4 October 2021News
CasperLabs announces partnership with IPwe to improve the patent registration process and create a new approach to patent ownership verification. The joint chain of custody solution (CoC Solution) will use the Casper public blockchain to store, secure, and trace patent data.
Intellectual Property (IP) is the largest and often most critical asset on most corporate balance sheets. CTOs and CFOs today are taking a greater interest in how IP is tracked, managed and deployed. A first step in the evolution of an improved understanding and management of this critical asset is a reliable CoC solution.
Casper and IPwe will deploy a CoC solution, enabling government entities and some of the largest enterprises in the world to better manage and utilize their IP. As with any asset class, the primary objectives will be met through increased transparency and understanding, and fulfilled through offering solutions that improve financial returns and lower costs.
The CoC Solution will be developed in two phases.
Phase 1 will migrate selective, high-value information to the Casper public blockchain. Casper’s solution enables that patent data to be encrypted (all data is encrypted by default, but authors can choose to exclude certain fields from encryption so that it is open for public view), with decryption available only to the parties holding the encryption keys.
Phase 2 will implement a more robust integration with IPwe’s infrastructure to create a Global Patent Registry (GPR) with the Casper blockchain to support a consortium of Patent Owners, National Patent Offices, and Verifiers such as IPwe. GPR will bring the current process of granting, publishing, owning, transferring, and pledging patents onto the Casper blockchain, using smart contracts to manage these processes.
Check out the full Casper x IPwe case study for an overview of the IP ecosystem and the unique solution being built on the Casper network.