The InvArch protocol was created mainly for turning human Ideas or creations into digital assets. Although, in recent times, More updates concerning the InvArch aim is coming up. But for now, InvArch has focused mainly on Tokenization of Intellectual properties.
In other words, Intellectual Property Tokens are documents, images, videos, diagrams, or any other file one would use to portray an idea stored as NFTs. By and large, without an agreement, ownership of a Non-Fungible Tokens will not grant ownership of the underlying content or any associated intellectual property rights. Thus, a Non-Fungible Token proprietor may not be allowed to imitate, disperse copies, reproduce, or make derivative works of the original work
This InvArch tokenized technology could be used in fields such as watermarking, allowing creators to verify the authenticity of digital artwork or trading cards. Regardless of how NFT technology evolves, one thing is certain: NFTs should not be confused with the authenticity of actual goods themselves, especially as fraudulent NFTs increase.
When considering the Intellectual property implications of NFTs, one must distinguish between ownership of the NFT and ownership of underlying intellectual property. The rights granted by an NFT seller depend on the rights transferred via a license or assignment, and these can vary.
Can InvArch Tokenize Intellectual Properties?
By now, you have likely heard about Non-Fungible Tokens, or NFTs, which have taken off considerably in the last year. NFTs are a form of crypto asset, similar to popular crypto currencies like Bitcoin and Ethereum. The main difference is that Bitcoins are fungible assets, meaning you can trade one Bitcoin for another and have an exchange of equal value. NFTs, on the other hand, are unique and thus cannot be the basis for an equal-value exchange. This uniqueness allows for an immutable and unalterable digital record on any blockchain network. Importantly, the blockchain stores the entire history of the token, such as information about when it was created, and details of any transfers of ownership.
NFTs themselves are not new, but recent efforts to couple NFTs with digital artwork, music and collectables has been transformative. And through InvArch, ideas are tokenized.
InvArch Tokenization of Intellectual property rights
Tokenizing a patent for example is an unprecedented way to provide liquidity and expose them to a global marketplace. After the successful tokenization, the patent still belongs to the owner, but the ownership is efficiently packaged into a special purpose vehicle (e.g. a token). The owner will receive an Ethereum-based digital token that represents the rights to the patent. First of all, legal hurdles have to be taken out of the equation.
Industrial property rights do not require a protection to be used. However, if one wants to ban third parties from using them, the protection and therefore the registration is necessary. Patents, trademarks and designs need a registration in the registry of the patent and trademark office of the respective country. In principle, the protection is limited with the country where the right is granted. Therefore, as InvArch wants to protect its right in many countries should apply separately to the patent and trademark offices of the countries in which the protection is wanted. As there is no global patent or trademark law, procedures in each country are different and take different amount of time to be completed. This costs money, time and requires know-how to fill out the forms.
InvArch Future outlook and conclusion
The liquidation or better monetization of patents will lead to far greater resources for every party involved. Also, it increases mutual collaboration in the business world, instead of spending tons of money on trying to reproduce an invention. Now innovators have the chance to work closely together providing customers with the best and most disruptive product possible.
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