Blockchain: An Efficient Intelligent Agreement for Patents and Trademarks

Abstract

Intellectual property security faces problems in the digital era, with growing piracy, AI-generated works, and global compliance problems, Creations, designs, trademarks, and trade secrets are all protected by Intellectual Property (IP) rights; yet, there are several issues with IP rights management and enforcement around the world. The benefits of blockchain technology include decentralization, transparency, and immutability. Therefore, blockchain offers to provide a solution for IP issues. Example: Patient records. Important medical information is contained in patient records, and protecting these records requires a combination of ethical considerations, data privacy regulations, and Intellectual Property Rights (IPR). The Intellectual property transfer would indicate the necessary legal frameworks rather than needing to be explicitly laid out separately if the platform became legally binding. The dynamic nature of the ledger also removes the ambiguous and imprecise matters related to contract voiding and mooting. IPRs, or intellectual property rights, have always been important and complicated issues because they protect intangible works' property and the possibility of financial gain from them. A trademark is any term, fragrance, design, or combination that identifies and sets one company's or individual's products apart from those of competitors. The Results discussed the creation of smart contracts for patient health records for data privacy. The proposed article describes intellectual property like Intangible assets including things like copyrights, trademarks, and patents. Tangible assets include things like vehicles and houses. The blockchain keeps a permanent record of transactions in a series of groupings called blocks connected cryptographically. Every block has a copy of the preceding block's hash as well as a hash of the transactions in that block.