Blockchain Based Intellectual Property Management

Abstract

The electronic distribution of Intellectual Property (IP) poses multiple risks to innovators. It becomes difficult for them to maintain control of such property and track its usage; ownership can be difficult to prove, and the innovating party may not be able to curb or prevent infringements. By using blockchain as an IP registry, we can store IP as an encrypted document and represent it by a digital authenticity certificate, which guarantees tamper-proof evidence of ownership with timestamped transactions, thereby fostering transparency and decentralization. Through this project, we plan to conduct theoretical research to create a framework for a smart contract that covers this case. The approach would be to look at the problems in the Intellectual Property Rights (IPR) industry and come up with an on-paper solution with theoretical abstraction and design. We would consider various solutions and novel ideas that have already been proposed and try to optimize them with respect to local IP regulations. Eventually, the aim is to create a Proof-of- Concept of such a system that abides by modern patent laws in the Indian context.

Keywords: Blockchain, Intellectual Property, IPR, Decentralization