The NFTs will meet storage on the IPwe platform, accompanied by IBM’s blockchain technology. The intellectual property in NTF secures the IPwet CEO’s goal of bringing patents to the blockchain.
IPwe, the global patent market, announced on April 20 its plan to represent corporate patents such as NFT (non-fungible token) in parallel with the multinational consulting and technology company, IBM.
According to the press release published by IBM and IPwe, this plan intends to serve as a supportive asset to help position patents to be sold, traded, and monetized more efficiently and profitably.
By transforming patents into NFTs, IBM and its partner hope that intellectual property transactions would find more transparency while bringing assistance service to help companies manage such transactions on their balance sheets.
The patents turned into NFT will meet its safe storage and sharing process on the IPwe platform, hosted in the IBM cloud with blockchain technology developed by the same company.
In December of last year, this identical blockchain started a load of data on Spanish wines supplies so that their passage from the vineyard to the consumer was more transparent.
In October 2020, the IBM blockchain came to be helpful in a data verification system to check the health of different people to see if they could use other public spaces (this due to the COVID 19 pandemic).
Jason Kelley stated that patent tokenization reacts to a complete digitalization. This response turns to be a beneficial action for patents, where validation, verification, and trust are vital.
“If you provide a platform that allows that to occur on value exchange, that’s exciting. Patent tokenization opens markets. … Different patents can be valued and traded with greater capacity, validity, and confidence.”
Likewise, Erich Spangenberg, CEO of IPwe, said that the transfer of intellectual property to NTF is the last step in his multi-year goal to bring the world of patents to the blockchain.
IBM is Now Working with the IPwe Platform to Implement Blockchain Technology
Implementing NFT in the patent market is not the only project where IBM and IPwe have teamed up to succeed. According to Decrypt, the technology multinational has been implementing blockchain on the IPwe platform to help protect proprietary information for three years. This team has also generated patent, and portfolio analysis; it facilitated transactions, reports, and previews of the next generation of patent pooling.
Testing for the tokenization of the patents will take place in the second quarter of 2021, and IPwe expects them to be ready for commercialization later this year.
While NFTs have increased in the area of art, music, and sports, they have been lately opening up to other fields, not only in the patent area but also to protect copyrights or in the area of literature and gastronomy.
By: Jenson Nuñez
