A company called NKOR is currently in the process of raising capital and developing a new application of blockchain technology and intellectual property. Blockchain technology allows registration of information in a secure, transparent, and efficient environment. Participants can transact data directly between one another without the need for intermediaries. The system first authenticates the uploaded data, which is then linked to a particular transaction and timestamped. The system also tracks any sharing of the data by other entities, providing a system for artists and inventors alike to share their works and immediately detect any infringing use. Copyright infringement is prominent as China has the highest online piracy rate of 91%, followed by Columbia with 90% and Russia with 80%. Moreover, 67% of digital piracy sites are hosted in North America and Western Europe and more than 75% of computers have at least one illegally downloaded application. This technology would decrease incidents of copyright infringement because artists and inventors can directly monitor the sharing of their works. Blockchain technology is being applied to many different industries as a means of effectively and safely conducting business. Indeed, the Blockchain Sharing Alliance is aimed at creating a blockchain patent sharing pool, which would both provide a system of licensing and trading certain patented blockchain technologies and also allowing the blockchain community to build and innovate with the IP assets.
December 6, 2017