Supporting Intellectual Property Protection: Blockchain Technology as a Catalyst for Open Innovation

Abstract

As the access, sharing, and transfer of intellectual property (IP) are central to open innovation (OI) projects, preventing the leakage of IP is critical. The emergence of blockchain has prompted organizations to seek support from this technology to protect IP. However, the potential applications, challenges, and benefits for OI projects at the technology/legal interface are not well understood. This article shows that while blockchain technology is not the solution to all IP protection problems, it has the potential to significantly improve the status quo by creating an immutable record of the existence, integrity, and ownership of files at specific points in time. It also offers guidance to practitioners on how to extend and complement their existing IP protection, ultimately enhancing their negotiating leverage and collaboration with OI partners.