1. A Comprehensive Blockchain System for Trademarks registration, Ownership Transfer and Rights of Usage
- Author
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Ndiaye, Malick
- Abstract
The latest global challenges and events reordered the business scenes and created a new world economic system revolving around the expansion of international markets and trade and the emergence of novel products and services. Consequently, a knowledge-based economy has risen granting huge importance to Intellectual Property (IP). Intellectual properties are intangible assets of high value that generate revenues while Intellectual property rights (IPR) include copyrights, patents, and trademarks rights. IPR promotes innovation and supports economic growth in developed and developing countries. The huge shift from tangible to intangible assets under the new global economy supported the prominence of a major type of intellectual property which is Trademarks. A trademark is a special sign, name or symbol that differentiates a product or service. A trademark is an intangible asset that has value beyond the value of the business it represents. The trademarks sector is responsible for creating jobs driving economic growth, supporting businesses and elevating the competitive advantages of countries. This emphasizes the importance of protecting IPR, especially Trademarks, therefore, countries around the world apply legal measures to protect IPR and establish IPR offices to preserve their economy. The U.A.E has been working on staying in the front row in terms of economic growth, thus, trademarks were part of the U.A.E.'s strategy for the country’s competitiveness and economic position. As such, the Ministry of Economy in the U.A.E. has established an active Trademark management office. This project is supported by the Ministry of Economy. From connecting with the Ministry and going through the literature, it was found that the Trademarks systems suffer from many challenges related to centralization, mishandled trademarks data communications, trademarks authentication and validation difficulties, absence of ownership transfer and rights of usage management platform and lengthy inefficient processes. Our research intends to utilize the powerful blockchain technology to tackle the challenges the trademarks sector suffers from and establish an elevated novel model for trademarks management systems that inherits the useful features of blockchain. Our solution will utilize smart contracts to support verified, transparent, secured, authenticated, trademark registration and payment, modification and renewal, ownership transfer and usage rights management system in addition to updated trademark activities reporting. The resulting system shall enhance the U.A.E.’s competitive position, support its economic growth and fulfill its future strategy. Our solution shall be easily generalized to fit any trademarks office in any nation.
- Published
- 2023
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