

Blockchain has simplified the organizational infrastructure of several industries. One of the most useful applications of this technology is as the registry of intellectual property rights, so as to catalogue and record original works. Copyright, in the UK, is unregistered and comes automatically into existence on the creation of an original work. Registered trademarks are recorded and can be viewed on several registries globally but in case of copyright, the artists and authors have inadequate means to catalogue their original publications.



In the existing system, to prove one’s ownership of a qualifying work is difficult. Hence it is a difficult task for authors to monitor who is accessing their work. It is a daunting task for third party enterprises who are interested to use an original piece, to know from whom they should seek the license to use it. These complications often make it hard for the authors to make the most monetization of their work.

Blockchain as an IP registry will facilitate a higher level of clarity to copyright the works of owners, authors, and users. Authors, by registering their original works to a blockchain network, can receive tamper proof ownership evidence. Blockchain transactions are immutable so once a work is recorded to a blockchain network the information cannot be ever changed or lost. Third parties interested to use a specific work by an author can access the blockchain to gather information on the complete ownership chain of a work, comprising of all necessary licenses and sub-licenses.

Each country has their own regulations regarding intellectual property rights. In Europe, the invention rights belong to the first person who files a patent application. The US-based blockchain technology company Hashcash is planning to provide notarization services for inventions based on blockchain technology so as to establish the possession of an original work. Hashcash plans to offer blockchain-based solutions for the management of intellectual property rights.

The company aims to allow companies to monitor an innovative life cycle by the creation of a series of records on the blockchain network. Inventions and designs and proofs of use of every single publication can be registered quickly which is followed by a blockchain certificate to prove the ownership, existence and integrity of any intellectual property asset. The downloaded document is kept confidential, which can be accessed, at any later date, on the blockchain network. The publication of an original document can be requested if necessary and can be used to prevent third parties from obtaining the copyright of any original work registered on blockchain.

Blockchain simplifies the due diligence exercises which are required for the smooth functioning of the IP transactions. It offers an interesting as well as manageable solution for copyright protection and digital rights management.