Upon the request of the United Nations Interrogational Crime and Justice Research Institute (UNICRI), TIV Prepared an Analysis on Blockchain Risks and Advantages
UNICRI SIRIO - Blockchain Risk
The United Nations Interrogational Crime and Justice Research Institute (UNICRI) solicited feedback from the world’s top experts in blockchain and intellectual property, including TIV experts. The proprietary report compiled by TIV gave a thorough review of two central topics related to innovative ideas and new solutions of blockchain:
Feedback regards to Technology Solutions using Blockchain for IP management
Feedback with regard to Legal and Regulatory Challenges of Blockchain for IP Management
The report addressed a breadth of technicalities related to the aforementioned, and some of its key highlights include the following. Firstly, that there are blockchain platforms which create digital stamps for files under strict safety and secrecy using a signature technology multikey, multi- blockchain architecture, such as IP Passport. This technology offers greater compliance with the guidelines of recent regulations and hence, superior legal integrity as evidence in a courtroom, for example. Moreover, projects such as Mycelia, a research and development hub for music makers, is somewhat more complex, and yields the ability to host immutable metadata about songs, the artists who recorded the songs, and the respective audiences. Accordingly, this Blockchain use-case offers more transparency and efficiency in renumerating artists. There is an initial technical barrier to entry, but this will improve as distributed ledger systems become commonplace.
In terms of challenges, TIV highlights the a potentially negative consequence of blockchain security – when coding complexity is introduced into a previous ‘unhackable’ blockchain, this can introduce vulnerabilities, effectively reducing the effectiveness of the ledger’s security. Moreover, there is a concern that as blockchain databases scale, so will the necessary capacity to store such data, thereby compromising the necessary element of speed, which is often an advertised benefit.