Blockchain Technology – Time To Get Smart?
Blockchain and other examples of distributed ledger technology (DLT) have risen to their current popularity as the technology underpinning cryptocurrencies, such as Bitcoin and the Ethereum platform. As DLT technology is being adopted by various other industries in new ways, is it time we all get smart? We take a look at just some of alternative uses and how they might be adopted.
Alternative uses of Blockchain Technology
Certification and collective trade marks are a field for the potential application of blockchain technology. As it is an important requirement for certification marks that the entity owning the mark must be “competent to certify”, these might be best suited to private blockchains. Fake certificates could be identified almost immediately, which would benefit both trade mark owners and consumers.
Another blockchain buzzword is the concept of “smart contracts” which would cover most business relationships. As some DLT solutions can hold, execute and monitor contractual codes, such “smart contract performance” could be of interest to digital rights management databases. For example, “smart information” about intellectual property rights of a song could be encoded in digital form, in the form of a music file.
Anti-Counterfeiting and Blockchain Technology
Adding scannable blockchain-connected tags or other markings to products that include legal and other information could also enhance the effectiveness of customs enforcement in the fight against counterfeits, and help when it comes to validating a genuine product. In the retail industry, the idea of using interactive tags, such as QR codes, is not new. However, unlike blockchain, these established technologies link to one single source of information – rather than a distributed ledger – and, although they may make life more difficult for counterfeiters, they are still prone to corruption and copying.
For further information or advice on further applications of Blockchain technology, please contact us.
Tidman Legal is a firm of specialist intellectual property lawyers based in Edinburgh.