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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By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July
Bitcoin is a numbers game through and through. There are only 21 million BTC. The code and its consensus algorithm are both made up of complex math. The total coins are slashed in half every four years, and so on and so fourth.
Most important of all, here’s the growth rate Bitcoin price must hit steadily to reach $100K per BTC by July 2021 according to one crypto capital manager – as well as the one thing that could get in the way.
Bitcoin Price Growth Rate Should Take Crypto Valuation To $100K By July
Bitcoin’s growth from virtually worthless to more than $60,000 per » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin came to be reads as if it was ripped from a sci-fi film: Mysterious person takes a shot at all money, and takes no credit for the monumental effort.
” href=”https://www.newsbtc.com/dictionary/satoshi/” data-wpel-link=”internal”>Satoshi’s creation is now more than a decade old and has grown far beyond most people’s expectations. Over the last year alone, the leading cryptocurrency by market cap has grown at a daily average rate of 0.65% since April, resulting in a nearly a ten times climb in value.
At the current pace, according to crypto capital manager Timothy Peterson, Bitcoin price would reach $100K by June 30th.
At only a daily growth rate of 0.64% the top crypto should hit $100K by July | Source: BTCUSD on TradingView.com
The One Factor That Could Cause BTC To Fall Short Of Target
Bitcoin price must maintain comparable momentum over the last year to keep climbing at a similar rate and reach more than $100K per » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin. The number is now closer to the current price action than $10K is, and thus potentially more achievable.
Price predictions for the next cycle top reach as much as $400K, with estimates more steeped in reality ranging from $125,000 to $325,000 per BTC.
The rally could really be over if the historically accurate signal is right again | Source: BTCUSD on TradingView.com
There’s a chance, however, the cycle top is in, according to the Pi Cycle Top Indicator. If the historically accurate tool is right yet again, the leading cryptocurrency’s daily growth rate will begin to decline from here on out until another bull market breaks out.
Bitcoin price wouldn’t make it to $100K by July, and a return to prices much lower would follow. If that’s the case, crypto investors would have to wait a while longer for the number one cryptocurrency by market cap to reach that ultimate target.
Featured image from Deposit Photos, Charts from TradingView.com
Bitcoin’s time has come: TIME magazine to hold BTC on balance sheet
Institutional fund manager Grayscale has partnered with acclaimed New York-based magazine TIME to produce an educational video series on the subject of crypto assets.
The partnership was announced on April by Grayscale’s CEO, Michael Sonnenshein, with Sonnenshein revealing that TIME and its president, Keith Grossman, will receive payment in Bitcoin.
Further, TIME does not intend to convert the Bitcoin it receives through the deal into fiat, and will hold the crypto asset on its balance sheet. No further details of the partnership have been revealed so far.
— Michael Sonnenshein (@Sonnenshein) April 12, 2021
TIME was first published on March 3, 1923, with the magazine and online publication having been active in the crypto space of late. In March, TIME cashed in on the NFT mania by dropping a set of tokenized magazine covers on NFT marketplace SuperRare, with the “TIME Space Exploration – January 19th, 1959” NFT fetching 135 ETH worth almost $250,000 on March 30.
“The media industry is undergoing a rapid evolution. TIME is seeking a Chief Financial Officer who can help guide its transformation,” the listing said.
According to Bitcointreasuries.com, TIME will become the 33rd publicly traded company to hold Bitcoin on its balance sheet. TIME joins the ranks of top U.S. companies Microstrategy — who have invested billions into BTC from August 2020, Square — who added 4,709 BTC to their treasury in October, and Tesla — which purchased $1.5 billion worth of BTC in January. Multinational investment corporation Blackrock also began dabbling in crypto during February, profiting more than $360,000 from a small long using Bitcoin futures.
This deal marks a significant partnership between giants of the mainstream and crypto worlds. Grayscale was founded in 2013 and has $46 billion worth of crypto assets under management, including roughly 3% of Bitcoin’s total circulating supply.
Moonstake integrates with Sylo to bring their staking protocol to the Sylo Smart Wallet
Moonstake, a staking pool protocol and service provider, has announced a new partnership with Sylo, a decentralized software development firm and the creators of the Sylo Network and Sylo Smart Wallet.
Through this collaboration, Moonstake will connect Sylo with their robust API/SDK solution, thereby enabling staking functionalities in the Sylo Smart Wallet and allowing Sylo users to earn passive income from their idle crypto assets.
Founded in 2010, Sylo is committed to decentralization and has created an ecosystem consisting of digital consumer wallet software, applications, infrastructure, and developer tools in order to usher in a decentralized future worth looking forward to.
A unique wallet app that combines digital asset management with decentralized communication, the Sylo Smart Wallet is a savvy decentralized e-wallet that enables users to purchase, store, track, send, and receive crypto assets, explore the world of Ethereum dApps by means of a Web3 Browser, pay with cryptocurrency in the real world, and provides secure communications by chat or audio/video call.
“We’re pleased to offer our community of global users yet another way to access the benefits of crypto. As always, our user flow has been designed with simplicity in mind, and staking via Moonstake in the Sylo Smart Wallet will make earning from digital assets simple enough for people everywhere.”
– Dorian Johannink, Co-Founder and Business Director of Sylo
Born over a year ago with the aim to create the largest staking network in Asia, since its inception Moonstake has developed highly user-friendly wallets for both Web and Mobile (iOS/Android) that are compatible with over 2000 cryptocurrencies.
After a full-scale operational launch in August 2020, Moonstake’s total staking assets have grown rapidly to reach USD 800 million in staked assets over just six months. Within a year of its founding, Moonstake became ranked in the top 10 of the world’s premier staking service providers and it continues to strongly expand its business.
“The Sylo Smart Wallet is an interesting e-wallet that combines the functionality of a flexible digital asset management tool and a secure instant messaging app. We are happy to help proper crypto projects like Sylo enable staking in their wallet so that users can have more ways to earn with crypto. With a wide selection of PoS coins and attractive yield rates from our high-quality staking pools, we are confident that users will be pleased with their staking experience on Sylo powered by Moonstake.”
– Mitsuru Tezuka, Founder of Moonstake