A significant initial hurdle for innovators and creators is the issue of protecting their intellectual properties (IP). This is due to an outdated system that makes it difficult, time-consuming and expensive to file their IP within and to search the databases that can be decades old to figure out if their IP is even patentable. Due to these difficulties, actually obtaining the legal rights to your own work can become quite the challenge. For instance, if someone shares an IP before a patent application has been filed someone else could potentially grab the patent rights. This environment is intrinsically hostile towards the sharing of innovative ideas, IPCHAIN would like to change this.
What is IPCHAIN Offering?
The basic plan behind IPCHAIN is the protection of IP in all forms, be it research or art or inventions and more, through the opportunities of the blockchain. They wish for innovators and researchers to be able to share their work through a safe and easy to use means without having to worry about if their IP will be taken from them.
Furthermore, a marketplace will also be available for the trading of IP’s on this system. The marketplace can allow creatives to easily market their ideas to investors and innovators that wish to take them even further. Contracts along the blockchain will enable easy and safe transfer between all parties involved. A marketplace like this is somewhat new in the tech realm, as generally, the creator had to spend much more time filing and marketing their IP’s before being able to reach anyone potentially interested.
IPCHAIN, by storing the IP on the blockchain, also offers the ability to prove when something was created. An author, for example, storing their literary IP’s with IPCHAIN will have undeniable proof of the date of creation or at least the date they stored it in the chain. This goes the same for any other artistic pursuits that need to have a proof of date of creation for the practical application of copyrights in legal proceedings.
The current plans for IPCHAIN revolve around the Ethereum blockchain and the InterPlanetary File System (IPFS). ETH provides quick transactions and low costs, but the architecture IPCHAIN is designed around will allow for the transference to other public blockchains if necessary to ensure transactions will always remain quick and low cost.
The IPFS is a relatively new project that has proven to be highly effective in its ability to store files with the blockchain. It uses the blockchain to verify and completely secure data that is then stored and locked in multiple databases off the chain which only the blockchain hash can unlock.
Searching through IP’s will also be possible with the IPCHAIN architecture via a large number of index queries that can be quickly accessed for the needs of creatives and innovators.
As it is based on the Ethereum blockchain, IPCHAIN has the ability to make use of the token system thereon. An IPCHAIN token will be a standard ERC20 token that will allow the full use of smart contracts within their platform.
Starting March 24, the token presale will begin for IPCHAIN’s innovative IP sharing and storing solution. Those who take part in the presale will be able to get in on the ground floor of a highly promising new way to share and store valuable data. Check out their full white paper here for the rest of the details of this project.
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