Blockchain’s blueprint perceived as an entity has alleviated
several hurdles of the society to date. But to make that stimulation constant,
the inter-connection of the blockchain technology and intellectual property
(IP) protection is required promptly. For a blockchain developer, having
his/her copyright/trademark/patent/trade secrets is crucial otherwise a hacker
might take the credit. With globalization and localization overlapping majorly
across the world, having a proof on-paper is the prerequisite to resolve an
issue with transparency and integrity. Due to the decentralization nature of
blockchain, and a few other factors as well, there’s an issue from an
intellectual property protection perspective.
To know more about the degree of interweaving between
the two, one needs to understand the
inside-out of intellectual property.
The origin of intellectual property was in the 1600s. It’s
only in the 1800s and 1900s, specifically in the western part of the world that
intellectual property started getting implemented on the ground. Broadly
speaking, intellectual properties can be categorized as
- Copyright – For a particular
individual/cluster of individuals/firms, who built a sculpture, a painting,
lyrical music, movie/documentary, code, etc can protect it via copyrighting. A
unique expression in a tangible form can be copyrighted with an aid of the U.S
Copyright Office. Obtaining copyright specifies that the owner has control over
displaying, altering, distributing their work. Any public showcase (offline or
online medium) could happen only after getting their consent.
- Trademark – Every firm has a logo, name,
brand mantra, etc for their good and services. To ensure that the logo, name…
aren’t used in unappropriated ways and, consumers get to know the authentic provider,
a trademark is a prerequisite.
- Patent – A patent, in essence, assists the
inventor by having absolute rights to fabricate or sell their ingenuity for a
specific interval, in exchange for public broadcasting of their invention.
Broadly speaking a patent can be categorized into 3 types, namely, utility,
design, and plant.
- Trade Secrets – In layman words, a trade
secret could be considered as the ‘key characteristic’ in a company for having
an edge compared to other competitors. The key feature could be a strategy,
overall functioning, an algorithm, a common trait in every employee, etc. While
the expiration of a Patent or a Copyright is unescapable, a trade secret never
terminates until the secrecy is maintained.
As we have seen distinct types of intellectual
property, lets now delve into what type of relationship blockchain has with
intellectual property in terms of its protection.
The financial industry
and healthcare/medical industry have experienced exponential transformations to
date because of the regular utilization of blockchain technology in everyday
operations. To transform furthermore and sustain it as well simultaneously, IP
Protection needs to come on the ground swiftly. Analysing the intellectual
property in blockchain applications, it’s sufficed to say that such
applications function through the time-stamping feature. Time-stamping could be
vaguely compared with pointers employed in data structures but with exponential
upgraded security and accuracy. Similarly, in
the medical industry, the blockchain framework has so far
electronic health records,
doctors across the globe with the latest findings through thesis,
supply chain management,
- Quality check and control etc.
Besides the industries mentioned above, the entertainment industry
is another area where when the issue of IP protection gets resolved, it will
flourish more rapidly. As numerous people are aspiring to become singers, movie
directors, etc, having their respective Copyright, Patent, Trademark, or Trade
Secret will certainly boost their morale.
Hurdles in the blockchain structure for
implementing intellectual property protection:
The types of properties to date have been majorly designated
to tangible goods. Being intangible implies that it can be utilized
indefinitely via individuals without being depleted. Tangible products were
divisible with usage and time, but that’s not the case with intellectual
property, and hence
a hurdle at the moment. Another issue at hand is the
duplication of IP’s and reselling or merchandising of it as well. As the
technology is at its “introduction stage”, policy builders and individuals
working in legal institutions are experiencing ambiguity. One reason is that
they don’t know the inside-out of the functioning of the blockchain platform. A
storage query also exists. As the technology is decentralized, each user would
have to store some portion with himself/herself. But the expected storage
capacity required might be very high. Applications developed so far are mostly
not interoperable. Due to which data isn’t getting shared across the grid
making the whole point of decentralization become a paradox. Data
getting leaked intentionally or unintentionally
is another factor of concern. Leakage could happen in public ledgers or private
ledgers. Appropriate algorithms, laws, implementation techniques, and policies
would be required for each one separately.
Conclusion: Does the Future look bleak or
boom for IP seen from Blockchain’s perspective?
After thoroughly analysing every aspect, its safe to
say that it could be a boom instead of a bleak. Akin to the time the World Wide
Web or subsequent technologies entering the worldwide picture, if PESTLE and
SWOT are taken into consideration, IP protection and blockchain as a whole
would surely make the world thrive. PESTLE means examining the Political, Economic,
Social, Technological, Legal, and Environment’s angle. While SWOT consists of
Strengths, Weaknesses, Opportunities, and Threats. Generally, both PESTLE and
SWOT are utilized while making a strategy for a particular firm. But these
analyses could be used prior designing and implementing Intellectual Property
Protection in the Blockchain framework as well.
We at Primafelicitas
can be of assistance via Blockchain Consulting, DApps Development, and many
distinct ways. We have been in the Blockchain field since 2014, and have helped
several firms in accomplishing an edge compared to their respective
competitors. As the captain/s of our ship (CEO and CTO) understand the
technology and economy thoroughly, along with an energetic team, it would be an
honor to help you.
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Market Watch: Bitcoin Around $11K As ETH Eyes $400
Most of the cryptocurrency market has been relatively calm in the past 24 hours. Bitcoin trades around $11,000, and Ethereum jumps by 2% to $385.
Most of the attention went to Uniswap’s governance token (UNI) that launched yesterday. After listings on the most prominent digital asset exchanges, UNI trades at $5.3.
Bitcoin Remains Below $11K
As reported yesterday, the primary cryptocurrency attempted to overcome the $11,000 mark. It seemed successful initially, but the move rapidly reversed, driving Bitcoin’s price below the coveted level.
The price dip continued in the next few hours, and BTC reached its intraday low of $10,750. However, the asset has recovered since then and trades at $10,950.
Bitcoin still has to overcome the first resistance at $11,000 decisively before having a chance to further rise in value. If successful, BTC has to fight off the next resistance lines at $11,150 and $11,400.
In contrast, if the support at the 0.382 Fibonacci level ($10,800) can’t contain Bitcoin in case of a price breakdown, the asset can rely on $10,660, followed by $10,450.
UNI Gains Traction While Larger-cap Alts Chill
Most larger-cap altcoins have remained stagnant on a 24-hour scale. Ripple, Litecoin, and Binance Coin are less than 1% up, while Polkadot, Bitcoin Cash, and Chainlink are about 1% down.
Ethereum’s 2% increase to above $385 is the most impressive price move in the top ten. This could be attributed to the developments with Uniswap’s governance token launched yesterday.
Upon the UNI release, the popular DEX protocol announced that it will airdrop 15% of the token’s total supply to anyone who has used the platform. Thousands of users received 400 free UNI tokens each. However, to claim the coins, the user had to utilize the Ethereum network. This rush for free tokens led to record-high fees.
Those who lacked ETH tokens to pay the gas fees had to purchase some, increasing the demand, and ultimately driving ETH’s price higher.
In any case, most eyes were on UNI yesterday (and today). The protocol’s popularity urged exchanges such as Coinbase Pro and Binance to list the native token almost immediately. This brought massive attention and a price surge. At the time of this writing, UNI trades at $5, and its total market cap of $850 million places it in the top 30 coins.
Other impressive price increases include ABBC Coin (28%), SushiSwap (18%), Solana (15%), Neo (15%), and Loopring (13%).
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Industry investment firm Blockchain Capital joins the Libra Association
Blockchain Capital has joined the Libra Association as its twenty-seventh member.
The post Industry investment firm Blockchain Capital joins the Libra Association appeared first on The Block.
Why We Get Obsessed With Bitcoin
Bitcoin can be addictive—but what sparks that initial obsession? Here’s why people become Bitcoiners, from the minds of those most hooked.
You’ve probably seen the comic posted in one of the many online crypto communities; an adaptation of a popular Reddit meme. A jolly little character offers up two games, one adventurous, the other challenging.
His friend asks about a third option.
“When you play that game,” the first little guy replies, “days will blur together. Regular meals are a thing of the past. Friends will become concerned. And the whole time you’ll be unsure if you’re even having fun.”
That third game is, of course, Bitcoin.
That comic is familiar to those of us in the crypto industry. From traders staying up until the early hours, to crypto journalists working day and night to cover the fast-growing space, we all relate to it and that’s why it makes us laugh.
But what is it about Bitcoin that initially grabs us and sends us down the rabbit hole? Why do these lines of code reach out of the computer screen, grab our imaginations and pull us in?
During four interviews, with diehard Bitcoiners, Decrypt identified some common traits: a dislike for authority, with a political stance that leans towards libertarianism. But while they revel in Bitcoin’s attributes as a hedge against inflation, or its security, it wasn’t those factors that initially drew them in. Rather, it was the moment they first used Bitcoin or were able to visualise it, that flicked a subliminal switch. So, while the current narratives are important, what gets us obsessed with Bitcoin is something a little more intimate.
“A weapon for peace”
On a day in September 2015, David Bennett, senior administrator at the Texas Tech University, felt confined.
He was at work in his cubicle, lit by a lamp instead of the overhead fluorescent lights that were never turned on. The office was so buried in the middle of the gray, chunky concrete building that was the university’s library, he couldn’t even hear it when it rained—an event that, in the southern end of the High Plains desert landscape, would typically bring everyone running to the windows.
Bennett looked at his monitor. He was just about to send 0.2 Bitcoin, worth $80, from his Coinbase account to Jack Spirko of the Survival Podcast, so he could become a member. He had heard about Bitcoin online a few years ago, but it was only from listening to these podcasts that he was starting to learn more. He popped in Spirko’s address and hit send.
It quickly dawned on him that there were so many things he hadn’t done. He hadn’t put in his bank account details, his home address, his telephone number. He hadn’t authorised someone to take payments from his account. There would be no phoning the bank up to complain that further scam payments had been taken from his account. That was it, done.
He felt liberated.
“That started the whole trip down the rabbit hole,” he told Decrypt. “I sat back. I didn’t say anything then, but later told my co-workers about Bitcoin.”
Bennett soon became a regular listener of Bitcoin educator Andreas Antonopoulos as well as Trace Mayer’s weekly Bitcoin Knowledge podcast. Finding himself ill-content with just one podcast episode every week, he set up his own called “Bitcoin and …” where he discusses news on a daily basis.
To this day, he continues to maintain that Bitcoin is a weapon, but, in the words of Parallax Digital CEO Robert Breedlove, one for peace.
“Bitcoin is FU money”
It was a cold day in late October, 2019, when Phil Gibson, a software salesman, drove home for his lunch hour. His friend had convinced him to buy a range of altcoins, such as the Brave browser’s Basic Attention Token and business-focused Syscoin, on crypto exchange Binance. Only the friend had warned him to get a VPN first.
Standing at the kitchen table with his laptop out, Gibson tried paying for NordVPN. But his debit card refused to work, flagging an error message. He tried his credit card. Still no dice. He got on the phone to his bank, to find out what was going on. While he was waiting on hold, it dawned on him that it was probably to do with what he was buying. The customer service assistant came back on and confirmed his suspicions.
Gibson was angry that the bank was banning him from spending his money how he wanted. He ignored the idea of calling his local branch and looked for another way. He noticed the VPN provider accepted Bitcoin, so he took out CashApp, bought Bitcoin and paid for the VPN directly.
“Once I saw that it worked, it was just amazing,” he said. “Bitcoin is FU money—it’s a hell of a drug.”
While he had heard about Bitcoin in 2017 during its epic run to $20,000, this was the moment he truly understood its value. It slotted straight into his libertarian-leaning beliefs and he started binging Bitcoin information, such as the Bitcoin audible podcast by Guy Swann.
But there was one thing about Bitcoin that—unlike the fiat money he had in his bank account—really resonated with him.
“It’s mine,” he said. “Even if I sound like Gollum.”
“It sort of clicked”
Economics student Marty Bent was sitting alone in the library of DePaul University in Chicago, one evening in the summer of 2012. Outside of his evening classes, he had spent the day working at a managed futures fund where he wrote almost exclusively about central banks and monetary policy. With his anti-authority bent, it was clear to him that governments were getting it all wrong.
“I was pretty glued to what the central banks were doing for three to four years. In the depths of QE2, QE3, Operation Twist, I quickly learned the central banks didn’t really have any idea of what they were doing,” he said, referring to examples of quantitative easing and bond buying by the Federal Reserve.
In that moment, he wasn’t studying for his economics lessons the next evening, nor was he preparing for the next day’s commentary at his day job. Instead, he was on BitcoinTalk, poring over everything there was to know about Bitcoin.
Bent said, “I was reading up on Bitcoin and getting a better understanding of the technology and the monetary policies behind it—and it sort of clicked.”
Bent soon started making Twitter lists of prominent Bitcoiners to keep track of what was going on. In the winter of 2013, he used his bonus check to buy his first Bitcoin for $800. Soon after that, it shot up to $1,200 and, driven by the feeling of euphoria, he was suddenly telling his coworkers all about it.
A “lightbulb moment”
In early 2017, Robert Breedlove was in his home office in Las Vegas, reading a paper on his iMac. Breedlove was a libertarian who had long wondered about money—what it was, and why governments had a monopoly on it. He had read a book called The Creature from Jekyll Island: A Second Look at the Federal Reserve, and one Christmas, he had even handed out copies of an abridged version—called Dishonest Money—to his family.
So, it’s unsurprising that, at that very moment, he was reading Nick Szabo’s explanation of smart contracts, a technology for coding agreements between two parties. Breedlove had known about Bitcoin for several years but it was at this moment, when he finally got what it was for.
“When i read Nick Szabo’s work on smart contracts—which was actually written in the late 90s—that was when I had my lightbulb moment,” he said. “Oh my gosh, this whole finance industry is basically this intermediate function that could be disrupted by smart contracts.”
It was Szabo’s example of a vending machine that struck him. “A canonical real-life example, which we might consider to be the primitive ancestor of smart contracts, is the humble vending machine,” Szabo wrote.
At that moment, Breedlove could visualize how Bitcoin or Ethereum could play the part of the vending machine, removing the need for the legacy finance industry—while rivalling state-backed fiat currencies. “That’s when I realised that the tech was really going to be a big deal,” he said.
He soon came to believe that it was Bitcoin that had the strongest foundation to disrupt the concept of money. After reading The Bitcoin Standard, by Saifedean Ammous, he devoured books by economists Ludwig von Mises, Murray Rothbard and Friedrich Hayek. He went on to become the CEO of Parallax Digital, which invests in Bitcoin-focused products, and has written a 62-tweet-long thread that sheds light on Bitcoin “in an exoteric nutshell.”
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