June 22, 2022
The functionality of cryptocurrency goes beyond the conventional use case of an alternative peer-to-peer financial system. With the development of blockchain technology, several cryptocurrency projects are now offering more use cases with the help of Distributed Ledger Technology.
The rise in blockchain technology in large part stems from its ability to store and record data securely and safely. As the data registered on the blockchain cannot be edited once recorded, it creates an optimal solution to several problems faced by industries that deal with management of sensitive data.
A Need for Accuracy
One of the unique use cases born out of blockchain technology is protecting and managing a user’s Intellectual Property. The existing methods of managing and registering Intellectual Properties are prone to several loopholes that can be exploited for malicious intent.
Currently, most sectors that are responsible for managing and securing a users’ intellectual property rely on human management. It is a system that is unreliable. Time and again we hear of avoidable errors due to improper management of sensitive data. Most of these disputes involve proving the ownership of an intellectual property that requires a detailed and accurate presentation of the registration of the property.
Due to inefficiencies, the current systems cannot present accurate data due to a lack of a unified system for recording and storing information. As many authorities use segregated storage systems, for a large and important group of industries proof of origin is difficult, if not impossible to prove.
Blockchain Provides a Tamperproof Audit Trail
Blockchain technology, on the other hand, offers a tamper-proof chain of evidence for copyright ownership, making the whole legal process a lot simpler and quicker. While it isn’t impossible to tamper with recorded data on the blockchain, it requires excessive computation power, which an individual is unlikely to process.
Apart from being irrefutable, blockchain also offers a way to trace the ownership of a work. When registering an intellectual property on the blockchain, the ownership and copyright are also recorded in the same block with a timestamp. In case a user’s copyright ownership is ever contested, the data stored on the blockchain can be used to provide evidence of their ownership.
Giving More to IP with Blockchain
However, the use cases of blockchain technology in the management of intellectual property are more than just securing copyright. At KwikTrust, we aim to provide security and so much more, including speeding up your contract signing, due diligence, and file validation processes for intellectual properties. All through leveraging blockchain technology.
We offer self-certified and third-party validation of files and store the results on blockchain to create an irrefutable record of activity. Users can sign, validate and record contracts, references, invoices, accounts, intellectual properties, identities, etc., and undertake KYC and anti-money laundering checks.
Demonstrating that with blockchain it is possible to create a better, faster, and easier system to help keep the purity of IP.
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