The Era of IP Portfolio Management with Zero Transparency Is Over
Historically patents have been a very difficult asset to understand. The fragmented nature of the IP space has made it impossible for a standard to be set on their valuation and for transparency for IP portfolio management. With no single source of truth of patent insights, patents rely on independently managed national patent registries to pull together all the relevant data points for a clearer understanding of the assets. To ascertain transparency in this system has proved to be futile, not only is data scattered about in the separate patent offices, but it is not a given that this data has been updated to reflect the latest form of the asset. With a lack of trust in the asset being presented and the sheer effort required to ensure its accuracy, the IP space is notorious for being a barren land no financial executives wish to step in, until the entrance of IPwe Digital Assets, or patent NFTs.
The Importance of Patent Insights in IP Portfolio Management
There are over 20 million patents recorded in hundreds of patent offices, but only a shocking 2% of these are licensed and 5% commercialised as a whole.
With 95% of patents left underutilized, it begs the question – how has an economic system which has succeeded in monetising everything from website clicks to walking (yes, you can now get paid for ‘step mining’), failed so miserably in activating an asset which is present in nearly every business’ balance sheet.
The answer, put very simply, is because of the lack of transparency in the IP space. The stagnant state of the patent market currently highlights the lack of understanding in the space as the space currently requires significant innovation to centralise the world’s patent data and standardise into transparent and trustworthy patent insights.
Introducing IPwe Digital Assets, Patent NFTs
Up until now, transparency—or the lack thereof—has consistently been a headache in the intellectual property industry.
Technology has impacted all walks of life, some more than others, but with a new wave of emerging solutions the patent industry stands to be propelled into a more efficient and transparent form of IP portfolio management.
Digital transformation has the capabilities to centralise the world’s patent data, and blockchain technology has the capabilities to enable asset owners to accurately record and manage their datasets.
Gone are the days of uncertainty and lack of trust over the ownership and credibility of a patent, with digital assets, or patent NFTs, all relevant information can be recorded into a single source of truth and encrypted to render the information incorruptible.
The Digital Transformation of IP
Whilst crypto kings and bored apes continue to fall by the wayside, the true use cases for digital transformation are finally coming to the forefront.
The digital transformation of intellectual property is tackling an age-old issue, with greater transparency in the market, patents can now join its companions in becoming a liquid asset on the balance sheet.
Companies, like IPwe, are propelling forward this digital revolution. The tools are now out there for all to digitise their IP and advance IP portfolio management – Smart Intangible Asset Management.