Abstract:

The use of blockchain technology in the management of Intellectual Property (IP) assets can greatly improve the levels of security, transparency, and even efficiency. There is the possibility to transform how IP rights are registered, protected, and enforced due to the decentralization and immutability features provided by blockchain technology. Current IP management systems suffer a lot from data manipulation, absence of transparency, manual procedures, and ownership disputes. This study aims to solve different IP management challenges by proposing a Smart Contract Integration on Permissioned Blockchain (SCI-PBC) framework which fully automates IP registration, verification, and licensing using smart contracts on a permissioned blockchain. The new approach guarantees process automation, protection from data alteration, auditable trails of ownership, and real-time updates regarding IP management in the blockchain. With the implementation of SCI-PBC, users can, with minimal human intervention, adequately secure the registration, licensing, and transfer of IP rights. The proposed model SCI-PBC will reduce disputes occurrence, improve data integrity, and increase transparency in the management of IP assets making IP assets management more efficient.