Blockchain technology- the ally of intellectual property

11.02.2020

The concept of blockchain is relatively unknown to those outside of the banking, investment, and cryptocurrency fields. However, the concept is currently the best and only way to make optimal use of the latest technological developments. Basic definitions of blockchain summarise the technology as “a distributed, decentralized, public register”(Investopedia), but this simplistic definition does little to explain how blockchain can help us with securing digital information.

Currently, the copying of information has significant legal repercussions for any individuals or entities that resort to this illegality. Blockchain technology, which was originally designed to support the digital currency known as Bitcoin, has laid the foundations for a new type of internet. Although the technology is predominantly used to enable the secure registration and exchange of Bitcoin, there is considerable interest in its potential for use in other areas.

In simple terms, a blockchain is nothing more than a series of immutable records, managed by a group of individual computers that have no single entity. Each block of data is linked to another block of data, and the data blocks are secured based on this chain-link action using cryptographic principles.

Understanding blockchain is important, but the key question remains: how could this technology help us in the future? The answer is that blockchain technology will be advantageous in many fields of activity, and will be especially beneficial for the area of intellectual property. The Internet has afforded its users the capability to acquire and distribute information for free. However, this can lead to financial damage and emotional suffering for those copyright holders who have lost control over their intellectual property rights. Through blockchain technology, “smart contracts can protect copyright and automate the sale of creative works online, eliminating the risk of copying and redistributing files.” (Course Hero)

However, the very nature of blockchain technology raises several concerns that call into question whether this method of securing technological information is safe, and whether it can be effectively regulated by any authority. The information held on blockchains is available to everyone, anytime and anywhere. Everything that is built through the use of blockchain technology is transparent, and the people involved in are wholly responsible for their actions. Large companies are under threat from the technology. This is because blockchain presents challenges in the encoding of transactional information, thus providing a secure way for corporations to test their business models.

You may ask yourself how blockchain technology is maintained, and the answer is simple: maintenance occurs via a peer-to-peer network. This network is a collection of interconnected nodes. Nodes are individual computers that perform one function when data is input, and another function at the point of data output. The workload is distributed among all participants, removing the need for information to be stored on a central server. Instead, the information is distributed to all colleagues, known as “peers”.

To conclude, it can be said that the field of blockchain technology will stand the test of time. Although new, the technology continues grow in popularity, facilitating development, innovation, and improvement in a variety of fields. Through blockchains, the world will become a much safer place in terms of information security, with particular benefits for the security of intellectual property.

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