Intellectual property specialist IPWe working with IBM for many years on a blockchain solution for the patent industry. It announced that it will begin representing patents with NFTs using the IBM blockchain. It will represent patents as NFTs and will store the records on a blockchain network.
“The Tokenization of IP (Intellectual property) will help position patents to be more easily sold, traded commercialized or otherwise monetized and bring new liquidity to this asset class for investors and innovators,” the companies said in a joint release.
Tokenization provides greater transparency and can make related transactions simpler and more cost-efficient. Organizations can easily view the IP as an asset on their balance sheet. NFTs utilized to represent digital art, sports, memorabilia, and even iconic Tweet.
“The IPwe platform is designed to transform the patent asset class by increasing transparency and promoting engagement, which we believe will encourage innovation,” said IPWe CEO Erich Spangenberg.
“The use of NFTs to represent patent will help create completely new ways to interact with IP. This is expected to benefit not only large enterprises that have significant intellectual property, but it will new opportunities to small and large medium enterprises and even individual IP owners,” he noted.
The company will store NFTs in IPwe platform hosted on IBM cloud powered by IBM Blockchain. IPwe working with IBM was the first to create a Patent Marketplace on the blockchain. NFTs will accelerate the opportunity for IP, which is difficult to manage, value, and transact, as it is a liquid asset.
IPwe will soon begin a trial of its NFTs on the company Global patent Marketplace. IPWe Registry collects active and historical patent records in a single registry with enhancing search enable by IBM AI. IBM and IPwe are working together for the last three years. They are applying IBM’s expertise in blockchain and AI to IPwe Platform to help protect ownership information.
“IBM has a long history of leadership in intellectual property and the application of artificial intelligence and blockchain in business,” said Jason Kelley, general manager of global strategic partnerships at IBM Services.
Kelley also added that the firm’s work with IPwe is “another example of our collaboration with leading innovators to drive outcomes powered by blockchain capabilities and digital assets that have the potential to transform entire industries.”
IPwe expects tokenized intellectual property on the platform to be “Commercially available” in Q4 of this year.
IPwe is Global Patent Market, which combines information, tools to identify research, evaluate and transact in a patent. It operates in more than 50 countries worldwide with offices in Asia, Europe, North, and South America.