Enhancing the security of intellectual property using Ethereum blockchain technology

Abstract

This research work introduces a decentralised blockchain system for handling IP issues. These core IP systems present issues of inefficiency, high costs, and high risk of fraud, thus requiring new solutions. The proposed system is based on the use of smart contracts that provide an opportunity to improve the stability and transparency of operations in the field of IP. The purchase initiation process introduces a way to registered and verified IPs, price, purchase initiation process, delivery, and verification process. Comparative analysis reveals significant improvements over traditional methods: cost of transaction cut down to half; time saved during transaction doubled the security provided was increased to 50%, the transparency level of the system compared to the traditional system was increased by 90% and lastly there was 183% increase in the rate of using automation. All these enhancements are made possible by the various aspects of the system such as; immutable record-keeping, Cryptographic verification, and automated fund distributions. Our solution makes IP creation and distribution fairer because of the ideas of decentralization, transparency, and efficiency that are offered by blockchain technology. It checks equity for compensation of creators, reduces barriers to entry and promotes advancement. Despite the implementation challenges observed – the research shows that blockchain has transformative potential for the protection and management of intellectual property rights.