is likely to create new opportunities for protection, but also present unique challenges and potential legal issues. Examples include the following:

Registry for Intellectual Property

Blockchains utilize innovative time-stamping schemes that enhance the security of intellectual property records and related assets. This may lead to reduction in IP challenges and disputes. In fact, many start-ups in the blockchain sector are working on blockchain services tailored to IP registration. As these services grow, it will likely lead to new applications that can then be created on top of these blockchain services to make the sharing and revision of IP records more efficient.

Improved Authentication with Blockchain

A multitude of blockchain applications are being developed to improve the detection of counterfeit or fake consumer goods (e.g. clothing, cell phones, watches, diamonds, etc.). The developing applications will allow a company to better track and authenticate the goods they create and sell to the open market.

Enhancement of Intellectual Property Contracts

Company contracts and records can be enhanced through “Smart PI” contractual agreements and related records. This could help end the problems associated with backdated invention and assignment records. This could help improve the reliability of IP record and benefit the owners of intellectual property.

Have Questions? Contact The Brand Protected® Today.

Blockchain technology appears to be proliferating, which means it may be a good time to begin exploring and analyzing the potential opportunities or risks that blockchain may create for your start-up. That is why it makes sense to contact The Brand Protected® now. Our team is here to help guide you through the complex maze of technological innovations that become available while using them to your advantage.

The Brand Protected® provides insightful legal and business counseling, personalized contractual agreements, and aggressive protection of your company’s intellectual property. As the owner of a fledgling, or thriving, start-up, your time and energy should be focused on growing your business. We stand ready to provide you with the peace of mind that is accompanied by protecting your intellectual property and brand. CONTACT our office today to schedule a call with our team.