IPwe this month announced plans to begin representing patents as non-fungible tokens (NFTs) or digital assets by working with IBM to create the infrastructure for representing patents as NFTs and storing records on a blockchain network. The tokenization of IP will enable patents to be more easily sold, traded, commercialized or otherwise monetized.
IPwe, working with IBM, was the first to create a patent marketplace on blockchain. Tokenization provides greater transparency and simple transactions that are more cost-efficient. IP can be licensed, sold and commercialized.
The NFTs will be stored and shared on the IPwe Platform, hosted on IBM Cloud and powered by IBM Blockchain. The IPwe Platform 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. IPwe will soon begin trials of its NFTs on the company’s Global Patent Marketplace.
The IPwe Registry collects current, active and historical patent records in a single freely accessible registry with enhanced search enabled by IBM AI. A broader ecosystem including financial institutions, insurers, enterprises and other patent stakeholders are planned in the coming months to support the use and exchange of tokenized patents using these new technologies.
Original Source: PR Newswire