New Proposal for a Layered, Theoretical, NFT-Based Patent Framework
By making use of blockchain technology, digital assets are extensively organized into fungible and non-fungible tokens (NFT). NFT relates to those with one-of-a-kind and non-substitutable properties.
A research group directed by Professor QU Qiang from the Shenzhen Institute of Advanced Technology (SIAT) of the Chinese Academy of Sciences and Professor Seyed Mojtaba Hosseini Bamakan from Yazd University has submitted a layered, theoretical, NFT-based patent platform.
Read the released study in Scientific Information on Feb. 9.
Although NFTs have had numerous applications thus far, it has hardly seen application in real-world problems.
Requesting a license and trademark is lengthy and expensive. With the help of distinct functions of NFT technology, it is possible to speed up this procedure. Tokenizing patents would supply more transparency, traceability, and cost-efficiency of commercialization. NFT-based patents might promote dependable information sharing amongst workplaces and patentees worldwide, lowering the burden on inspectors and potentially even boosting harmonization initiatives.
NFTs can provide IP security while a candidate waits on the government to approve his or her more formal defense. IP owners can record a claim using hash and asymmetric cryptography, such as hash or ciphered claims in the blockchain network. The IP owner can verify his/her property right by applying the original document and its hash or personal key without third-party participation.
It would provide the ability to ‘tokenize’ their patents. Since the intention is to log every deal on a blockchain, mapping license ownership modifications will be a lot easier.
Originally published by: techxplore.com
