IBM has recently made an announcement that it is utilizing its blockchain technology on the IPwe platform to turn its corporate patents into NFTs with the help of a patent firm. A platform for the IP ecosystem of the world has announced that it has plans to start representing corporate patents as NFTs, in cooperation with the computer company giant, IBM.
IPwe Collaborates With IBM to Represent Corporate Patents as NFTs
In accordance with the revelations made in the announcement, it should be known that the introduction of intellectual property in the form of a token will be helping position patents to be conveniently traded, sold, or, commercialized.
Turning those patents into NFTs makes it convenient to have those patents reach directly to the market.
Erich Spangenberg, the CEO of IPwe said:
“The use of NFTs to represent patents will help create completely new ways to interact with intellectual property.”
NFTs are cryptographically distinct digital assets that can be linked with digital content such as pictures and clips.
However, any kind of content can be linked-to a non-fungible token in this case patents.
Cognitive property has consistently been difficult to manage, value, and transact, and the launching of non-fungible tokens into this space is expected to alter that.
Erich added to his statement and said:
“This is expected to benefit not only large enterprises that have significant intellectual property, but it will bring new opportunities to small and medium enterprises and even individual intellectual property owners.”
The NFTs are going to be kept and split on the IPwe Digit, hosted by IBM Cloud, and powered by the blockchain of IBM.
The Blockchain NFT and Platform Alliance
Talking about the alliance, which is not for the first time, IPwe and IBM have worked along for the last three years to apply the blockchain experience of IBM to the IPwe Platform.
The General Manager of Global Strategic Partnerships at IBM Services, Jason Kelley said:
“IBM has a long history of leadership in intellectual property and the application of artificial intelligence and blockchain in business.”
In addition to this, Kelley said:
“the firm’s work with IPwe is another example of our collaboration with leading innovators to drive outcomes powered by blockchain capabilities and digital assets that have the potential to transform entire industries.”