IPwe Launches Revolutionary Platform and Deployment of 25 Million Patent NFTs on Hybrid Casper Blockchain and Hyperledger Fabric Network
The Use Case for Blockchain and Intellectual Property
IPwe is revolutionizing the intellectual property (IP) system using blockchain. Intangible assets represent 90% of the S&P 500’s value, but patents, a large percentage of those intangibles, are underutilized and undervalued. There are approximately 25 million active patents worldwide, but the asset owners generally misunderstand their holdings, causing low utilization and commercialization rates, including financing, due to a lack of transparency and standardized asset valuation metrics that asset classes have. This amounts to over $1 trillion in lost IP opportunities annually.
Blockchain-based technologies, specifically NFTs, allows patent data to be managed efficiently and securely by consolidating it into a single digital wrapper representing the asset. Beyond that, blockchain further enables smart contracts, meaning that when specific contractual events occur, the smart contracts directly read from the blockchain and automatically trigger a predefined reaction, making human intervention no longer necessary. Smart contracts create efficiency and transparency and enable micro-transactions, such as small-volume patent licensing deals, to be economically viable for businesses for the first time. They alleviate suffocating by transaction costs. Furthermore, trails of evidence on the blockchain safeguard that every action and smart contract automation can be audited properly.
Blockchain Meets IP: How IPwe is Changing the Game with Hybrid Casper Blockchain and Hyperledger Fabric Network
IPwe is leveraging blockchain technology to transform the IP landscape by tokenizing the majority of the world’s patents as patent NFTs, referred to as IPwe Digital Assets, representing the largest enterprise blockchain NFT deployment in history. These 25 million IPwe Digital Assets store verifiable ownership data and auditable, compliant records for each patent, allowing enterprises to confidently manage their IP in the next-generation Web3 ecosystem. Additionally, IPwe Digital Assets are populated with public data from leading patent datasets, providing IP owners with a transparent digital representation of asset ownership. With verified data about each patent stored on NFTs, transactions can happen faster than ever before because enterprises no longer have to spend weeks or months manually verifying patent data, and smart contracts will trigger the transactions automatically.
Hybrid Casper Blockchain and Hyperledger Fabric Network
In September 2022, Casper Labs and IPwe developed and launched a dynamic NFT blockchain solution, IPwe Digital Assets. The solution uses the permissioned distributed ledger technologies of open source Hyperledger Fabric and the public Casper Blockchain to securely store verified public and private information about each patent. The integration capitalizes on the data security and trust inherent on a Hyperledger Fabric network and enables Casper to securely bring assets locked on the private ledger to the public chain.
Why A Hybrid Network Approach
A hybrid blockchain combines the capabilities of private and public blockchains, taking advantage of each. The private blockchain offers secure, permissioned data storage—an essential feature that’s particularly crucial for highly regulated industries. Meanwhile, the public blockchain brings scale and immutability, enabling a more open and transparent ledger.
To showcase the potential of a hybrid network, Casper Labs and IBM recently performed the first atomic cross-chain swap of fungible and non-fungible tokens between an instance of a Hyperledger Fabric permissioned network and the Casper Blockchain.They used a Hyperledger Lab, Weaver, to achieve the cross-chain functionality. (Weaver is now part of Hyperledger Cacti.) The result was a hybrid blockchain, uniquely equipped with the enhanced security of a consortium network running Hyperledger Fabric and the public verifiability and open market access offered by the Casper public blockchain.
The Significance of IPwe’s 25 Million Patent NFTs
Beyond just tokenizing patents, IPwe provides a solution called Smart Intangible Asset Management (SIAM), a comprehensive SaaS tool for IP valuation and management. By reading from the patents NFTs, IPwe’s advanced AI algorithms determine a benchmark value for each IPwe Digital Asset and IP portfolio, providing enterprises with unrivaled insights and enabling smarter and more informed business decisions.
One of the key benefits of IPwe Digital Assets is the ability to aggregate data for more efficient management and analysis by storing all relevant data in one location, readily accessible on the blockchain from anywhere. Typically, patent data is not kept in one central repository but is highly fractionalized across multiple public and private databases, causing enterprises to spend weeks verifying their own patent data. Another advantage of IPwe Digital Assets is data verification, as the data stored on the NFT becomes more valuable once verified. When adding data points to an IPwe Digital Asset, IPwe and other third parties confirm its level of trustworthiness, such as whether all existing “public” records show the same owner for a patent. Private asset data is also an important aspect of the NFT. IPwe’s goal is to ensure that enterprises will be able to add all current private data to their IPwe Digital Assets – not just who owns it, but who is licensing it, who is commercializing it, who is financing it. All this information can be used to confirm the asset’s true value.
In conclusion, using a hybrid Casper Blockchain and Hyperledger Fabric network, IPwe is deploying 25 million patent NFTs, the largest enterprise blockchain deployment in history. On top of that, IPwe’s SIAM solution allows enterprises to fully utilize these patent NFTs to transact, manage, and value their IP. This revolutionary implementation of blockchain technology will enable IPwe to bring liquidity to the IP space, where currently approximately 95% of IP assets are not transacted or commercialized.
Join IPwe’s upcoming webinar on February 8th to learn more about this revolutionary SaaS platform and how IPwe aims to transform the IP landscape and bring liquidity into the market by tokenizing patents as NFTs.