BLOCKCHAIN PATENT TECHNOLOGY- A SWEEPING DIG IN TRANSFORMING LIVES

The internet today, has been emerging with a plethora of varying options. This has generated a dire need for marginally low cost, incognito and continuously rectifiable transactions which are used for online exchange and rapidly selling money.

With the advent of this, originated the idea of BLOCKCHAIN #PATENT TECHNOLOGY.

The blockchain is an incessantly evolving list of records, events, and various other management activities. These records are called blocks. These blocks are inter-linked and shielded using CRYPTOCURRENCY. To avidly understand the working of blockchain patent technology, one must have knowledge about cryptocurrency.

A cryptocurrency is a digital asset developed to function as a medium of exchange that uses cryptography to secure its transactions and cross-checks the transfer of assets. Cryptocurrencies are a type of digital currencies, alternative currencies, and virtual currencies. Cryptocurrencies utilize decentralized control of transactions which works through block chains and forms a sequential ‘blockchain’. This chain further provides detailed information about all static records containing transactions made for a specific unit of digital currency or any recognized digital asset. A level of trust is inculcated amongst the system users with the help of encryption which is incorporated into the ledger along with its decentralization.

Top 5 US Blockchain Patent Owners

The Blockchain patent technology is preferred because of the following reasons-

1. A Blockchain can be used to trace the authentic ownership of a digital piece of work all the way back from where it originated.

2. Patents can be used defensively as well. In this context, these can provide a party with a negotiable chip in potential cross-licensing negotiations prior to patent infringement.

3. A patent serves as a proof stating the emergence of innovation. This can be a significant key to securing investments.

4. Blockchain can be utilized to record and store payments or preserving the history of an asset, such as a financial instrument like a loan or a physical item like a vehicle.

5. The distribution of copyright-protected work to numerous sources can be intercepted along with the retention of the original copy. On the transfer of ownership, the transaction is locked into a block in the chain. This also includes the bonafide copyright owner and any subsequent licensee.

The blockchain based proof of existence services can be termed as the initial step in the process of filing for a patent. Going further, this process can be well organized and secured, making the steps more transparent, while concurrently reducing the scope for corruption.

Incorporating the blockchain technology with the patent system can marginally minimize inefficiencies in recoding and increase the stability of the whole process of the blockchain patent technology.