Can Blockchain Technology Protect Your IP Assets?

Jan 25, 2019

Blockchain is a technology that allows transactions to be digitally recorded in a “decentralized ledger.” The ledger, which is a public database accessible by all participants, cannot be controlled by a single entity and has no single point of failure. In essence, it is a technology that offers a safe, accurate trail of digital information. It is most commonly known as the record-keeping technology behind bitcoin and other digital currencies.

Blockchain technology has wider implications beyond cryptocurrencies. It may help solve complex issues for IP owners, particularly for those engaged in global transactions. For example, blockchain technology enables companies to create a digital trail recording their innovation processes. As such, inventors could use blockchain to document, record and manage their inventions. This would be valuable in establishing proof of inventorship and/or first use in commerce, controlling and tracking the distribution of IP assets, allowing digital rights management (e.g. music or video downloads), enforcing license agreements and/or other distribution networks and transmitting/tracking royalty payments. Blockchain technology also could allow company employees in different locations to collaborate more efficiently by working collectively on projects by adding to each other’s work by blockchain.

Ultimately, effective implementation and use of blockchain technology could have a significant, groundbreaking impact on IP development, ownership and licensing. It remains to be seen how the technology will be implemented effectively and efficiently.

*The information in this article is provided for general informational purposes only, and may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice from Greenspoon Marder LLP or the individual author(s), nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through, this Post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.

About Greenspoon Marder

Greenspoon Marder LLP is a full-service law firm with over 240 attorneys and more than 20 office locations across the United States. With operations from Miami to New York and from Denver to Los Angeles, our firm attracts some of the nation’s top talent in key markets and innovation hubs. Our core practice areas include Real Estate, Litigation, and Transactional Services, complemented by the capabilities of a full-service firm. Greenspoon Marder has upheld a spot on The American Lawyer’s Am Law 200 as one of the top law firms in the U.S. since 2015, and our goal is to provide exceptional client service by developing a thorough understanding of each client’s business needs and objectives in order to provide strategic, cost-effective solutions.

MEDIA CONTACT

Natalie Villanueva, Director of Marketing
954.333.4308 | [email protected]

This Greenspoon Marder LLP Client Alert is issued for informational purposes only and is not intended to be construed or used as general legal advice nor a solicitation of any type. Please contact the author(s) or your Greenspoon Marder LLP contact if you have any questions regarding the currency of this information. The hiring of a lawyer is an important decision. Before you decide, ask for written information about the lawyer’s legal qualifications and experience.

Previous Next

News

Can Blockchain Technology Protect Your IP Assets?

Share

News & Events

News & Events