The current system for intellectual property is broken; creators are not fairly compensated and do not own complete ownership of the intellectual rights over the content being created and shared online. Creators are constantly looking for alternative online platforms to promote and sell content that enables ownership, financial compensation, and maintenance of intellectual property. Blockchain-based solutions are now offering greater compensation for content creators including art, journalism, inventions and scientific discoveries by protecting the rights of the author and allowing finances to flow directly back to the artist, enabling them to control the industry and focus on creation.
How Can This Happen?
First and foremost, Blockchain technology can facilitate the basic process of registering and filing for patents or trademarks. According to Erickson Law Group, the United States Patent and Trademark Office (USPTO) currently takes around an average of 21 months to process intellectual property after filing necessary documents, largely due to manual review. A decentralized registration system could facilitate registration IP’s, updating files and reduces time wasted on arduous human labor – ultimately supporting innovation. By implementing a distributed ledger technology, every newly added record is verified against all the previous nodes, creating a digital footprint which provides a more efficient and controlled process for protecting ownership records of intellectual property.
Current Platforms for Decentralized IP
One of several Blockchain-based platforms is Ujo, a company revolutionizing the current landscape of music.
Ujo aims to automate royalty payments using smart contracts to provide full ownership to artists and allows all revenue to flow back to the artist. In an interview with Ujo co-founder Jesse Grushack and Consensys, Grushack further explains that by utilizing Ethereum, a large part of the business side of music becomes automated including contracts, licensing and accounting. He hopes this will allow artists and creators to focus on music and art.
Another platform providing a solution to current IP issues is Bernstein, which allows companies to ‘create a digital trail of records of their innovation processes using blockchain technology’.
The platform allows for quick registration of intellectual property and provides Blockchain certificates that prove ownership. Bernstein guarantees confidentiality, encrypted storage, and legal acceptance to all users.