Blockchain could have a significant role to play in the IP industry. It has the potential to support idea generators and those that work with them to create revenue from innovation.
But, this will not happen overnight. It was simple to adopt blockchain for cryptocurrencies, where no central verification method existed to support the new currencies.
Applying blockchain to an industry that already has proven (albeit often slow and challenging) methods will be more challenging. In this article, Toni Nijm, chief product and strategy officer, CPA Global will discuss how ultimately, blockchain could be more impactful on the IP industry than it has been even to the financial services industries and how the challenge will be in creating the right adoption path for the technology. The technology industry first started paying attention to blockchain when Bitcoin was launched as the two are integrally linked.
Bitcoins are rewarded to those that help create and maintain the blockchain that records the transactions when Bitcoins are bought and sold. Many computers around the world hold a copy of the blockchain which is how it is able to remain accurate. Furthermore, the whole system is secured by military grade cryptography.
The dispersed structure ensures that there is no single point of failure which means it is almost impossible to hack the network, forge transactions or freeze them for legal purposes. Each new block in the chain is created with a copy of the previous block attached, meaning that in every case a past record is included in the next version of the blockchain. Read more from techradar.com…
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