In the last years tokenization has become the most important tool for sustainable development and a reliable instrument that massively reduce costs, and allow people to invest in and manage every asset imaginable.
Tokenization can contribute IP rights management trough ensuring reliable evidence of the rights, records keeping, registering IP rights, controlling and tracking the distribution and the transfer of rights, establishing IP contracts. Technology can further help with creating a register of unregistered IP rights such as unregistered design rights and copyright as it can easily provide evidence of the time of creation, rights management information and the relevant jurisdictions requirements.
Old system of IP management seems clunky and inadequate with high administrative and maintenance costs, slow processes and many other problems that are too many to be exhaustively listed.
Last year, WIPO launched WIPO PROOF which is a vast step to transforming traditional IP registries to “smart registries”.
WIPO PROOF is a global, online service that creates immutable, tamper-proof evidence, a date and time-stamped digital fingerprint of your intellectual asset, which can be used as evidence in the legal disputes.
WIPO PROOF is not yet using Blockchain’s technology, but the used PKI technology (Public Key Infrastructure) has some similarities with Blockchain.
How WIPO PROOF works?
The first step in getting started with WIPO PROOF is creating your account.
Anyone can use the WIPO PROOF secure online website. User account would enable you to get personalized functionality through each service or through WIPO’s IP Portal, including WIPO PROOF.
Once you have an user account, you can generate a WIPO PROOF token.
WIPO PROOF uses the highest standard of Public Key Infrastructure technology, compliant with the RFC 3161 protocol, for the generation of tokens. By choosing a digital file in any electronic format, the user or creator can generate the registration or proof of the creation of artistic work; the protection of industrial secrets; the protection of source codes and programming, formulas, methods, recipes, establishment of contracts and licenses.
WIPO PROOF token is a digital fingerprint that proves the existence of a digital file at a specific date and time, providing certainty that the date and time on the token is exact and has not been tampered with. It can be thought of as a digital notary-type service.
With an immutable record of ownership, tokenized assets allow for improved traceability and transparency. Each record is documented on an immutable ledger that contains the whole history of activities performed over an asset.
When you or a third-party requests verification of the digital fingerprint of your asset, WIPO provides it in the form of an on-screen message. It does this by comparing the original digital fingerprint with a temporary one created during the verification process, as well as performing other technical validations.
If you change the digital work in any way, including the slightest formatting changes e.g. adding a period or a comma, it will be different from the original file for which the WIPO PROOF token was created. Therefore, the token will not match the modified file and your token will no longer be valid if the original digital file is modified. For more information about how WIPO PROOF works, read here https://wipoproof.wipo.int/wdts/
WIPO PROOF is an additional element of your IP management strategy complementing existing IP systems by helping to safeguard your intellectual assets, including not formal IP rights.
"WIPO PROOF is rapidly growing into an indispensable product for innovators and creators as they take their ideas from inspiration to marketplace. In receiving these certifications, WIPO demonstrates that its operations comply with industry best practices, while also showing support for the kind of practical multilateral activity that has been a bedrock of WIPO's inter-governmental activities for decades," said Mr. Takagi, Assistant General Director WIPO
The Application Of Blockchain Technology in The Field Of Intellectual Property
It's just a matter of time the law can solve the potential obstacles in the large-scale legal application of the blockchain technology, e.g. questions of governing laws and jurisdictions, applicable rules and legal definitions for smart contracts, the enforceability of smart contracts, data security and privacy concerns etc.
Keeping in mind that, these methods are scalable, reliable and easy to use, holders of unregistered rights may consider safeguarding their intellectual assets using WIPO’s new business service.
If you plan to protect your intellectual assets, including trade secrets, or have legal and intellectual property rights issues, do not hesitate to contact ushere.
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