The Application and Challenges of Blockchain in Intellectual Property Driven Businesses in China

Abstract

"Blockchain” is the buzzword of the year, if not the decade. Aside from the role Blockchain plays in cryptocurrency transactions, Blockchain technology has the potential for significant real-world applications. Disruptive Blockchain technology can be applied to intellectual property-driven businesses - fighting piracy, securing supply-chains, and tracking and tracing provenance for example. However, the use of Blockchain in intellectual property driven businesses also raises some questions. For example, how can users be sure the information on Blockchain is completely reliable? How will providers and users cope with possible cross-jurisdictional legal issues? Can the integrity of Blockchain-based data be guaranteed and how will providers and users handle data protection? Equally, regulatory issues will continue to be of major concern to the implementation of Blockchain. Discussions over these legal issues will, for now, remain to some extent embryonic. However, China is now at the forefront of releasing Blockchain Potential in Intellectual Property, and some initiatives already undertaken in China and elsewhere could potentially set new standards, norms, and legal principles.