The HashCash Chief explains how uploading research data on blockchain can serve as evidence for settling patent dispute claims while boosting security through encryption.
Blockchain remains a mainstream fixture as a key disruptor in the technological domain, powering the construction of newer frontiers such as Web 3.0 and the metaverse. Prevalent across the finance sector, cryptocurrencies, and supply chain management, the technology is also adept at optimizing existing infrastructure. HashCash Consultants Chief Raj Chowdhury addresses blockchain’s revolutionary potential across any domain that prioritizes data accuracy and transparent visibility of transactions, including patent protection systems.
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Countless blockchain innovations are patented each year across the world. The challenge lies in verifying the claim, ensuring its contents do not match with any previous ones. Keeping blockchain aside, the patent claiming process is by itself a long and strenuous one. A slight malpractice may easily cost enterprises well over millions in lawsuits. Blockchain offers a unique solution ensuring data integrity and authenticity in addition to offering visibility across a secure decentralized infrastructure.
A noted blockchain pioneer, the HashCash Consultants CEO asserts, “Blockchain’s inherent traits made it an ideal research subject over the past decade with both nations and global corporations pumping billions in R&D. These investments fuelled innovation leading to numerous patent claims within a short timespan, including the ones for efficient database management of patent claim systems.”
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Blockchain transactions feature timestamps authenticating the date of the transaction. The process examining the efficacy of the proposed solution i.e. the verification part remains time-consuming. But, the submission timestamps offer evidence for the quick resolution of patent disputes. This is also an effective tool for both parties to avoid litigation hassles pertaining to the patent.
“Blockchain with its transaction hashes and network architecture offers high-security encryption for firms storing confidential research data prior to patent application. The timestamps validate the stored data, serving as evidence if a patent dispute ever arises,” concluded Chowdhury, who had previously voiced support for blockchain analytics, and the potential of blockchain implementation in aviation management.
Led by Chowdhury, the US-based HashCash Consultants is a global frontrunner, winning top honors as a blockchain development company. The firm has deployed products in more than 26 nations across 6 continents, including a crypto payment processor currently trending across the US. HashCash has been recently involved in the development of a blockchain-powered travel rewards platform.
The increasing possibilities of blockchain integration is evident from the views of global industry leaders. Enterprises seeking a digital transformation can optimize and leverage business opportunities with the power of blockchain.
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