Blockchain and its applications in Intellectual Property Rights Management

The decentralized, unbiased and immutable property of the blockchain systems provide security and transparency and due to this very fact, these systems are highly feasible to get attention from the legal authorities to get a substantial legal status where in these systems would be put to use in different aspect where blockchain might produce a substantial result. The judicial system might take a few years for the official procedures to accomplish, but the future withholds blockchain technology for a new generation. The counterfeit transaction detection mechanism in blockchain based systems is the key highlight that proves the existence and uniqueness of the copyrighted work. The EUIPO (European Union Intellectual Property Office) has also recognized the potential of the systems to devalue the counterfeiting mechanism to bypass the system. In order to increase its popularity, the organization has also decided to organize a blockchain hackathon aimed at proof of concepts wherein next level infrastructure is being built to combat the counterfeit transactions.