The Application Of Blockchain Technology in The Field Of Intellectual Property/Summary/
With the development and commercialization of the open source technology, the blockchain is becoming more and more applicable to a vast spectrum of business fields. Benefits such as self-regulatory and simplified procedures, fast and secure transactions and many more impactful perks of the digital era, are revolutionizing the business world, making it more rational, accessible and safer.
One of the most obvious applications of blockchain technology would be to use it in a register of intellectual property rights by cataloging and storing original works and works of art in a secure, decentralized and easy to use digital place. System such as the suggested would reduce the risks copyright infringements, misuses, copying, and unauthorized distributions and other IP issues that are now present for the majority of the legislation.
The blockchain could also provide the authors with more control over their works on the Internet, opportunities for monetization, bring considerable clarity in the relationship between authors, right holders and consumers and distinguish original works from replicas and counterfeits much more efficient. The open source IP registers will bring the long and costly procedures and proceedings involving public authorities and intermediaries to an end.
It is only a matter of time before we see how the jurisdictions around the world will react to this future revolutionary rationalization of the business world.
Vassil Kostov
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