NFT is becoming to seriously in the Enterprise Business World
IPwe and IBM Seek to Transform Corporate Patents With Next Generation NFTs Using IBM Blockchain.
What is NFT?
What is IPwe ?
Before we dive into the journey, let’s first explain what is nft ?
What is NFT ?
Simplest way to define nft(non fungible tokens) is a type of unique , special and not interchangeable digital asset, however this definition not cover at all.
To understand them, it helps to know the basics about digital currencies.
At its simplest, digital currency is a type of money.
With varieties including bitcoin, ethereum and dogecoin, it’s a cryptocurrency; it can be stored in an online account, on a USB drive, or in a digital wallet app on your computer or phone.
In my next post, I will elaborate on the implications and opportunities for NFT for businesses.
What is IPwe ?
IPwe stands for is the world’s first Global Patent Market that combines the information and tools to identify, research, evaluate and transact in patents.
Removes the friction and mystery from patents, transforming them into a liquid and easily tradable asset class.
Operates in more than 50 countries around the world with offices in Asia, Europe and North America.
An ecosystem to tokenize patents can allow intellectual property to be treated as business assets, making patents easier to license, sell and commercialize.
Tokenization when applied to data security, is the process of substituting a sensitive data element with a non-sensitive equivalent, referred to as a token, that has no extrinsic or exploitable meaning or value.
Encryption is the process of using an algorithm to transform plain text information into a non-readable form called ciphertext.
Differences between Encryption and Tokenization
“The IPwe Platform is designed to transform the patent asset class by increasing transparency and promoting engagement, which we believe will encourage innovation,” said IPwe CEO Erich Spangenberg.
Organizations can also more easily view the IP as an asset on their balance sheet.
While NFTs have been used to represent digital art, sports memorabilia and even iconic Tweets, the early adoption of IP-based NFTs could usher in a transformation of how IP is treated by inventors and enterprises.
“The use of NFTs to represent patents will help create completely new ways to interact with IP.
The IPwe Platform also enables the Global Patent Marketplace, which allows owners and other members of the patent ecosystem to engage and transact, buy, license, finance, sell, research and commercialize patents.
IPwe, working with IBM, was the first to create a patent marketplace on the blockchain.
The introduction of NFTs will only help accelerate the opportunity for IP, which has been notoriously difficult to manage, value and transact, to be treated as a liquid asset.
IPwe anticipates tokenized IP on the platform to be commercially available in Q4 2021.