In Blockchain Tech Summit, a government official stated that Karnataka State Government is planning to launch a Blockchain based platform for the protection of Intellectual Property.

We all know that Bengaluru Tech Summit is organized in the Start Hub of India – Bengaluru. The news came in the light as a very interesting and relieving news for innovators, investors, and entrepreneurs. For this, the state government will set up a Karnataka Innovation Authority (KIA) under the chairmanship of the Chief Minister.

The step has been taken to remove the legal hurdles which startup faces to commercialize the innovative ideas. The startups have complains most of the time that their IPs are theft or big companies pressurize them to surrender their idea to them and then they present it to the market.

Reportedly, the PwC is working with the state government to execute and implement the plan.

The Director of PwC, Saurabh Bhattacharya said,

“PwC is engaged with the state government to create and develop this platform. Probably it will be completed in a month or so and starts functioning.”

This marketplace will not only allow innovators to present be their smart ideas but also ensures the transparency and security of them too.

To present the idea, innovators will have to register on the Blockchain based IP registry platform. After the verification of the application, the idea will be uploaded so that interested investors can request access to the detailed information and bid on it. Also, a digital non-disclosure agreement will be signed between the investor and innovator.

Bhattacharya said,

“The owners can set a price while investors can bid for the idea, put in money, trade or buy the ideas.”

As per the reports, NITI Aayog is very much fascinated with this initiative and will pitch a research paper shortly.

Talking about the percentage, Sreeram Anantha Sayanam, the partner at government public services at PwC said,

“Around 84% of the organizations are considering using the blockchain technology while 15% already have live projects based on it”.

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