IBM and IPwe to Turn Patents Into NFTs
Information technology giant IBM and patent marketplace provider IPWe are planning to turn patents into NFTs.
IBM and IPwe to Turn Patents Into NFTs
Information technology giant IBM and patent marketplace provider IPWe are planning to turn patents into NFTs. According to a press release shared on April 20, IBM will team up with patent marketplace provider IPWe to tokenize patents in the form of NFTs and facilitate their trading and transmission processes.
IBM aims to enable fast and secure assignment of patent rights without the need for complex bureaucratic processes. They believe that frictions within this type of market will be eliminated in this way. However, it is known that there are many legal obstacles that the IT giant must surmount in order to make this project deployable globally. However, it is known that there are many legal obstacles that the IT giant must surmount in order to make this project deployable globally.
IPwe CEO Erich Spangenberg talked about the process in question and stated that the tokenization of the rights inherent to the ownership of a patent could turn out to be a revolution in the market, especially for small businesses:
"The use of NFTs to represent patents will help create completely new ways to interact with IP. This is expected to benefit not only large enterprises that have significant intellectual property, but it will bring new opportunities to small and medium enterprises and even individual IP owners."
The tokens will be stored on the IPwe Platform powered by IBM Blockchain. IPwe is planning on starting the patent NFT trials in the Q2 of this year. These trials will focus on small, medium and large businesses.
Source/Credit:Coinkolik
IBM aims to enable fast and secure assignment of patent rights without the need for complex bureaucratic processes. They believe that frictions within this type of market will be eliminated in this way. However, it is known that there are many legal obstacles that the IT giant must surmount in order to make this project deployable globally. However, it is known that there are many legal obstacles that the IT giant must surmount in order to make this project deployable globally.
IPwe CEO Erich Spangenberg talked about the process in question and stated that the tokenization of the rights inherent to the ownership of a patent could turn out to be a revolution in the market, especially for small businesses:
"The use of NFTs to represent patents will help create completely new ways to interact with IP. This is expected to benefit not only large enterprises that have significant intellectual property, but it will bring new opportunities to small and medium enterprises and even individual IP owners."
The tokens will be stored on the IPwe Platform powered by IBM Blockchain. IPwe is planning on starting the patent NFT trials in the Q2 of this year. These trials will focus on small, medium and large businesses.
Source/Credit:Coinkolik