Blockchain has been a disruptive technology, marking its presence across countless domains and powering new-age innovations like the metaverse and Web 3.0. Its platform architecture is already revolutionizing the crypto industry and the global supply chain management system.
Blockchain can shape the existing infrastructure and optimize businesses to their true potential. HashCash CEO and blockchain pioneer, Mr. Raj Chowdhury puts the spotlight on the technology’s potential to optimize domains with accurate data and visibility of transparent transactions comprising patent protection systems.
Blockchain to Provide Authentication And Ensure Data Integrity
Every year, numerous blockchain innovations and solutions are patented around the globe. The main challenge is to verify these claims and confirm that the contents within are not similar to any previous claims. Other than the decentralized architecture, the patent claiming procedure is lengthy and a tedious task.
Any sort of patent error can cost businesses millions in lawsuits. This is where blockchain technology comes into action by delivering a unique solution. It enables you to assert the genuineness of the data, and ensure data integrity. It also offers visibility across a secure decentralized infrastructure.
HashCash CEO Raj Chowdhury affirms, “Blockchain’s inherent traits made it an ideal research subject over the past decade with both nations and global corporations pumping billions in R&D. These investments fuelled innovation leading to numerous patent claims within a short time span, including the ones for efficient database management of patent claim systems.”
Blockchain in Patent Claims
Blockchain attributes timestamps that help to verify transactions. The process to examine the viability of the proposed solution takes a lot of time. However, with the help of timestamps, it provides evidence and offers quick resolution for patent controversies. Moreover, it is an efficient equipment for both companies involved in the controversy to avoid any lawsuit trouble connected to the patent.
Mr. Chowdhury concludes, “Blockchain with its transaction hashes and network architecture offer high-security encryption for firms storing confidential research data prior to patent application. The timestamps validate the stored data, serving as evidence if a patent dispute ever arises.” As a blockchain pioneer, he has previously stressed the potential of the technology in aviation management and has expressed his support for blockchain analytics.
With time, the true potential of blockchain is noticeable in the feedback of global leaders across various industries. Blockchain is a powerful technology that can provide digital uprising and optimize your business.