How Blockchain Protects Users’ IP

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.

Blockchain technology has become increasingly popular in the present time because of its ability to store and record data securely and safely. Moreover, as the data registered on the blockchain cannot be edited once recorded, it creates an optimal solution to several problems faced by industries that involve the management of sensitive data.

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 intents.

Currently, most sectors that are responsible for managing and securing a users’ intellectual property relies on human management and record of data. This system is unreliable, as evident from the backlog of cases due to improper management of sensitive data. Most of these disputes involved proving the ownership of an intellectual property that requires a detailed and accurate presentation of the registration of the property.

However, due to inefficiencies, the present system cannot present accurate data due to a lack of a unified system of recording the information. As most government authorities use segregated storage systems, the proof of origin cannot be proved.

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.

However, the use cases of blockchain technology in the management of intellectual property are more than just securing copyright. KwikTrust, a software-as-a-service platform, speeds up contract signing, due diligence, and file validation processes for intellectual properties by leveraging blockchain technology.

KwikTrust offers self-certified and third-party validation of files and stores 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.

KwikTrust offers several features such as project creation with user authentication and project access, managing time-sensitive files, user authentication (2FA, 30 seconds 6 digit token), various storage formats, API integration, and regulated integrated KYC and Anti-money laundering checks.

KwikTrust is an excellent example of the potential of blockchain technology in managing and optimizing the intellectual property industry. To learn more about the use cases of blockchain technology and how to protect users’ IP, visit https://www.kwiktrust.com/.

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