The Karnataka State Government has announced its plans to launch a blockchain based IP Registry platform to help startups protect their ideas. To accomplish the plan, the government will set up a Karnataka Innovation Authority.

The authority will be chaired by the chief minister of the state. As reported, firstly startups will have to register on the Blockchain based IP registry platform. Once the application is verified, they will be able to upload their ideas on it. The interested investors can then request for further details and bid on it. Finally, the investor and the innovator will have to sign a digital non-disclosure agreement to fix the deal.

Per sources, PwC is working with the state government to implement the plan. Saurabh Bhattacharya, director of PwC, has stated that the platform will allow innovators to set a price for their idea and; investors to bid for the idea, invest money to buy the ideas.