Expected shift in patent strategies as IP-based NFTs offer new possibilities
24 May 2023
Healthcare, finance and intellectual property are some of the areas that blockchain technology has been transforming since its inception. Because of this new development, companies are compelled to adjust as customers demand greater security and transparency. Knowing the basics of the market will enable you to decide whether the technology is appropriate for your company and will keep you competitive as more companies enter the market every day.
However, not many people know about blockchain technology – and sometimes, even those in the industry. Despite this, IP-based NFTs provide more possibilities than difficulties, said Leann Pinto, CEO of IPwe, a global platform leveraging the power of AI, predictive analytics and blockchain technology around smart intangible asset management.
For instance, putting all pertinent information on a patent in a single area rather than dispersed among a company’s several different databases would allow businesses to operate with efficiency never seen. According to IPwe’s experience, the biggest problem is more likely technology adoption-related than IP-related. The real nature of an NFT – a straightforward, digital data encapsulation – has been warped by the present applications of NFTs.
“Trade secrets are also being managed inappropriately – no one has control over that and with concerns on national security, patent strategies are changing,” she said. “There is going to be a shift in patent strategies.”
She added: “We are certain that patent offices throughout the world will ultimately adopt a dynamic patent NFT solution to boost the patent system’s effectiveness and transparency, which will in turn spur more innovation and improve the IP system as a whole.”
In addition, she stressed on the importance of intellectual property rights, including any methods that could lessen infringement or aid in ensuring that the conditions of a contract related to the sale of an asset are met. “The NFTs accompanying smart contracts technology can guarantee that all impacted patents are in accordance with the contractual obligations included therein,” said Pinto.
- Excel V. Dyquiangco