The abundant promise of blockchain has yet to be realized. To many in IP, finance and tech, it is just beginning to come into sight.
The initial application of blockchain’s distributed ledger, bitcoin, has turned out to be more of a speculative sideshow than a legitimate alternative currency. We hear repeatedly that bitcoin is merely the first of many possibilities, and that blockchain should not be judged on the basis of bitcoin.
One of the most intriguing areas of potential for blockchain, or encrypted distributed ledger of data, is transacting IP rights — so-called smart transactions. Smart transactions aim to make more efficient millions of copyright, patent and trademark licenses by providing greater transparency and the removing costly middlemen. It sounds great – but can it really happen or is it merely the alchemists’ fantasy?
In April, Managing Intellectual Property, magazine ran a feature on blockchain, “Blockchain Party,” which can be found here. The special report discusses how blockchain will fundamentally change IP transactions, and haw already started to. The race for blockchain patents is well under way, with U.S. and some European banks, fintech firms and tech companies jockeying for position with the Chinese.
Who use blockchain?
The following infographic from Bitfortune.net, a bitcoin promotion and gaming website, offers 16 industries and areas where distributed ledger adoption is underway. (Sources for the data are offered at the bottom of the graphic. They have not been checked.)
Bitfortune says “many experts believe that blockchain will change our world in the next 20 years as much as the internet has over the past 20.”
[Three useful blockchain articles follow the long infographic below.]
More on blockchain:
IP CloseUp: 59% of blockchain patents are owned by developers; BofA and IBM dominate banks and tech players.
DS Avocats: Blockchain, Smart Contracts and Intellectual Property.
WIPO Magazine: Blockchain and IP Law: A Match Made in Crypto Heaven?
Can blockchain shake off its inauspicious beginnings as bitcoin foundation and deliver on its promise?
Many are pulling for it, including me and several banks, fintech businesses and technology players, who are either investing heavily or hedging their bets.
Image source: bitfortune.net