The patent industry is the latest to enter the NFT sector. There are several ways in which the patent industry can capitalize on blockchain technology. Patents for NFT use can help with mapping biodiversity and advancing medical science.
A patent is a form of incorporeal right. Essentially, this means that a patent gives you rights to property that can’t be seen or touched. Patents are proveably unique, much like an NFT.
Patent grants require full public information disclosure. However, the patent grant then provides an indisputable record of ownership. NFTs operate remarkably similarly, and this is what is so exciting about this technology using the blockchain.
Basically, An NFT can provide all of the information needed for a patent. There is a public record of ownership, creation, and rarity. Additionally, NFTs allow transfers with the owners’ permission. NFTs also offer commercial rights and content licensing.
IBM Blockchain to develop the technology of NFT patents
IBM, the industry-leading computing company, is one of the first to notice the potential of blockchain technology and patent rights. In addition, IBM partnered with IPwe, the intellectual property specialist company, in April.
Moving forward, IPwe will represent patents as NFTs. The NFTs reside on the IPwe Platform, powered by the IBM blockchain.
“The use of NFTs to represent patents will help create completely new ways to interact with IP. It will benefit not only large enterprises that have significant intellectual property, but it will bring new opportunities to small and medium enterprises”, explained IPwe CEO Erich Spangenberg.
Aimedis leads the way with medical NFTs.
Aimedis is an opt-in medical database that records and stores information from trials across the world. The data from the tests are verified and added to the Aimedis ecosystem in the form of NFTs. Pharmaceutical companies, doctors and researchers can explore the ecosystem and buy these NFTs.
The medical industry has a problem. There is too much data to be stored, and often, the data lacks quality and verification. There are other factors, such as poor data recording, compromised data and loss of research. The systems that store this data are outdated and ineffective.
Aimedis hopes to change this by adopting blockchain solutions; it could help with NFT patents. For example, a new medicine can be traced back to the study through an NFT, sold to a patent company who then stores the data and distributes it.
Finally, the most significant and fundamental aspect of this technology is the record it leaves; you cannot hide an NFT or misrepresent the data.
Aimedis will hope to develop numerous life-saving NFT patents. The technology will revolutionise the industry and it is exciting to see what lies ahead.