Blockchain: An Advanced Way to Protect, Manage, and Monetize Your IP

Blog Copyright Intellectual Property Rights October 30, 2019

Posted On October 30, 2019April 25, 2020

Are you facing issues in protecting, managing, or monetizing your Intellectual Property (IP)? Don’t worry, as you can now implement blockchain technology, which works as an advanced tool to help you protect, manage, and monetize your IP.

Intellectual property, which refers to outcomes of the human mind, includes many different things. From inventions to artistic works and unique products, almost every uncommon and useful thing can rest under its umbrella. Whether you create a symbol, write a book, design a game, or come up with any other intangible media, you (as an author) can access and enjoy Intellectual Property Rights (IPRs) over the same. Nevertheless, the present system appears a bit weak to bring this phenomenon in practice. You are possibly aware of how easy it is for others to steal your content nowadays when the internet facilitates your data to flow freely across the globe.

Blockchain technology provides an incorruptible digital ledger that aids you in tracking assets and recording transactions in a business network. Assets can be tangible such as cash, cars, and houses or intangible like IP. Working as a tool to store and manage assets on a decentralized ledger and track transactions associated with digital content, including anything – music to pieces of art, etc., blockchain ensures reliability, accountability, and transparency. In this way, it allows an immediate revenue stream for creators by enabling a direct relationship between them and consumers.

IP Protection with Blockchain

As a creator of content, image, or anything else, you can understand how frustrating it is to put in efforts and time on something that people can access freely without your consent and any compensation. Moreover, you also comprehend the importance of retaining ownership rights as it is the easiest method to avoid such frustrating acts. Nevertheless, with the current model of the IP industry where getting your asset registered is a time taking process and the internet that has made copying content quite easy, doing so appears a bit hard. Worst, proving infringement of your content in court without proof of ownership becomes difficult. Here, blockchain digital ledgers that emphasize working with time-stamped and unalterable records come up as the perfect place to store evidence of your ownership rights. They provide a solution for authenticating and proving the time of creation and the identity of the original creator, thus eliminating all sorts of doubts and making it easier for creators to enforce their rights when Copyright Infringement of their content occurs.

IP Management with Blockchain

In the present era, once creators upload their work online, it becomes arduous for them to maintain control of the same. Moreover, not only the creators find it problematic to know who is using or making profits from their content, but even third-parties who wish to seek a license to use someone’s IP face difficulty in determining the relevant owner. All these facts result in increasing infringement issues and preventing authors from properly monetizing their works. The blockchain technology, which maintains a fair digital record enough to prove the creator’s authenticity, can prevent the occurrence of such issues. Besides, by maintaining transparency, it helps third parties to identify the original owner and get his/her permission to use the content. And this, ultimately, benefits the creators with the option to obtain expected compensation in exchange for licensing their IP.

IP Monetization with Blockchain

Blockchain technology-based smart contracts play an active role in helping creators monetize their IP. These contracts empower creators to not only dictate the fee and terms of their licensing agreements and ensure that the licensee is using it as expected but also license content directly to end-users. They can also serve you with benefits like automatic payment triggering whenever people access your content, appropriate scaling of compensations, etc. Blockchain, in this manner, aids you to save your money and monetize IP effectively as with smart contracts, you needn’t have middlemen.

Conclusion

Almost every one of us knows that blockchain technology, if used correctly, can help creators in improving efficiency, cutting expenses, and increasing revenue by creating new products. Still, many individuals and enterprises often ignore stepping ahead with it. Well, whether to use blockchain for protection, management, and monetization of your IP or not is your choice. Nonetheless, if you want to experience noteworthy protection of your IP and suitable compensation for your creative works, it is advisable to go for this advanced technology. For more visit: https://www.kashishipr.com/