All mine: China wants to protect intellectual property with blockchain

China wants to test a digital prototype as soon as possible, with the help of which intellectual property such as patents can be protected against theft. Blockchain technology is to be used for this purpose.

As reported by the Chinese news platform Peng Mei News, China is actively researching the design of a block chain platform to protect Chinese innovative spirit from theft. According to this, a corresponding pilot project could soon start in Shanghai.

This is reported by Peng Mei News with reference to the responsible Shanghai senior prosecutor Yang Jianfeng.

According to Yang Jianfeng, it is not always clear who is the originator of innovations. Often, patents are not filed early enough or the patent law is not uniform enough globally. This problem could be solved by means of block chaining. Finally, the cryptographic security of distributed ledger technology (DLT) also includes a so-called time stamp. With this, sensitive data such as patents for source code can be stored on the block chain and assigned to the originator beyond doubt via digital fingerprint.

“The key to protecting trade secrets lies in the judicial practice of meeting the legal burden of proof (to establish intellectual property),” Yang Jianfeng told Peng Mei News.


World Intellectual Property Organization sees potential in Blockchain

However, the idea of using DLT to protect trade secrets is not new. After all, the responsible umbrella organization, the World Intellectual Property Organization (WIPO), had already held a workshop for stakeholders in the industry in July 2019. Just like China, WIPO also sees great potential in block-chain technology for the automation of intellectual property identification processes. According to the organization, the biggest advantages over conventional processes are lower costs (by eliminating middlemen) and increased reliability.

However, the standardization of the processes posed problems. After all, in addition to the Chinese solution, there are many other projects that are not necessarily interoperable.

Meanwhile, the Middle Kingdom is still characterized by a not entirely transparent political treatment of Bitcoin & Co. In December 2019 alone, the government confiscated nearly 7,000 mining rigs to cope with their exorbitant power consumption. At the same time, however, China is still considered the No. 1 location when it comes to digging for digital gold.