Blockchain technology applying to intellectual property objects

Maria Matyushenko

Blockchain’s enormous potential and its application are gaining momentum in all industries nowadays. In particular, in 2017, a fantastic rise in cryptocurrency value based on the Bitcoin blockchain [1] drew general public attention to the blockchain concept, where blockchain protocol was firstly officially presented and published under Satoshi Nakamoto’s pseudonym in November 2008 [2]. The official presentation described the concept in which transaction packets (blocks) between users (nodes) are cryptographically linked in chronological order, creating a continuous, protected from unauthorized access register (chain), which is stored and managed by all users simultaneously (distributed book) where intermediaries involvement in particular service providers is not required. After all, each user has a private key (to initiate a transaction), as well as a public key (to receive funds). Thus, blockchain technology spread is active to intellectual property field due to the fact that blockchain increases not only data transfer speed but also maintains high quality. Moreover, increasing data integrity and security intellectual property and procedures acceleration for intellectual property rights registration between relevant agencies.