Blockchain And Intellectual Property Rights Alliance Is A Way Forward To The Future.

Abstract

With the emergence of blockchain there is an explosion which has broaden the spectrum of technology today. As blockchain are an up-and-coming technology and major portion of the application based on them are at nascent stage. Blockchain has proved to be useful in other spheres as well like cryptocurrency, videos, transactions, data files, design documents, etc. It is this nexus of blockchain technology with other domains that this technology is defined by WIPO as one of the frontier Technologies, which potentially will be beneficial for the management of Intellectual Property Rights (herein after IPR) as well. Thus, it is impossible to stay blinded towards the common ground that Intellectual Property Rights share with the blockchain technology. This paper is an attempt to define what Blockchain is? and the significance of blockchain in the arena of Intellectual Property Rights. The paper also studies the interplay between IPR and Blockchain technology. It explores the avenues where blockchain technology can be useful in processing of IP applications, Maintaining IP Records, Licensing and smart contracts, enforcement and management of IP rights.