Intellectual Property Rights: A Revolution Begins on Blockchains!

NFTs have been the talk of the town for the best part of 2021. The rally for NFTs is going strong in 2022 as well. And there’s a reason why NFTs have taken the crypto world by storm. Artists all over the world are looking into NFTs to earn and claim their works’ ownership. And it isn’t just the artists, other works are also being converted to NFTs for sale. Museums and collectors are also considering creating and trading historic works and archeological findings with NFTs.

“These are just some of the uses of NFTs being considered globally. But the application of blockchain technology, especially that of NFTs, is much more deep and ingrained in our socio-political systems. One of the biggest problems solved by NFTs is recording ownerships and transfers. This enables the technology to be used in public and private activities for transferring items.” exclaimed Dev Sharma of Blockwiz, a global crypto marketing agency.

The concept of decentralization isn’t new. The internet, open-source movements, and platforms like Youtube have already decentralized many art forms and industries. This decentralization enabled the creation of creator economies plus adding to industries like advertising and influencer marketing. However, one of the biggest issues of the last decade has been breaches in copyrights and piracy. The US economy alone stands to lose between $30-$70 billion every year just by video piracy while 70,000 jobs are lost every year because of music piracy.

“Smaller-scale content creators are affected by these practices the most. One of the primary reasons behind it is the lack of a transparent and efficient system of protecting intellectual property. While bigger organizations are capable of tracking and protecting their intellectual properties, smaller content creators do not have that luxury. NFTs solve these problems by securely recording ownership and tracking infringements. Trading or using NFTs can also be automated to deliver royalties to the creators without any moderators, which in turn can protect their financial dependence on their work.” added Mr. Sharma, founder of the Canada-based agency.

The 90s and early 2000s are attributed to the disparity between creators and their financiers, where the former was exploited by the latter. The next decade was full of piracy through copies and illegal downloads. The financial security of creators has always been at stake. This is true for industries that are involved in scientific and technical works as well. Blockchain technology bitcoin evolution is already proving to be a reliable means to protect intellectual property rights. In the days to come, governments and other authorities can use the same system to manage property rights on a much broader scale.