Blockchain technology rose to popularity following the rise of cryptocurrencies like Ethereum or fintech and Bitcoin. Now the technology is being used in various sectors to track the progress of goods in a supply chain, and it has become a domain of interest for many intellectual property sectors. Some of the sectors include luxury, automotive, consumer goods, and pharmaceuticals, where there is a need for traceability. Blockchain is very attractive because it has flexible use cases ranging from transactions to cryptocurrencies and contractual information to data files.
In simple terms, blockchain can be defined as a form of distributed ledger technology that can be used to create a transparent and secure record of transactions. Everyone can view this record on the platform. The ideas that are being recorded on blockchain are not just used for temporary record, but it stays there on the platform forever. The recorded information can be used to verify claims in court, and also it is easier for the people to scrutinize it. Automated agreements can be created via blockchain, and it can be used to distribute profits earned from IP assets. The assets are generally available all the time on the platform, and the level of authorization can also be controlled.