Blockchain and Intellectual Property

• Blockchain is decentralized in nature, while intellectual property is owned by a company or an individual.
• Blockchain technology is utilized in cryptocurrencies like Bitcoin and Ethereum, while Intellectual property contains numerous types of assets like trademarks, patents, copyrights, etc.

Blockchain is a concept digital currency, which is managed by a group of individual or by a team, whereas the concept of intellectual Property relates to the fact of human intellect (like inventions, arts, and ideas). 

Why do we need Blockchain?

• It works in a network where each user has its copies which make sure that the recorded or stored information is in its correct form. It contains a secure and transparent chain of information.
• One of the most remarkable features of the blockchain is its decentralized nature, i.e., it is not controlled by any central authority, instead, it can be managed and distributed among multiple individuals, and once the information is get stored in it, so it cannot be changed or modified by anyone for hacking or cheating purpose.
• Blockchain also reached the healthcare industry, where it maintained, stored, and secure the patient data.

Pros and Cons-

• Pros:

1. A major advantage of blockchain technology is anyone can use it, i.e., it is an open network that anyone can be part of.
2. It is a way to save information securely in a decentralized manner.

• Cons:

1. It has a drawback that if multiple transactions can occur at a same time, then it may slow its speed.

What is Intellectual Property?

Intellectual Property is like a wide category of intangible assets (non-physical assets), which is owned and legally protected by a person or a company. Getting worth from an intellectual property and stopping others from using it for their advantage is a big duty of every company. 

Types of Intellectual Property-

 It contains several types, some of them are listed below: 

1. Patents
2. Copyrights
3. Trademarks
4. Franchises
5. Trade secrets
6. Digital Assets

• Patents: A patent is like a special ownership granted by a government agency, like the U.S. Patent and Trademark Office. It gives the inventors special rights to their creation, whether it is an innovative design, process, improvement, or machine.

• Copyrights: It gives special rights to the creators and authors for their original material, they are the only ones who can use and copy what they have created.

• Trademarks: It is a special symbol, sign, or word that is an identity of product and company, which makes it different from others.

• Franchise: It is a license that a person or company (franchisee) buys. This lets them use another company’s name, logo, and specific knowledge.

• Digital Assets: These are becoming increasingly important as intellectual property. This includes special software secret codes, algorithms, and online digital content.