2018 has been the year that has really began to see the Blockchain network grow.  Built on an open ledger, the Blockchain network can be maintained by several users and with several levels of verification.  This takes away the pressure of reliability and responsibility through a single network / organisation as it can never be completely brought down in a single instance.  In effect it provides robust networks which are increasingly protected against cyber-crime and any other related issues which are often faced by single networks.

The positive development of the Blockchain network for commercial organisations

Because of its sturdy resilience and reliability, technology innovators have sought to understand Blockchain’s benefits and find new uses which could be applicable to modern industry and services.

In doing so industry specialists are now looking to Blockchain’s positive influences in terms of Intellectual Property.  Currently IP offices run individual databases relating to application status and licensing.  Blockchain network technology could be used to change this to control all aspects of an application right through to licensing on a single network, whilst the more in-depth detail of an application could be used as a reliable source of proof to verify the authenticity of the goods – should an infringement arise.  With every date captured and stored it will clearly determine the chain of ownership and will also help to reduce time and debate where there is an issue, by allowing third parties including suppliers, consumers and authorities to distinguish whether a good is an original or a fake, according to a recent article by businesswales.com – Introduction to blockchain and intellectual property.

Is your company using intellectual property to protect designs and blue prints? Patents and IP protection is extremely important but comes at a cost, we support companies with intellectual property insurance to ensure that their patents are protected. Please contact Crendon Insurance Ltd to find out more.

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