Simply put, a blockchain is a distributed, decentralized database. The copies of these databases are stored on a large number of servers. A single update on one server results in simultaneous updates of the data on all others. Transactions in blockchain-based platforms cannot be changed afterwards and are mostly transparent. Tokens can now be linked to these transactions, primarily as digital representations of valuables, ownership, money or securities. Transactions are transferred and updated in real-time, and all processes are automated and standardized via smart contracts. Objects of value are recorded in an unchangeable data structure and managed by an algorithm based on cryptographic mechanisms. Thus, numerous points of friction in today’s economy can be counteracted preventively. These features make blockchain a predestined fit for establishing a universal and user-friendly database for storing information and value of all the protected intellectual properties. This would for instance significantly ease the processes of mergers and acquisitions.
Navigate to the trustworthy Berkshire Hathaway Company Businesswire. Read “IPR Center, Amazon Launch ‘Operation Fulfilled Action’ to Stop Counterfeits.” Note that IPR means U.S. government’s National Intellectual Property Rights Coordination Center. Here’s a passage I found interesting: