Blockchain’s blueprint perceived as an entity has alleviated
several hurdles of the society to date. But to make that stimulation constant,
the inter-connection of the blockchain technology and intellectual property
(IP) protection is required promptly. For a blockchain developer, having
his/her copyright/trademark/patent/trade secrets is crucial otherwise a hacker
might take the credit. With globalization and localization overlapping majorly
across the world, having a proof on-paper is the prerequisite to resolve an
issue with transparency and integrity. Due to the decentralization nature of
blockchain, and a few other factors as well, there’s an issue from an
intellectual property protection perspective.
To know more about the degree of interweaving between
the two, one needs to understand the
inside-out of intellectual property.
The origin of intellectual property was in the 1600s. It’s
only in the 1800s and 1900s, specifically in the western part of the world that
intellectual property started getting implemented on the ground. Broadly
speaking, intellectual properties can be categorized as
- Copyright – For a particular
individual/cluster of individuals/firms, who built a sculpture, a painting,
lyrical music, movie/documentary, code, etc can protect it via copyrighting. A
unique expression in a tangible form can be copyrighted with an aid of the U.S
Copyright Office. Obtaining copyright specifies that the owner has control over
displaying, altering, distributing their work. Any public showcase (offline or
online medium) could happen only after getting their consent.
- Trademark – Every firm has a logo, name,
brand mantra, etc for their good and services. To ensure that the logo, name…
aren’t used in unappropriated ways and, consumers get to know the authentic provider,
a trademark is a prerequisite.
- Patent – A patent, in essence, assists the
inventor by having absolute rights to fabricate or sell their ingenuity for a
specific interval, in exchange for public broadcasting of their invention.
Broadly speaking a patent can be categorized into 3 types, namely, utility,
design, and plant.
- Trade Secrets – In layman words, a trade
secret could be considered as the ‘key characteristic’ in a company for having
an edge compared to other competitors. The key feature could be a strategy,
overall functioning, an algorithm, a common trait in every employee, etc. While
the expiration of a Patent or a Copyright is unescapable, a trade secret never
terminates until the secrecy is maintained.
As we have seen distinct types of intellectual
property, lets now delve into what type of relationship blockchain has with
intellectual property in terms of its protection.
The financial industry
and healthcare/medical industry have experienced exponential transformations to
date because of the regular utilization of blockchain technology in everyday
operations. To transform furthermore and sustain it as well simultaneously, IP
Protection needs to come on the ground swiftly. Analysing the intellectual
property in blockchain applications, it’s sufficed to say that such
applications function through the time-stamping feature. Time-stamping could be
vaguely compared with pointers employed in data structures but with exponential
upgraded security and accuracy. Similarly, in
the medical industry, the blockchain framework has so far
electronic health records,
doctors across the globe with the latest findings through thesis,
supply chain management,
- Quality check and control etc.
Besides the industries mentioned above, the entertainment industry
is another area where when the issue of IP protection gets resolved, it will
flourish more rapidly. As numerous people are aspiring to become singers, movie
directors, etc, having their respective Copyright, Patent, Trademark, or Trade
Secret will certainly boost their morale.
Hurdles in the blockchain structure for
implementing intellectual property protection:
The types of properties to date have been majorly designated
to tangible goods. Being intangible implies that it can be utilized
indefinitely via individuals without being depleted. Tangible products were
divisible with usage and time, but that’s not the case with intellectual
property, and hence
a hurdle at the moment. Another issue at hand is the
duplication of IP’s and reselling or merchandising of it as well. As the
technology is at its “introduction stage”, policy builders and individuals
working in legal institutions are experiencing ambiguity. One reason is that
they don’t know the inside-out of the functioning of the blockchain platform. A
storage query also exists. As the technology is decentralized, each user would
have to store some portion with himself/herself. But the expected storage
capacity required might be very high. Applications developed so far are mostly
not interoperable. Due to which data isn’t getting shared across the grid
making the whole point of decentralization become a paradox. Data
getting leaked intentionally or unintentionally
is another factor of concern. Leakage could happen in public ledgers or private
ledgers. Appropriate algorithms, laws, implementation techniques, and policies
would be required for each one separately.
Conclusion: Does the Future look bleak or
boom for IP seen from Blockchain’s perspective?
After thoroughly analysing every aspect, its safe to
say that it could be a boom instead of a bleak. Akin to the time the World Wide
Web or subsequent technologies entering the worldwide picture, if PESTLE and
SWOT are taken into consideration, IP protection and blockchain as a whole
would surely make the world thrive. PESTLE means examining the Political, Economic,
Social, Technological, Legal, and Environment’s angle. While SWOT consists of
Strengths, Weaknesses, Opportunities, and Threats. Generally, both PESTLE and
SWOT are utilized while making a strategy for a particular firm. But these
analyses could be used prior designing and implementing Intellectual Property
Protection in the Blockchain framework as well.
We at Primafelicitas
can be of assistance via Blockchain Consulting, DApps Development, and many
distinct ways. We have been in the Blockchain field since 2014, and have helped
several firms in accomplishing an edge compared to their respective
competitors. As the captain/s of our ship (CEO and CTO) understand the
technology and economy thoroughly, along with an energetic team, it would be an
honor to help you.
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The First Decentralized Crypto Volatility Index (CVI) To Be Launched By COTI
Cryptocurrency traders that want to benefit from the infamous market volatility would be able to do so by taking advantage of COTI’s recently launched Crypto Volatility Index (CVI). Users will be able to place positions in anticipation of significant fluctuations in either direction.
The First Decentralized Crypto Volatility Index
COTI is a blockchain project that describes itself as a “fully encompassing finance” on the distributed ledger technology. It’s designed to meet and address challenges of traditional finance, such as fees, latency, global inclusion, and risk.
The project referred to traditional finance as well with its latest product – the Crypto Volatility Index. COTI said in a press release shared with CryptoPotato that CVI is inspired by the stock market’s Volatility Index.
CVI is already live on the mainnet, and users who want to participate can deposit Tether (USDT) to open positions or provide liquidity.
“The index enables traders to profit from market volatility by opening positions in anticipation of major movements in either direction. Users who expect volatility to increase can open a CVI position. If correct, they can take profit by selling their positions once the index has risen.”
The index will work in the opposite direction as well. If traders believe that the volatility will remain low, they can provide liquidity to the platform and profit by collecting fees paid by traders who have opened CVI positions.
The announcement further described the index as a “full-scale decentralized ecosystem that brings the popular ‘market fear index’ to the crypto market.”
Updates, Staking, And Liquidity Providing
COTI noted that users will also be able to connect the CVI index with their MetaMask or Trust Wallet accounts to manage their positions, provide liquidity, and deposit/withdraw funds.
Those who decide to provide liquidity need to deposit USDT for a minimum of 72 hours before receiving a share of the premiums collected by the pool. On the other hand, traders who have opened a position must maintain it for at least six hours before selling or closing it.
The index will work with its own native governance token called GOVI. The platform will enable users to stake the coin to earn fees and participate in voting. Token holders will also have a saying in determining which tradable assets are available on CVI, the allowed leverage, deposit amounts, and platform fees.
Future updates to the index include adding ETH and COTI as deposit tokens, more derivatives markets data sources, an advanced traders dashboard, margin trading, and an enhanced voting platform.
Long Bitcoin Unseats Tech Stocks as the Most Crowded Trade in January, BofA Reports
Trading above $35,000, Bitcoin continues to pass milestone after milestone as reports show that the cryptocurrency received the most capital inflow this month compared to tech stocks and traditional investments.
Long Bitcoin Wins Most Crowded Trade
A recent survey conducted by the Bank of America on fund managers with over $500 billion in AUM reveals that investors are bullish on Bitcoin’s price in the long term.
The study shows that “long bitcoin” dethroned “long tech” as the most crowded trade in January 2021.
Reuters reported Tuesday that this is the first time a long position on technology companies is losing the top spot since October. This is also the first time “long bitcoin” has ever ranked first in the financial markets.
The milestone is coming just three months after less than 5% of the participants in November’s survey voted for “long bitcoin” as a preferred trade, with more than 65% of fund managers choosing “long tech.”
A previous survey conducted by BofA showed that “long bitcoin” climbed up to the top three preferred trades in December as fund managers named it as the “third-most crowded” trade.
While investors are bullish on Bitcoin, traders are still losing faith in the US dollar as they continue to bet against it. The survey places “short USD” as the third most crowded trade for the month, just one spot below its previous position. It was the second-most crowded trade in December.
As reported earlier, one reason for the criticism against the US dollar is the FED’s money printing spree during the peak of the COVID-19 pandemic last year, which allegedly saw the creation of almost 20% of all existing USD.
Investors argue that the FED’s action is a recipe for inflation, with many economists predicting that the USD value would fall. To protect themselves against the supposed impending dollar doom, investors and institutions seeking to preserve their wealth chose Bitcoin, which has turned out to be a win for them so far.
New timeline charts Bitcoin’s price alongside historical events of the past decade
Bitcoin (BTC) has travelled an eventful path since its creation in 2009. TradingView.com recently unveiled a BTC chart showing major events in the digital asset’s history, alongside the cryptocurrency’s ever-changing price.
Released on Tuesday, the chart points out potentially significant events on Bitcoin’s price path, showing a “consolidated history of Bitcoin overlaid on the de facto crypto charts (by TradingView),” the platform’s general manager, Pierce Crosby, told Cointelegraph.
TradingView’s team intends to update the chart every 14 days — though if major news breaks, the team says they will adjust the metrics sooner. Clicking various bubbles on the chart produces an explanation of each event. The site also lists events in blog-like form below the chart.
“TradingView Timelines have been a unique undertaking by our core visualization team and show us the importance of putting ‘news in context’ (the corresponding chart). We expect this logic will become much more mainstream in the coming years to prove the relevance of a given news story. This is just the first step.”
“Our initial observations show the immediate impact of historical events on the price of the asset,” Crosby said. The BTC timeline shows a barrage of events, although the most recent headlines focus on the numerous price hurdles broken by the asset.
“Looking at some of the early historical events, they are dwarfed by the price action in 2015 – 2017 the first period of time when current events captured the mainstream imagination of investors,” Crosby observed from the chart.
Such a timeline adds a tool for discussions on Bitcoin’s price as it pertains to events and possibly correlated reactions. “Looking solely at BTC price movements in the market gives an incomplete view of why its price fluctuates the way it does, in a seemingly volatile manner,” Crosby said, adding:
“Timelines is the first comprehensive source to share price movements along with corresponding real-life events, so investors can understand why there are certain spikes or dips, helping inform them for the future and giving them a deeper understanding of the asset they’re trading.”
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