WaykiChain Looks into Future | Blockchain Application Scenarios in Intellectual Property

Based on the extremely high market demand, combining blockchain technology with intellectual property is one of the most popular blockchain application scenarios.

Ⅰ. What is the problem of current intellectual property protection?

The rights protection of intellectual property has a series of problems such as difficulty in obtaining evidence, long cycle, high cost and low compensation. It takes several months for the general copyright service enterprises to complete the confirmation. The minimum charge is several hundred yuan for one case, and some even up to several thousand yuan. The whole process is time-consuming and laborious, which is not conducive to protecting the rights of content creators. Insufficient domestic law formulation and enforcement also contribute to the serious copyright violations, which means even if the right protection is successful, the compensation obtained could be awfully low.

Ⅱ. How does blockchain solve these sore spots?

1. The openness of the blockchain allows anyone to write information on blockchain anywhere in the world. As long as it is connected to the Internet, copyright registration are not subject to time and space constraints.

2. Once the information is on blockchain, it cannot be tampered with. Neither the uploader nor the relevant organization can modify the history. After uploading the information, a hash value corresponding to the file will be generated, and the timestamp of the block becomes the timestamp of the information. The hash value + time stamp digital certificate will solve the problem of proving the time of the work to a certain extent.

3. The registration on blockchain will be almost free, allowing more works to be registered.

4. With blockchain technology, copyright transactions can be easily carried out. All steps involving copyright use and transaction can be recorded from beginning to end, so that the whole process can be traced back, and the whole process is irreversible and cannot be tampered with.

5. The application of blockchain technology can also solve the problem of intangible asset identification and value assessment to some extent.

6. Blockchain can automatically record information through program algorithms, remove third parties, and the information is stored in the interconnected, shared global network system, which cannot be arbitrarily falsified, greatly improving the efficiency of rights protection.

Ⅲ. Potential challenges

1. Although the concept is attractive, the commercial application for blockchain technology is hardly found and mass penetration is low.

2. There is a long way for laws related to blockachain technology going from proposal to formulation to revision, which is as long as the way for the popularity of blockchain concept. Without legal basis, blockchain certificate is nothing but a plain proof.

Rome was not built in a day, so it still takes time for blockchain to applying in protecting intellectual property rights. Let’s stay tuned!

Website: https://www.waykichain.com/
Telegram: https://t.me/wiccofficial
Twitter: https://twitter.com/wayki_chain
Facebook: https://www.facebook.com/waykichainofficial/
CMC: https://coinmarketcap.com/currencies/waykichain/
Email: WaykiChain@outlook.com