Blockchain-based Intellectual Property Management Using Smart Contracts

Abstract

Smart contracts are an attractive aspect of blockchain technology. A smart contract is a piece of executable code that runs on top of the blockchain and is used to facilitate, execute, and enforce agreements between untrustworthy parties without the need for a third party. This paper offers a review of the literature on smart contract applications in intellectual property management. The goal is to look at technology advancements and smart contract deployment in this area. The theoretical foundation of many papers published in recent years is used as a source of theoretical and implementation research for this purpose. According to the literature review we conducted, smart contracts function automatically, control, or document legally significant events and activities in line with the contract agreement's terms. This is a relatively new technology that is projected to deliver solutions for trust, security, and transparency across a variety of areas. An exploratory strategy was used to perform this literature review.