The Outstanding Importance of IP Data for Businesses
Businesses have increasingly recognized the need to protecting their intellectual property as they grow and expand their offerings. Across all industries, intellectual property, such as patents, trademarks, and copyrights, is foundational. Companies create a competitive edge and establish themselves as industry leaders by relying on their IP. However, keeping track of the millions of patents filed each year globally can be challenging. IP data comes into play in this regard, referring to the collection, analysis, and application of intellectual property information. Now, businesses can use patent database software to consolidate and manage their IP data from sources like the US patent database.
AI and Blockchain-Powered Patent Database Software
In recent years, blockchain technology has offered a solution to known issues in the IP space. IP data is often stored in disparate databases, making IP management and licensing cumbersome and time-consuming. This leads to frustration from large enterprises that spend significant resources managing IP and small-to-medium enterprises that cannot utilize their IP or generate an ROI on their R&D.
Using IPwe’s Patent Database Software
To address these challenges, IPwe, a company focused on revolutionizing the IP space, introduced IPwe Digital Assets (patent NFTs) and Smart Intangible Asset Management (SIAM), their SaaS solution for IP valuation, management, and transactions. IPwe’s SIAM is standardized and consolidated into NFTs, making IP data transparent and automated. This enables all 25 million active patents worldwide to easily and quickly transact and commercialize.
By tokenizing Clarivate IP data and using the Casper blockchain, IPwe established a central point where companies that own IP can communicate public, historical information (issue date, priority, expiration, owner, assignee) about their assets in a transparent manner. SIAM enables subscribers to add private data, including licensing, transactions, assertions, and prosecution history, to the NFT. In combination, the public and private data can be analyzed to assess the market value that can be communicated to market participants and leveraged for more efficient IP transactions.
How IPwe’s NFTs Consolidate Public and Private IP Data
IPwe’s patent NFTs represents a major step forward in managing and commercializing intellectual property assets. Traditional methods of IP management involve storing data in multiple databases and keeping track of it manually, leading to inconsistency and inefficiencies. However, with blockchain technology, the tokenization of IP has become possible, leading to increased transparency, security, and efficiency.
Moreover, IPwe’s patent NFTs are first populated with public Clarivate data, a global leader providing insights and analytics for IP. This data includes key information such as issue date, priority, expiration, owner, and assignee. Users can then add private data to the NFTs, including licensing, transactions, assertions, and prosecution history. This combination of public and private data provides a comprehensive view of an intellectual property asset, enabling more accurate valuation and streamlined management.
Tokenizing Intellectual Property
By tokenizing intellectual property assets, IPwe can create an immutable value record that showcases the asset’s utilization and valuation. This is particularly important for businesses that want to showcase their IP value to investors, lenders, and potential partners. By providing a verifiable and transparent record of IP assets, businesses can increase their credibility and create more opportunities for commercialization.
Tokenization also increases IP liquidity, enabling more efficient and streamlined IP transactions. Traditionally, transactions can take months or even years to complete, leading to lost opportunities and decreased revenue. By tokenizing IP assets, businesses can transact them quickly and easily, increasing commercialization and revenue.
The benefits of IPwe Digital Assets:
– Consolidate public and private data securely and transparently, improving IP portfolio management and showcasing value in a verifiable manner
– Increase IP liquidity and streamline transactions to unlock IP’s potential for greater success in business.
“Combining a public blockchain with a versioned and encrypted data repository will lead to the creation of a digital IP management platform that can conveniently prove existence, integrity and ownership of documents, artistic compositions, research data, designs, software, business plans, contracts, and more. Each digital object is permanently timestamped, archived and linked to its owner in an immutable way.”
Marco Barulli of Bernstein.io in the World Intellectual Property Office Magazine
Case Study, IPwe Japan
Japan’s revised Corporate Governance Code has spotlighted the need for better management and utilization of IP. With the increased focus on transparency and accountability, it has become imperative for publicly traded companies to disclose their IP management strategies and implement appropriate governance structures to ensure proper evaluation by investors and financial institutions.
IPwe has officially expanded into Tokyo and launched SIAM to assist Japanese businesses with compliance. SIAM has been well-received in Japan, and IPwe plans to announce partnerships with innovative companies soon.
SIAM uniquely enables Japanese businesses to utilize their IP and license globally. The platform provides an efficient, transparent, and effective mechanism for managing and utilizing IP assets, thereby fostering the IP DX in Japan.
IPwe’s patent database software enables compliance with the Corporate Governance Code enabling Japanese companies to enhance their IP management and commercialization strategies. SIAM will be crucial for Japanese businesses to remain competitive globally.
Conclusion: The Best Way to Manage IP Data
IP data is important for businesses, especially when managing and leveraging intellectual property assets. However, the current IP landscape is unclear and inefficient, making it difficult for enterprises to manage their IP portfolios effectively. IPwe’s patent database software and SIAM solution provide a standardized and consolidated IP valuation, management, and transactions platform. The tokenization of patent data on the Casper blockchain creates an immutable value record that can showcase IP utilization and valuation. IPwe’s solutions help businesses comply with regulations and expand their technological capabilities globally. They can also increase IP liquidity, enabling more efficient and streamlined IP transactions and commercializing previously underutilized IP assets.