Blockchain and intellectual property rights: A symbiotic relationship

Abstract

Blockchain technology provides a way to record transactions that is designed to be highly secure, transparent, trustable, traceable, auditable and tamper-proof. Blockchain is an immutable (unchangeable, which means that a transaction or file recorded cannot be changed) digital ledger or digital record of transactions or data stored in multiple locations on a computer network. This paper aims to examine the relationship between blockchain technology and intellectual property rights. It evaluates the protection of blockchain by intellectual property rights and vice versa. It employs a doctrinal method of legal research and concludes that there is a growing symbiotic relationship between the two. It finds that the immutable nature of blockchain provides a history of ownership and creation that cannot be tampered with and eradicates fraud in every system in which blockchain is used. However, this same feature of blockchain has its downsides which includes the inability to correct errors in the record. It recommends an improvement in blockchain technology in this regard as well as increased awareness and usage of blockchain in the protection of intellectual property rights.