Patents and intellectual property assets as non-fungible tokens; key technologies and challenges
Abstract With the explosive development of decentralized finance, we witness a phenomenal growth in tokenization of all kinds of assets, including equity, funds, debt, and real estate. By taking advantage of blockchain technology, digital assets are broadly grouped into fungible and non-fungible tok...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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Nature Portfolio
2022-02-01
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| Series: | Scientific Reports |
| Online Access: | https://doi.org/10.1038/s41598-022-05920-6 |
| _version_ | 1818977024117571584 |
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| author | Seyed Mojtaba Hosseini Bamakan Nasim Nezhadsistani Omid Bodaghi Qiang Qu |
| author_facet | Seyed Mojtaba Hosseini Bamakan Nasim Nezhadsistani Omid Bodaghi Qiang Qu |
| author_sort | Seyed Mojtaba Hosseini Bamakan |
| collection | DOAJ |
| description | Abstract With the explosive development of decentralized finance, we witness a phenomenal growth in tokenization of all kinds of assets, including equity, funds, debt, and real estate. By taking advantage of blockchain technology, digital assets are broadly grouped into fungible and non-fungible tokens (NFT). Here non-fungible tokens refer to those with unique and non-substitutable properties. NFT has widely attracted attention, and its protocols, standards, and applications are developing exponentially. It has been successfully applied to digital fantasy artwork, games, collectibles, etc. However, there is a lack of research in utilizing NFT in issues such as Intellectual Property. Applying for a patent and trademark is not only a time-consuming and lengthy process but also costly. NFT has considerable potential in the intellectual property domain. It can promote transparency and liquidity and open the market to innovators who aim to commercialize their inventions efficiently. The main objective of this paper is to examine the requirements of presenting intellectual property assets, specifically patents, as NFTs. Hence, we offer a layered conceptual NFT-based patent framework. Furthermore, a series of open challenges about NFT-based patents and the possible future directions are highlighted. The proposed framework provides fundamental elements and guidance for businesses in taking advantage of NFTs in real-world problems such as grant patents, funding, biotechnology, and so forth. |
| first_indexed | 2024-12-20T16:21:10Z |
| format | Article |
| id | doaj.art-036a1ec65f8545c0ada06a6ad6126c3b |
| institution | Directory Open Access Journal |
| issn | 2045-2322 |
| language | English |
| last_indexed | 2024-12-20T16:21:10Z |
| publishDate | 2022-02-01 |
| publisher | Nature Portfolio |
| record_format | Article |
| series | Scientific Reports |
| spelling | doaj.art-036a1ec65f8545c0ada06a6ad6126c3b2022-12-21T19:33:37ZengNature PortfolioScientific Reports2045-23222022-02-0112111310.1038/s41598-022-05920-6Patents and intellectual property assets as non-fungible tokens; key technologies and challengesSeyed Mojtaba Hosseini Bamakan0Nasim Nezhadsistani1Omid Bodaghi2Qiang Qu3Department of Industrial Management, Yazd UniversityDepartment of Electrical and Computer Engineering, Isfahan University of TechnologySchool of Electrical and Computer Engineering, University of TehranShenzhen Institutes of Advanced Technology, Chinese Academy of SciencesAbstract With the explosive development of decentralized finance, we witness a phenomenal growth in tokenization of all kinds of assets, including equity, funds, debt, and real estate. By taking advantage of blockchain technology, digital assets are broadly grouped into fungible and non-fungible tokens (NFT). Here non-fungible tokens refer to those with unique and non-substitutable properties. NFT has widely attracted attention, and its protocols, standards, and applications are developing exponentially. It has been successfully applied to digital fantasy artwork, games, collectibles, etc. However, there is a lack of research in utilizing NFT in issues such as Intellectual Property. Applying for a patent and trademark is not only a time-consuming and lengthy process but also costly. NFT has considerable potential in the intellectual property domain. It can promote transparency and liquidity and open the market to innovators who aim to commercialize their inventions efficiently. The main objective of this paper is to examine the requirements of presenting intellectual property assets, specifically patents, as NFTs. Hence, we offer a layered conceptual NFT-based patent framework. Furthermore, a series of open challenges about NFT-based patents and the possible future directions are highlighted. The proposed framework provides fundamental elements and guidance for businesses in taking advantage of NFTs in real-world problems such as grant patents, funding, biotechnology, and so forth.https://doi.org/10.1038/s41598-022-05920-6 |
| spellingShingle | Seyed Mojtaba Hosseini Bamakan Nasim Nezhadsistani Omid Bodaghi Qiang Qu Patents and intellectual property assets as non-fungible tokens; key technologies and challenges Scientific Reports |
| title | Patents and intellectual property assets as non-fungible tokens; key technologies and challenges |
| title_full | Patents and intellectual property assets as non-fungible tokens; key technologies and challenges |
| title_fullStr | Patents and intellectual property assets as non-fungible tokens; key technologies and challenges |
| title_full_unstemmed | Patents and intellectual property assets as non-fungible tokens; key technologies and challenges |
| title_short | Patents and intellectual property assets as non-fungible tokens; key technologies and challenges |
| title_sort | patents and intellectual property assets as non fungible tokens key technologies and challenges |
| url | https://doi.org/10.1038/s41598-022-05920-6 |
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