Intellectual Property (IP)

What is Intellectual Property(IP)?

Intellectual property, IP, legally protects original creative works. For a predetermined amount of time, a patent, copyright, or trademark grants exclusive rights to a good or idea.

Blockchain might be used as a technology-based IP where intellectual property owners could store their hashed digital certificates of their IP. They can use the platform to use a smart contract to get whatever royalties they have made from those who use their innovations or creations. Patent offices and other regulatory organizations frequently have lengthy waiting periods for approval. The first-mover advantage, which requires incumbents to respond quickly to safeguard their ideas and intellectual property, might be harmed by this delay. Decentralized registration systems will make it simpler to register new intellectual property, update filings, and transfer ownership at any time by taking the place of centralized registration systems. Additionally, it will enable regulatory bodies to work more productively with fewer resources.