Indian State to Patent Innovators Ideas Using Blockchain Technology

If you’ve got an idea on the next big project to execute, but you’re short of funds, then there’s still a way to get credit for your idea and also get paid. This is what will happen in an Indian State in about a month from now. Here, Blockchain innovators can patent their ideas and then sell it to investors.

Intellectual Property to be Protected With Blockchain Technology

Karnataka is the State behind this project which has been tagged, IP (Intellectual Property) registry. According to the government, IP will be protected in a secure system that can also ensure transparency. Therefore, innovators with ideas in fields such as Agriculture, Biotechnology, and Science and Technolgy stand to benefit.
Throwing more light on the intended marketplace, Bhattacharya, a government consultant revealed that the process involved in granting a patent to innovators will be publicized. When appropriate authorities have validated these patent, investors can then make biddings to buy them. This will also take place on the Blockchain platform to ensure transparency and security.

Non-Disclosure Agreement Between Innovator and Investor

Also worthy of note, is the fact that innovators can choose to disclose part of their idea to a potential investor. This is because the platform will also create a means of interaction between both parties. Based on reports, there will be provision for a “non-disclosure agreement (NDA) between the investor and innovator”. Its aim is to ensure that ideas are not revealed to third parties.
There is also legal backing for this project. The reason is that the Indian government has partnered with a professional services firm, PricewaterhouseCoopers Pvt. Ltd. This will ensure that the rights of these innovators are protected at all times. The same can be said about investors who may want to ensure that they do not face legal consequences in the future.

India’s Delay in Accepting Cryptocurrency and Blockchain Technology

India may have non-friendly laws regarding cryptocurrency, but there are still private firms taking advantage of Blockchain Technology. Of recent, one of the oldest bookstores in the country, Sapna online began to accept Bitcoin as a method of payment. Hopefully, others will follow suit and the government might change its stance when it comes to virtual assets.
It appears that even though certain countries may not be geared towards accepting cryptocurrency, they are giving much thought about adopting Blockchain technology. South Korea, for instance, is also known to have strict crypto regulations. But now, the country is contemplating using Blockchain technology for its electronic voting processes.

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