PwC launches blockchain intellectual property trading platform in India

India's Karnataka state has announced a partnership with PricewaterhouseCoopers, one of the “Big Four” accounting firms. The two sides have jointly developed an intellectual property trading platform based on blockchain technology to bring together innovators, investors, and entrepreneurs to enhance and protect the transparency and security of intellectual property rights.

PwC launches blockchain intellectual property trading platform in India

It is reported that the blockchain intellectual property trading platform allows innovators to put forward their own patent registration ideas, which will later be verified by industry experts. Once reviewed by experts, it can be published on blockchain-based trading platforms, and any business or investor interested in these creative ideas can bid on them. At present, the blockchain intellectual property trading platform has completed preliminary testing and is expected to be officially launched after a month.

At the Bengaluru Tech Summit (Bengaluru Tech Summit), PricewaterhouseCoopers director and head of government and public affairs, Saurabh Bhattacharya (Saurabh Bhattacharya) said that blockchain will become the mainstream technology in the 21st century. The blockchain intellectual property trading platform zombie innovators quickly register patents and trade with investors. PwC cooperated with the Karnataka government to implement blockchain-based solutions. Any individual or institution can upload patent applications, and investors can obtain information on innovation according to their own needs. Whether these creative ideas can be shared publicly is entirely up to the patent owner.

Saurabush Bhattachaya said, “Investors and innovators will sign a Non-Disclosure Agreement (NDA). This provision ensures complete confidentiality of the creative idea itself. Afterwards, the blockchain intellectual property trading platform will legally verify such transactions through electronic contracts. Today, the fintech industry has begun to explore blockchain technology, and now we've seen manufacturing, energy, and utilities, healthcare, and government rapidly deploy this emerging technology.”

Since the entire platform is based on blockchain technology, it has characteristics such as complete transparency and minimum operable range, and can encourage innovators in the fields of agriculture, science, technology, and biotechnology to disclose their ideas and patents to make positive contributions to social development.

In addition to establishing this blockchain intellectual property trading platform, the Karnataka government is also planning to set up an “innovation bureau” to further protect the intellectual property rights of enterprises.

Source: Golden Finance