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Users responsible for protecting the creators' Intellectual Property are the copyright management entities, e.g., lawyers. The patents as NFTs solution for IP management in blockchain layer works by implementing the following steps 38: Creators sign up to the platform: Creators need to sign up on the blockchain platform to patent their creative work. The identity information will be required while signing up. Creators upload IP on the blockchain network: now, add an intellectual property for which the patent application is required. The creator will upload the information related to IP and the data on the blockchain network. Blockchain ensures traceability and auditability to prevent data from duplicity and manipulation. The patent becomes visible to all network members once it is uploaded to the blockchain. Consumers generate request to use the content: Consumers who want to access the content must first register on the blockchain network. After Signing up, consumers can ask creators to grant access to the patented content. Before the patent owner authorizes the request, a Smart Contract is created to allow customers to access information such as the owner's data. Furthermore, consumers are required to pay fees in either fiat money or unique tokens in order to use the creator's original information. When the creator approves the request, an NDA (Non-Disclosure Agreement) is produced and signed by both parties. Blockchain manages the agreement and guarantees that all parties agree to the terms and conditions filed. Patent management entities leverage blockchain to protect copyrights and solve related disputes: Blockchain assists the patent management entities in resolving a variety of disputes that may include: sharing confidential information, establishing proof of authorship, transferring IP rights, and making defensive publications, etc. Suppose a person used an Invention from a patent for his company without the inventor's consent. The inventor can report it to the patent office and claim that he is the owner of that invention 3.5. Application Layer Many enterprises, governments, universities, and Small and medium-sized enterprises (SMEs) worldwide are already using the patent Platform Global Patent Marketplace technology. This would allow the company to tokenize patents as NFTs to create an infrastructure for storing patent records on a blockchain-based network and developing a decentralized marketplace in which patent holders can more easily sell or otherwise monetize their patents. The NFTs-based patent can use smart contracts to determine a set price for a license or purchase. Any buyer satisfied with the conditions can pay and immediately unlock the rights to the patent without either party ever having to interact directly. While patents are currently regulated jurisdictionally around the world, a blockchain-based patent marketplace using NFTs can reduce the geographical barriers between patent systems using as simple a tool as a search query. The ease of access to patents globally can help aspiring inventors accelerate the innovative process by building upon others' patented inventions through licenses. There are a wide variety of use cases for patent NFTs such as Event Ticketing, SMEs, Patent Organization, and Grant & Funding. These applications keep growing as time progresses, and we are constantly finding new ways to utilize these tokens. Some of the most commonly used applications can be seen as follows. Event Ticketing: An Ethereum wallet company, AlphaWallet, created a smart contract and sold 2018 World Cup tickets. In another example, OpenSea – an NFT marketplace, used NFTs to sell tickets for the NFT-NYC event in 2018 and 2019. Each ticket is a unique ERC-721 item, which OpenSea calls a CryptoTicket. These tickets are instantly re-sellable, transferable, bundle-able, and bid-able. The possibility of linking event tickets to NFT opens up opportunities for the event organizer to sell the tickets to global buyers in an auction. Buyers can be sure about the tickets' are the ownership of tickets would be easily verifiable in the blockchain network 39. SMEs: The aim is to move intellectual property assets onto a digital, centralized, and secure blockchain network, enabling easier commercialization of patents, especially for small or medium enterprises (SMEs). Smart contracts can be attached to NFTs so terms of use and ownership can be outlined and agreed upon without incurring as many legal fees as traditional IP transfers. This is believed to help SMEs secure funding, as they could more easily leverage the previously undisclosed value of their patent portfolios 40. 4. Discussion There are exciting proposals in the legal and economic literature that suggest seemingly straightforward solutions to many of the issues plaguing current patent systems. However, most solutions would constitute major administrative disruptions and place significant and continuous financial burdens on patent offices or their users. An NFT-based patents system not only makes many of these ideas administratively feasible but can also be examined in a step-wise, scalable, and very public manner. Furthermore, NFT-based patents may facilitate reliable information sharing among offices and patentees around the world, reducing the burden on examiners and perhaps even accelerating harmonization efforts. NFT-based patents also have additional transparency and archival attributes baked in. A patent should be a privilege bestowed on those who take resource-intensive risks to explore the frontier of our technological capabilities; as a reward for their achievements, full transparency of these rewards is very much in the public interest, as it is a society that pays for inefficiencies, both administrative and economic, that exist in today's systems. NFT-based patents can enhance this transparency. From an organizational perspective, an NFT-based patent can remove current bottlenecks in patent processes by making these processes more efficient, rapid, and convenient for applicants without compromising on the quality of granted patents. 9PDF Image | Patents and Intellectual Property as NFT
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