The blockchain technology brought massive innovations that are disrupting the conventional architectures that were earlier in place. The application cuts across different niches, including finance and supply chain management. As blockchain analysts predicts, the network/technology would break new grounds in the coming years. Among the potential areas of application in the intellectual property.
Already, a blockchain-based project called Wibson has been launched to tackle most of the issues in the IP industry. Before we look at the potentialities or features of the project, it is imperative to discover the problems in the traditional intellectual property (IP) industry.
THE CHALLENGES
Many of the problems that are prominent in the IP industry affect the major stakeholders, which are the producers of the data. The current framework is fragmented and doesn't befit the data producers. In addition to this is the clever use of users data by big technological companies. This facilitated by retrieving user's personal information from their online activities by monitoring their internal protocol.
POTENTIAL SOLUTIONS
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In light of these challenges, WIBSON, a blockchain-based platform has devised a solution that would set the intellectual property (IP) industry the path of glory. The tailored solutions are formulated and designated for use on the blockchain technology.
The intellectual property (IP) market place
In a bid to solve internal problems in the industry WIBSON opted for a decentralized market place on the blockchain. The market place encompasses the major participants or stakeholders in the intellectual property (IP) industry.
The participants in the WIBSON intellectual property (IP) marketplace and their role in the ecosystem are:
* Sellers:
The sellers are the sole proprietors of the data. These are the producers or manufacturers of intellectual property (IP). The sellers in this instance are the end users that manufacture through their online activities. Instead of the monopoly that exists in the conventional system, those users can now have complete control of their personal information. They are also to trade or sell the data to potential buyers in the ecosystem.
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Buyers: The second major participant in the WIBSON intellectual property (IP) industry is the buyer. These are the big technology companies that deal on users' personal information with the aim of converting them to Big Data and using the same to embark on Internet Marketing.
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Notary:
Notary is the third participant in the ecosystem. It serves as an arbitration and verification system that coordinates the activities on the platform. It also discerns the contents of a data to ascertain if its genuine before triggering the transaction between the sellers and buyers. As a verification system, it also mediates when there is a problem in the course of the transaction.
Attributes of the Platform
WIBSON has certain attributes that make it unique. Aside from the decentralization fostered by blockchain, the platform also has the following features:
* Decentralized Privacy: WIBSON uses the Decentralized Privacy-Preserving Data Protection (dPDM) to protect the platform and facilitate absolute decentralization.
* Seamless Transactions: It also fosters seamless transactions using blockchain.
Conclusion
WIBSON has a variety of features that are geared towards restoring the intellectual property (IP) industry to the path of glory.
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