Assessing the prospects and constraints of blockchain technology for intellectual property management

Abstract

This study aims to assess the prospects and constraints of blockchain technology (BCT) for intellectual property management (IPM). It uses a qualitative method using existing literature related to BCT and IPM. Findings suggest that BCT has huge potential to transform IPM using BCT. The BCT can provide better transparency, security, and efficiency. BCT can be useful for increased transparency, trust, better licensing management, collaboration, innovation, and digital rights management. However, BCT has challenges in terms of standardization, interoperability, data privacy, security, accessibility, inclusivity, and integration with legacy systems. This paper will be useful for policymakers to implement the use of BCT in IPM.