IPM WIPJ

Received: 26 March 2023 | Accepted: 14 August 2024 DOI: 10.1111/jwip.12324 ORIGINAL ARTICLE Assessing the prospects and constraints of blockchain technology for intellectual property management Dinesh Kumar1 | Nidhi Suthar2 1 Department of Human Resource Management, Mittal School of Business, Lovely Professional University, Bengaluru, India 2 Department of Administration and Research, Pomento IT Services, Tantia University, Sri Ganganagar, India Correspondence Dinesh Kumar, Department of Human Resource Management, Mittal School of Business, Lovely Professional University, Bengaluru, India. Email: [email protected] and [email protected] Abstract This study aims to assess the prospects and constraints of blockchain technology (BCT) for intellectual property management (IPM). It uses a qualitative method using existing literature related to BCT and IPM. Findings suggest that BCT has huge potential to transform IPM using BCT. The BCT can provide better transparency, security, and efficiency. BCT can be useful for increased transparency, trust, better licensing management, collaboration, innovation, and digital rights management. However, BCT has challenges in terms of standardization, interoperability, data privacy, security, accessibility, inclusivity, and integration with legacy systems. This paper will be useful for policymakers to implement the use of BCT in IPM. KEYWORDS blockchain technology, data security, governance, intellectual property management 1 | INTRODUCTION In the past few years, blockchain technology (BCT) has received wide publicity, and has been one of the most disruptive technologies across a wide array of industries.1,2,3,4 IP management (IPM) is one such domain that holds immense potential to have BCT applications. IP is the umbrella under which patents, copyrights, and trademarks fall. It is always an essential to protect and commercialize innovation, invention, and creativity.5 Effective IPM is therefore more relevant in today's digital world than ever before. This is so because innovation and creativity have been described as key drivers of economic growth. Traditional IPM systems, lack transparency and efficiency, with expensive administration costs, often further compounded by intermediary involvement. BCT has an inherent solution to such challenges, with its features of J World Intellect Prop. 2024;1–17. wileyonlinelibrary.com/journal/jwip © 2024 John Wiley & Sons Ltd. | 1 | KUMAR and SUTHAR security, transparency, and efficiency. Despite its potential, the adoption of blockchain technology in IPM is still at an infant stage. There exists a gap for an in‐depth exploration of the capabilities and limitations of BCT. The paper focuses on filling this gap by assessing the competence of BCT in efficiently managing IP rights (IPRs); checking the challenges in the deployment of blockchain‐based methods for IPM; and finally giving recommendations to the policymakers, regulatory agencies, and stakeholders on the adoption and implementation of blockchain‐based solutions in IPM. Relevant data for this study were retrieved in a broad Web search of websites, books, articles, newspapers, and other publications. Among others, one of the inclusion criteria was publications from the last 10 years to ensure data relevance and the fact that the data is up to date. Special focus has been targeted at those studies investigating BCT utilization in IPM or in related areas. On the contrary, the exclusion criteria were non‐peer‐reviewed journal articles. The data gathered underwent an extensive content analysis approach as outlined by Krippendorff to identify, code, and interpret patterns, themes and relationships in the data.6 This was a careful and phased process, where coding was done initially by open coding, enumerating significant textual segments into themes that seemed to occur in the text, after which the axial coding was done to determine relationships between these themes. The last step, selective coding, synthesized the key themes to obtain comprehensive conclusions regarding the prospects and constraints of the use of BCT in IPM. 2 | L I T E R A T U R E RE V I E W Literature on the application of BCT in IPM is still at an early stage. Nevertheless, some studies have investigated the potential advantages and challenges posed by the application of BCT. For example, Bharadwaj et al. demonstrated the role of BCT in enhancing the security of patient data, indirectly suggesting its usage for IP data.7 Swan provided a comprehensive overview of BCT that indicates its potential in IPM through improved security, transparency, and efficiency.8 BCT may increase transparency and traceability in the context of supply chain management.9,10,11,12,13,14 By removing the need for middlemen and allowing automated procedures, blockchain‐ based solutions may also assist to lower costs and enhance supply chain efficiency. By improving the efficiency and transparency of payments, BCT adoption may speed up and secure transactions.15 BCT may help in reducing the risk of fraud and corruption in project management by creating an unalterable and impermeable record of project transactions. In marketing management, BCT can make transactions between advertisers and publishers more secure and clear, allowing for more targeted and effective marketing campaigns.16 In the field of risk management, BCT has the potential to enhance the efficacy and efficiency of risk assessment and mitigation procedures.17,18,19 Blockchain‐ based solutions may allow the construction of a more transparent and secure system for recording and validating risk‐related information, enabling quicker and more accurate decision‐making.20 In the environmental management, BCT might provide better transparency and accountability in the recording of environmental impact data.21,22 The use of BCT in legal administration may also provide a more transparent and efficient method for maintaining legal contracts and agreements. Smart contracts based on BCT may automate the process of contract execution.23,24,25 In the field of innovation management, BCT offers the ability to promote cooperation and creativity by facilitating the safe and transparent exchange of IP and research data.26,27,28,29 Blockchain‐based solutions may also facilitate the development of new income streams by using IP assets. In energy management, BCT may provide more efficient and secure administration of energy transactions and distribution.30,31 The application of BCT in quality management may provide a more transparent and efficient system for recording and validating quality‐ related data.32,33 Moreover, blockchain‐based solutions may allow the development of more secure and trustworthy systems for confirming product authenticity and traceability. In logistics management, BCT may provide increased transparency and efficiency in the monitoring and verification of logistical data, such as shipment details, inventory levels, and delivery timeframes.34,35 Moreover, blockchain‐based solutions may allow the development of 17471796, 0, Downloaded from https://onlinelibrary.wiley.com/doi/10.1111/jwip.12324 by DINESH KUMAR - Victoria Universitaet , Wiley Online Library on [14/09/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License 2 | 3 more secure and trustworthy systems for authenticating items and decreasing the danger of counterfeiting. BCT may assist in the establishment of more transparent and efficient systems for monitoring and validating property ownership, transfers, and transactions in real estate management.36,37 Using BCT in public sector administration may provide more efficient and secure management of government documents, transactions, and contracts.38,39,40 Moreover, blockchain‐based solutions may facilitate the development of more transparent and democratic voting and decision‐making processes. Along with benefits, BCT also has certain challenges that can create a limitation for its use in IPM. BCT has the potential to revolutionize different facets of management, but it has some limitations and challenges also. The restricted scalability of BCT is one of its greatest challenges.41,42 The existing blockchain infrastructure is incapable of managing massive transaction volumes, which may result in lengthy transaction processing times and hefty transaction fees. This might be a substantial impediment to the general acceptance and use of blockchain‐based solutions. Another challenge posed by BCT is the lack of interoperability across blockchain systems.43,44,45 This may make it difficult to combine diverse blockchain‐based solutions and hinder the capacity for cooperation and innovation. However, the decentralized nature of BCT might make it challenging to develop clear governance structures and assure legal and regulatory compliance. Concerns around data privacy, IPRs, and security may also be raised by the implementation of BCT. These issues may hinder the acceptance and use of blockchain‐based solutions, especially in regulated sectors. Another drawback of BCT is the energy consumption involved with mining, the process of validating blockchain transactions.46,47 This method is energy‐intensive and may generate substantial carbon emissions. With the increasing emphasis on sustainability and environmental effect in numerous sectors of management, this is a serious problem. Governance is another difficulty linked with the adoption of BCT.48,49 It might be challenging to develop clear governance structures and assure compliance with legal and regulatory standards due to blockchain's decentralized nature.50,51 This may be especially difficult in businesses where regulatory compliance is crucial, such as the financial and healthcare industries. The technical skill necessary to design and manage blockchain‐based solutions is a hurdle for many firms.52,53 despite the technology's promise to simplify and expedite different operations. Moreover, the question of uniformity is a difficulty that must be addressed. Interoperability challenges might arise due to the absence of standards in BCT.54,55 This may restrict the possibilities for cooperation and innovation in several management‐related fields. Despite its limitations and challenges, BCT shows significant potential in various sectors. The insight from the literature suggests that BCT can revolutionize IPM. 3 | T HE CU R R E N T S T A TE OF I P R M A N A G E M E N T The global landscape of IPM is characterized by the adoption of diverse legal frameworks, technological advancements, and an increasing focus on cross‐border collaboration. IPM refers to the process of creating, protecting, and leveraging intellectual assets, including patents, copyrights, trademarks, and trade secrets.56 This section outlines the current state of IPM worldwide, focusing on key trends and emerging best practices. Legal frameworks and harmonization: IP protection is governed by a variety of legal systems and international agreements, each with its own set of IP laws that often share common principles and objectives. However, variations in legal frameworks can pose challenges for IP owners seeking to protect and enforce their rights internationally. To address these challenges, there has been a concerted effort to harmonize IP laws and practices. The international community has adopted several treaties and agreements to promote the harmonization of IP laws and facilitate collaboration among national IP offices.57,58,59 These agreements establish minimum standards for IP protection and streamline the application process for rights holders seeking protection in multiple jurisdictions. Consequently, there has been a significant increase in international IP applications and cross‐border licensing agreements.60 These efforts aim to reduce the complexity and cost associated with managing IPRs across different legal systems. 17471796, 0, Downloaded from https://onlinelibrary.wiley.com/doi/10.1111/jwip.12324 by DINESH KUMAR - Victoria Universitaet , Wiley Online Library on [14/09/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License KUMAR and SUTHAR | KUMAR and SUTHAR Technological advancements in IPM: Technology has played a crucial role in shaping the current state of IPM worldwide. Advances in information and communication technologies (ICT) have led to the development of sophisticated IPM tools and platforms. These tools enable more efficient and effective management of IP portfolios and enhance the enforcement and monitoring of IPRs. BCT is increasingly used to improve the transparency and security of IP registration and transfer processes.61,62 Additionally, machine learning and artificial intelligence (AI) are employed to assist with patent analysis, prior art search, and IP valuation. These innovations have streamlined IPM processes that reduces the time and resources required to secure and enforce IPRs. Increased collaboration and networking: In the current global IP landscape, collaboration and networking among IP stakeholders have become essential components of effective IPM. This includes cooperation among national IP offices, public–private partnerships, and cross‐industry collaborations. These collaborative efforts facilitate the sharing of knowledge, resources, and best practices that contributes to the development of more efficient and robust IPM systems. A growing number of IP professionals are participating in international networks and platforms that promote collaboration and information exchange. These networks help in building capacity, promoting innovation, and supporting the development of new approaches to IPM. Additionally, cross‐industry collaborations are enabling the creation of novel IP strategies and business models. The current state of IPM worldwide is characterized by a complex interplay of legal frameworks, technological advancements, and collaborative efforts among stakeholders. As the global economy becomes more interconnected and knowledge‐driven, the importance of effective IPM will continue to grow. To keep pace with these evolving trends, it is essential for IP professionals and policymakers to remain informed, adaptive, and responsive. The administration of IPRs is essential for fostering worldwide innovation, creativity, and economic progress. However, the present condition of IPR management is often accompanied by substantial obstacles, such as inefficiency, lack of transparency, and high costs. These obstacles can affect the protection and monetization of IPR assets. Traditional IPR management is generally associated with significant inefficiencies, including high intermediary costs and lengthy registration and licensing procedures. Additionally, the existing system's lack of transparency can make it challenging for individuals and organizations to ensure the legitimacy and ownership of their IPR assets. This poses substantial obstacles to the commercialization and enforcement of IPR assets. The growth of digital technology has further complicated the administration of IPRs. The internet has made it easier for individuals and organizations to access and share digital information. The current IPR management system has struggled to keep up with these developments that resulted in an increasing need for more efficient and effective solutions. By addressing these challenges through enhanced collaboration and technological innovation, stakeholders can develop more robust IPM systems that support global economic growth and creativity. 3.1 | Case studies on adoption and usage of blockchain It has been evidenced by various case studies that blockchain‐based IP management systems really do work. One such pioneering collaboration between IPwe and IBM is changing the way patents are managed and utilized as business assets. Announced on April 20, 2021, this partnership places itself in relation to the tokenization of patents into NFTs via IBM's BCT. The approach is meant to ease the selling, trading, and commercialization of a patent. By digitizing IP, it can more readily be converted into a monetary asset that allows for much more liquidity between the parties involved in the creation of value. The IPwe Platform, using IBM Blockchain and run on IBM Cloud, brings transparency into patent transactions and make an ecosystem in which handling IP is more efficient and cost‐ effective. This initiative is going to be a sea change in the perception and application of patents. More than likely, it would change the IPM landscape for any business size.63 Kamani reflects on how BCT has furthered the efforts towards transparency and efficiency with the management of digital rights for music in the country.64 The author highlights the case of the SoundSys initiative, in which Rajat Kakar from PPL headed the efforts in collaboration with the collection societies, towards a unified 17471796, 0, Downloaded from https://onlinelibrary.wiley.com/doi/10.1111/jwip.12324 by DINESH KUMAR - Victoria Universitaet , Wiley Online Library on [14/09/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License 4 | 5 storage of music rights. Driven by Barcelona Music and Audio Technology, the project is designed to facilitate easy flow of royalties, which would cut down on much of the administrative costs and provide for better rights management, a game‐changer indeed. A company, TE‐FOOD International GmbH, based in Albstadt, Germany, is the specialist in transforming the food industry with BCT. Their platform will equip food companies to automate and improve supply chain processes and grant full knowledge of it to the suppliers. This technology becomes beneficial for businesses and aids consumers through providing information about their food transparently, to make appropriate purchasing decisions. The blockchain solution created by TE‐FOOD provides a real‐time overview of the food market to governmental bodies and makes sure that enforcement of food safety regulation will be much better.65 In the United States, blockchain is being used to protect American businesses from IPR theft. The application is highly noticeable in testing imports to ensure that they do not violate the IPR laws in the country. Blockchain helps in maintaining an open yet secure record of goods coming into the country, ensuring that there are no counterfeit and pirated products in those shipments.66 The IP office in India realized early on that blockchain technology efficiently manages IP. The IPO is currently engaged in integrating BCT to streamline procedures associated with patent applications, enhance transparency, and improve accountability. This ranges from the setting up of a legal framework for a blockchain‐based IP registry‐ not just for its protection but also in the commercialization of smart ideas. The US Customs and Border Protection conducted a blockchain proof‐of‐concept to curb IP theft through authentication of imports to boost secure communication among stakeholders and curb counterfeit products.67 This step is among the larger US project in the extent of the technology's utilization of different government sectors. E‐commerce, during this rapid expansion in Southeast Asia, is set to cross US$53 billion by 2023. Infringement of IP issues have been escalated rapidly, especially by the fact that many fake goods are being dumped on the e‐commerce platforms. ICT gives a digital solution to the problem, enhancing the protection of IPRs in the region. The technology achieves this by providing secure ownership verification and thus makes possible smart contracts for licensing. Countries in Southeast Asia, notably Thailand, Indonesia, and Vietnam, are at the forefront of exploring applications of blockchain in IP protection. Initiatives like the feasibility study in Thailand on IP registration and Indonesia's Project Portamento for musicians exist. There is an increasing use of BCT in IPM because it provides a registry of IPRs and allows for proof of ownership. Law firms are teaming with blockchain platforms to secure inventions and other creative works. For instance, P&TS (Switzerland) cooperates with the API platform provided by Berns using blockchain technology in connection with notarization services, putting a seal on confidential and immutable proof of possession of an invention. Bernstein Technologies GmbH manages the entire lifecycle of innovation on the bitcoin blockchain, with Bitcoin.com available for document proof as a notary service. Other platforms that are worth mentioning are Blockai/Binded for copyright protection, Blocknotary for photo notarization, Copyrobo for copyright security, Proof of Existence for documents verification, Signatura for digital signatures, Stampery for transaction notarization and certification.68 BCT, the latest technology, has been identified by Bernard Marr, a global accept futurist and thought leader, as having a thorough list of 35 real‐world applications in use to prove its legitimacy and reach far and wide across several industries. Guardtime, along with REMME, is the data protection and authentication game changer for cyber security. Gem, SimplyVital Health, and MedRec are changing how to look at patient data and managing outbreak diseases in the healthcare environment. ABRA, Bank Hapoalim, Barclays, Maersk, Aeternity, and Augur are changing financial services with better transaction tracking and smart contracts. Provenance, Jiocoin, Hijro, SKUChain, Blockverify provide supply chain transparency and anticounterfeiting for manufacturing and industry. Government initiatives in Dubai, Estonia, South Korea, and the United Kingdom in managing public records, safety, and benefit payments are powered by blockchain while Democracy.earth and Followmyvote.com are working on secure voting systems. Bitgive provides charity sectors with transparent donation tracking. OpenBazaar, Loyyal, and Blockpoint.io bring retail innovations through decentralized marketplaces and loyalty programs. Ubiquity makes a 17471796, 0, Downloaded from https://onlinelibrary.wiley.com/doi/10.1111/jwip.12324 by DINESH KUMAR - Victoria Universitaet , Wiley Online Library on [14/09/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License KUMAR and SUTHAR | KUMAR and SUTHAR difference in the real estate area by smoothing property transfers. Moving on to transport and tourism, there are IBM Blockchain Solutions, Arcade City, La'Zooz, and Webjet with vehicle lease and trade innovations of hotel rooms. Finally, in the media industry, “Kodak and Ujomusic use blockchain to track IPRs and royalties,” thus this clearly shows the wide and potentially disruptive application of the technology across many.69 Cem Dilmegani, in 2023, points out seven blockchain case studies across seven different industries, thus the impact of BCT is progressively increasing.70 In procurement, Trust Your Supplier joins hands with IBM to improve supplier data management. The Marco Polo Network is another example that deploys blockchain to make trade finance easier. For Renault in the automotive industry, blockchain applies to compliance, and for Nestlé, it authenticates the quality of its infant products. For insurance, Etherisc assures real‐time handling of claims. Tennet uses blockchain to optimize the power grid, and IPwe helps track IP more efficiently. These examples give clear evidence of blockchain's capacity to improve transparency, boost speed, lower transfer costs, and give advantage to early movers. In the paper, Sam Daley, updated by Brennan Whitfield, and reviewed by Omar Bheda, gave many real examples of the application of BCT technology in various industries. The authors point out how the technology of blockchain has already gone far beyond digital currency to implementation in such industries as finance, healthcare, logistics, government, media, and others. The paper explains that BCT increases transparency, raises speed, and reduces transfer costs; thus, it is a really useful tool in business. Examples might include Cash App, which uses blockchain for Bitcoin transactions; Chainalysis in monitoring cryptocurrency exchanges; Circle's fintech platform for crypto payments; the BCT by Algorand for bridging traditional and decentralized finance; and Chainlink Labs and DFINITY utilizing blockchain for smart contracts. Google's Blockchain Node Engine streamlines smart contracts, while BurstIQ and Propy Inc. leveraged blockchain in health and real estate, respectively. It also explains the role of blockchain in IoT, personal identity security, and NFTs. Companies like HYPR and Xage Security work to boost IoT security, while Dapper Labs and OpenSea are riding the wave in NFTs. On the government side, Kaleido and Voatz are examples of their applications, and Madhive, together with the Open Music Initiative, demonstrate how blockchains influence media.71 4 | P R O S P E C T S O F BC T U S I N I PM BCT has various applications in IPM, including patent registration72,73,74; trademark registration,75,76 copyright registration,77,78 and licensing.79,80,81 In the case of patent registration, BCT can be used to provide a secure and tamper‐proof database for storing patent‐related information. The use of BCT can also streamline the patent registration process, reducing transaction costs and time. Similarly, BCT can be used for trademark registration, providing a decentralized database for storing trademark information and facilitating the registration process/ BCT has the potential to transform the way IP is managed, offering several benefits. In this section, we will explore the benefits of using BCT in IPM, including its potential applications and implications. Efficient and cost‐effective IPM: BCT has various applications in IPM, including patent registration, trademark registration, copyright registration, and licensing. For patent registration, BCT can provide a secure and tamper‐ proof database for storing patent‐related information. This technology can streamline the patent registration process, reducing transaction costs and time. Similarly, BCT can be used for trademark registration by providing a decentralized database for storing trademark information and facilitating the registration process. BCT has the potential to transform IPM by offering several benefits. It can enhance security, transparency, and efficiency in the management of intellectual property rights. In this section, we will explore the benefits of using BCT in IPM, including its potential applications and implications, focusing on how it can improve various aspects of IPM and address current challenges. Enhanced security and protection: The incorporation of BCT in IPM significantly enhances the security and protection of IP. The literature indicates that BCT can provide a secure, tamper‐proof database for storing 17471796, 0, Downloaded from https://onlinelibrary.wiley.com/doi/10.1111/jwip.12324 by DINESH KUMAR - Victoria Universitaet , Wiley Online Library on [14/09/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License 6 | 7 IP‐related information, effectively shielding sensitive data from unauthorized access or modification.82,83,84 This heightened security is crucial in addressing prevalent issues of piracy and IPRs infringement. The immutable nature of blockchain plays a critical role in safeguarding IPRs. Kumar, Lambert, Sreekumar, Bhatia, and Garg emphasize that once information is recorded on a blockchain, altering it without detection is nearly impossible.85 This feature is invaluable for companies and individuals aiming to protect their IPRs against unauthorized use or distribution. The transparent and decentralized ledger of blockchain offers a reliable method for tracking IP ownership and changes.86,87 Chakraborty highlights how this transparency not only deters potential infringements but also promote a more trustworthy environment for IP transactions.88 Furthermore, the application of BCT in IPM extends to combating digital piracy.89 The literature demonstrates how blockchain can be used to manage digital rights effectively, providing a robust defense against unauthorized copying and distribution.90,91,92 This application of BCT ensures that digital creations are protected so that their integrity and value in the digital marketplace can be protected. Increased transparency and trust: The adoption of BCT in IPM significantly enhances transparency and trust. BCT creates a transparent and immutable ledger for all IP‐related transactions.93,94 This ledger is accessible and verifiable by all involved parties, ensuring transparency and reducing fraud and disputes.95,96,97 Each party can confirm the authenticity of transactions, ensuring fair royalty distribution. A practical example of BCT's impact is seen in the music industry, where blockchain has enabled more transparent royalty distributions. As highlighted by De Filippi and Wright, artists and producers can track the use of their work in real‐time, ensuring they receive appropriate compensation.98 Similarly, in academic publishing, BCT has increased transparency, allowing researchers to trace the usage and citation of their work, which helps in fair recognition and reward for their contributions.99 This increased transparency and trust promotes innovation and creativity. Inventors and creators feel more secure, knowing their work is protected and compensated fairly. By providing a reliable and transparent system, BCT encourages more individuals to innovate and share their creations, ultimately driving progress and development in various fields. Implications for economic growth and development: The integration of BCT in IPM can significantly influence economic growth and development by enhancing the efficiency and security of IP‐related transactions. These advancements are crucial drivers of economic growth.100,101 Such improvements can lead to the creation of new jobs and industries. BCT's role in protecting and compensating inventors and creators is vital. It ensures that they reap the benefits of their creations, which in turn incentivizes further innovation and creativity. Tapscott and Tapscott assert that when creators are assured of fair compensation and protection, they are more likely to invest time and resources in new innovations.102 Additionally, the transparency and trust provided by BCT in IPM can attract more investment in innovative projects. Investors are more likely to fund projects when there is clear evidence of IP protection and potential for returns. This increased investment can drive further economic growth by supporting the development and commercialization of new technologies and ideas. Facilitating licensing and royalty payments: BCT significantly enhances the management of licensing agreements and royalty payments by providing a secure and transparent system for tracking these agreements that ensures fair royalty distribution.103,104,105 This is particularly advantageous in industries where licensing and royalty processes are typically complex and non‐transparent. In the film industry, for example, BCT has streamlined royalty payments. This ensures they receive appropriate compensation for their contributions.106 Similarly, in the software industry, BCT aids in managing licensing agreements, ensuring software developers are compensated for their creations. This is crucial in an industry where IP is the core asset. By leveraging BCT, companies and individuals can confidently ensure they are properly compensated for their IP. This not only simplifies the process but also builds trust in IP‐related transactions. The transparency provided by BCT reduces disputes and enhances the overall efficiency of licensing and royalty payments, fostering a more reliable and fair system for all parties involved. Promoting collaboration and innovation: The use of BCT in IPM can significantly boost collaboration and innovation. BCT's transparency and security create a trustworthy platform for sharing and collaborating on IP‐related data which helps in enhancing innovation and creativity.107,108 For SMEs, BCT levels the playing field by allowing them to 17471796, 0, Downloaded from https://onlinelibrary.wiley.com/doi/10.1111/jwip.12324 by DINESH KUMAR - Victoria Universitaet , Wiley Online Library on [14/09/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License KUMAR and SUTHAR | KUMAR and SUTHAR securely share IP and engage in collaborative ventures that might have been challenging otherwise. BCT enables smaller entities to participate in larger innovation networks, previously dominated by big corporations. Moreover, BCT's role in promoting innovation extends to cross‐industry collaborations. Catalini and Gans highlight how BCT facilitates partnerships across different sectors, spurring multidisciplinary innovation.109 This is crucial for SMEs looking to expand their horizons and explore new market opportunities. By promoting culture of collaboration and innovation, BCT empowers SMEs to compete more effectively and contributes to broader economic growth and progress. In essence, BCT in IPM not only promotes a more collaborative and innovative environment but also provides SMEs with the tools to thrive in competitive markets. This enhanced collaboration can lead to the development of new products, services, and business models, driving economic development and technological advancement. Enabling digital rights management: BCT plays a pivotal role in enabling digital rights management by providing a secure and transparent framework for managing and safeguarding digital rights.110 In today's digital era, this is essential for protecting digital creations against piracy and unauthorized use.111 In digital media and content creation, BCT has been particularly instrumental. It allows creators to track and control the distribution of their work, preventing unauthorized use and ensuring proper compensation.112 By enabling creators to monitor their digital assets effectively, BCT ensures that they are protected and fairly rewarded for their efforts. Thus, BCT can significantly enhance the efficiency and security of digital rights management, offering a robust solution to the challenges faced in the digital content industry. This not only protects the interests of creators but also fosters a more trustworthy and fairer environment for digital content distribution. 5 | C HA L LENG E S OF BC T I N I P M Despite the potential benefits of using BCT for IPM, there are also several challenges associated with its use. In this section, the main challenges of using BCT in IPM are discussed. Standardization and interoperability: One of the critical challenges in employing BCT for IPM is the need for standardization and interoperability. The diverse nature of blockchain platforms means they often operate on different protocols, making system‐to‐system communication difficult. This diversity can lead to complications in exchanging or transferring IP‐related information across various platforms, potentially impeding the efficiency of the IPM process.113 The issue of interoperability is not just technical but also involves regulatory and legal considerations. As noted by Marc, without standardized protocols, the seamless integration of different blockchain systems remains a challenge.114 This lack of standardization can hinder the full potential of BCT in IPM. Therefore, there is a pressing need for the development of standardized protocols and guidelines. These would enable different blockchain platforms to interoperate effectively. Scalability: Scalability presents a significant challenge in the application of BCT for IPM. Although BCT has the capacity to handle a substantial volume of transactions, its current infrastructure might not be fully equipped for large‐ scale IPM systems. The inherent design of blockchain, where every node in the network is required to validate each transaction, can lead to bottlenecks. This, in turn, slows down the process as transaction volumes increase.115 The scalability issue is not just a matter of technical capacity but also impacts the efficiency and effectiveness of IPM. As noted by Zheng et al., the increasing number of transactions in a growing IPM system can significantly strain the blockchain network.116 This strain can lead to delays and increased costs, which are contrary to the goals of using BCT in IPM. Therefore, developing new approaches to scale BCT is essential to meet the demands of IPM. This might involve innovations in BCT itself or the integration of complementary technologies to enhance scalability. Data privacy and security: The implementation of BCT in IPM brings forth potential privacy and security risks. While BCT is inherently secure and immutable, its decentralized nature can complicate the regulation of access to confidential information. The challenge lies in ensuring that sensitive data remains protected within this open structure.117 Additionally, the permanence of data on the blockchain poses its own set of issues. Once information 17471796, 0, Downloaded from https://onlinelibrary.wiley.com/doi/10.1111/jwip.12324 by DINESH KUMAR - Victoria Universitaet , Wiley Online Library on [14/09/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License 8 | 9 is added to the blockchain, it cannot be altered or removed. This could become problematic if confidential information is inadvertently included in the chain. Such incidents highlight the need for meticulous data management in blockchain applications. To mitigate these risks, implementing robust security measures is essential. Encryption and stringent access controls are effective ways to safeguard sensitive information. These measures ensure that only authorized individuals can access critical data. Technical expertise: A significant challenge in utilizing BCT for IPM is the requisite technical expertise. The implementation and management of a blockchain‐based IPM system demand specialized skills. These skills are often scarce and highly sought after. Organizations looking to adopt BCT for IPM must recognize the importance of this expertise. They may need to invest in training and development initiatives. This investment is crucial for building the necessary technical capacity within their teams. The complexity of BCT requires a deep understanding of its workings to be effectively applied in any field, including IPM. Moreover, the rapid evolution of BCT adds to the challenge. Staying abreast of the latest developments and understanding their implications for IPM is essential. This requires ongoing learning and adaptation, as highlighted by Swan.118 Integration with legacy systems: A notable challenge in adopting BCT for IPM is integrating blockchain‐based systems with existing legacy systems.119 So, there is a pressing need for developing integration strategies. These strategies should enable blockchain‐based IPM systems to function effectively alongside existing legacy systems. The integration process often involves technical and operational adjustments. It requires careful planning and execution to ensure seamless interoperability. Additionally, the integration process may require significant investment. This includes both financial resources and time. Companies must be prepared for this investment to successfully merge BCT with their existing IPM frameworks. 6 | L IM I TAT I O NS OF TH I S ST UD Y While this study provides valuable insights into the prospects and constraints of BCT for IPM, it is not without limitations. One significant limitation is the reliance solely on existing literature and online sources. This approach may restrict the scope and depth of the analysis, as certain relevant data or perspectives might not have been included. Additionally, the analysis and interpretation of the data are subjective and could be influenced by the authors' personal biases, potentially leading to a biased perspective. The absence of primary data collection methods, such as surveys, interviews, or focus groups, further limits the study's reliability and accuracy. Incorporating such methods would have provided more comprehensive and nuanced insights. Moreover, the study's focus is restricted to the potentials and obstacles of BCT for managing IP, while other factors that could impact its adoption and utilization, such as regulatory frameworks or technological infrastructure, were not thoroughly examined. These limitations highlight the need for future research to employ more diverse data sources and primary data collection methods. Such an approach would provide a more comprehensive and robust analysis, considering broader contextual factors that influence the adoption and implementation of BCT for IPM. Addressing these limitations will enhance the validity and applicability of the findings, offering more detailed and rigorous insights into the integration of BCT in intellectual property management. 7 | F UT UR E D I R E C T I O NS Based on the limitations identified, several future research directions are proposed to enhance the understanding of BCT in IPM. Future studies should combine existing literature with primary data collection methods such as surveys, interviews, and focus groups. This approach will provide a more comprehensive and nuanced examination of the potentialities and hurdles of BCT in managing IP. It will also mitigate the biases and limitations inherent in relying solely on secondary data sources. Further research should explore the impact of regulatory frameworks and 17471796, 0, Downloaded from https://onlinelibrary.wiley.com/doi/10.1111/jwip.12324 by DINESH KUMAR - Victoria Universitaet , Wiley Online Library on [14/09/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License KUMAR and SUTHAR | KUMAR and SUTHAR technological infrastructure on the adoption and implementation of BCT for IPM. Investigating these factors will offer a holistic understanding of the conditions necessary for the successful deployment of blockchain‐based solutions in the IP domain. Additionally, future studies should consider the perspectives of a wider range of stakeholders, including policymakers, industry experts, and end‐users. This inclusive approach will provide a more diverse and comprehensive analysis of the prospects and constraints of BCT for IPM, ensuring that the findings are relevant and applicable to various stakeholders involved in the IP ecosystem. Expanding the research focus beyond India to examine the prospects and constraints of BCT for IPM in other countries and regions is essential. This will provide valuable insights into the global adoption and implementation of blockchain‐based solutions for IPM, identifying similarities and differences across different contexts. Such a comparative analysis will enhance the generalizability and applicability of the research findings. By addressing these future research directions, studies can provide a more detailed and rigorous analysis of BCT's potential in IPM, contributing to the development of effective strategies for leveraging BCT in IPM. 8 | C ONC LUS I ON This paper discusses the prospects and constraints of BCT in IPM in detail. This descriptive analysis shows a great transformational potential of BCT to make IPM efficient, secure, and transparent with a high degree of IPR management. More specifically, BCT helped in clearing the processing of IP registrations and licenses, providing reduced initial transaction costs during transactions, and more trust from the involved stakeholders because of its ledger system that is transparent and immutable. Specifically, BCT has the prospects of being a unique safe and secure environment, tamper‐proof for all information related to IP, and hence can be used to deal with many of the extant problems associated with piracy and IPRs violation in the digital age. However, notwithstanding the promising prospects depicted, there are several critical challenges associated with the use of BCT in IPM that have been suggested with this study, which need to be dealt with to realize its full potential. One of the big challenges is blockchain technologies should be standardized and interoperable for free exchange and easy management of data related to IP from diverse systems. Another challenge is scalability of blockchain infrastructure to handle global transactions to manage global IPM. Data privacy and security, integration with legacy system are also some important challenges. The findings from this study suggest that these challenges must be addressed to effectively implement BCT in IPM. Critical steps should be taken to include the development of standardized protocols for blockchain interoperability, and data privacy and security measures alongside investments in technical expertise. Therefore, BCT is poised to revolutionize the field of IPM. The successful implementation depends upon overcoming the barriers that stand on its way. Overcoming these barriers will permit stakeholders to utilize BCT to support innovation, collaboration, and economic growth in the IP space. D A TA A V A I L A B I L I T Y S T A T E M E N T Data sharing is not applicable to this article as no new data were created or analyzed in this study. 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See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License 16 | 17 A U T H O R B I O G R A P H IE S Dr Dinesh Kumar is an accomplished professional with extensive expertise in the military, academia, business, and charity sectors. He holds a PhD from the esteemed Indian Institute of Technology (IIT) Roorkee and has received admission offers for the Fellow Program in Management from the Indian Institute of Management (IIM) Ranchi, making him the first Indian soldier to secure doctoral admission offers from both IIT and IIM. He is the founder of pomento.in and Mission Dost‐E‐Jahan. Dr Nidhi Suthar holds a PhD from MPUAT, Rajasthan. She has worked for more than decade in academia. Currently, she is working as the Chief Executive Officer of Pomento IT Services. She also holds a visiting faculty position at Tantia University, India. How to cite this article: Kumar D, & Suthar N. (2024). ‘Assessing the prospects and constraints of blockchain technology for intellectual property management.’ The Journal of World Intellectual Property, 1–17. https://doi.org/10.1111/jwip.12324 17471796, 0, Downloaded from https://onlinelibrary.wiley.com/doi/10.1111/jwip.12324 by DINESH KUMAR - Victoria Universitaet , Wiley Online Library on [14/09/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License KUMAR and SUTHAR