Are you facing issues
in protecting, managing, or monetizing your Intellectual Property (IP)? Don’t worry, as you can now implement blockchain
technology, which works as an advanced tool to help you protect, manage, and
monetize your IP.
Intellectual property,
which refers to outcomes of the human mind, includes many different things.
From inventions to artistic works and unique products, almost every uncommon
and useful thing can rest under its umbrella. Whether you create a symbol,
write a book, design a game, or come up with any other intangible media, you
(as an author) can access and enjoy Intellectual Property Rights (IPRs) over the same. Nevertheless, the present system
appears a bit weak to bring this phenomenon in practice. You are possibly aware
of how easy it is for others to steal your content nowadays when the internet
facilitates your data to flow freely across the globe.
Blockchain technology
provides an incorruptible digital ledger that aids you in tracking assets and
recording transactions in a business network. Assets can be tangible such as
cash, cars, and houses or intangible like IP. Working as a tool to store and
manage assets on a decentralized ledger and track transactions associated with
digital content, including anything – music to pieces of art, etc., blockchain
ensures reliability, accountability, and transparency. In this way, it allows
an immediate revenue stream for creators by enabling a direct relationship
between them and consumers.
IP Protection with Blockchain
As a creator of
content, image, or anything else, you can understand how frustrating it is to
put in efforts and time on something that people can access freely without your
consent and any compensation. Moreover, you also comprehend the importance of
retaining ownership rights as it is the easiest method to avoid such
frustrating acts. Nevertheless, with the current model of the IP industry where
getting your asset registered is a time taking process and the internet that
has made copying content quite easy, doing so appears a bit hard. Worst,
proving infringement of your content in court without proof of ownership
becomes difficult. Here, blockchain digital ledgers that emphasize working with
time-stamped and unalterable records come up as the perfect place to store
evidence of your ownership rights. They provide a solution for authenticating
and proving the time of creation and the identity of the original creator, thus
eliminating all sorts of doubts and making it easier for creators to enforce
their rights when Copyright Infringement of their content occurs.
IP Management with Blockchain
In the present era,
once creators upload their work online, it becomes arduous for them to maintain
control of the same. Moreover, not only the creators find it problematic to
know who is using or making profits from their content, but even third-parties
who wish to seek a license to use someone’s IP face difficulty in determining
the relevant owner. All these facts result in increasing infringement issues
and preventing authors from properly monetizing their works. The blockchain
technology, which maintains a fair digital record enough to prove the creator’s
authenticity, can prevent the occurrence of such issues. Besides, by
maintaining transparency, it helps third parties to identify the original owner
and get his/her permission to use the content. And this, ultimately, benefits
the creators with the option to obtain expected compensation in exchange for
licensing their IP.
IP Monetization with Blockchain
Blockchain
technology-based smart contracts play an active role in helping creators
monetize their IP. These contracts empower creators to not only dictate the fee
and terms of their licensing agreements and ensure that the licensee is using
it as expected but also license content directly to end-users. They can also
serve you with benefits like automatic payment triggering whenever people
access your content, appropriate scaling of compensations, etc. Blockchain, in
this manner, aids you to save your money and monetize IP effectively as with
smart contracts, you needn’t have middlemen.
Conclusion
Almost every one of us
knows that blockchain technology, if used correctly, can help creators in
improving efficiency, cutting expenses, and increasing revenue by creating new
products. Still, many individuals and enterprises often ignore stepping ahead
with it. Well, whether to use blockchain for protection, management, and
monetization of your IP or not is your choice. Nonetheless, if you want to
experience noteworthy protection of your IP and suitable compensation for your
creative works, it is advisable to go for this advanced technology. ✅ For view-source: https://bit.ly/32nrwvG
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