EtherRights: Securing Intellectual Property Rights with Ethereum-Based Blockchain Solutions

Abstract

Blockchain technology has become a disruptive breakthrough in the digital age, altering how information is maintained and exchanged. However, traditional intellectual property systems face several challenges, such as centralized data repositories, dependability issues, performance bottlenecks, and opaque processes. These problems necessitate a novel strategy, and blockchain enables safe, open, and unchangeable record-keeping via a connected chain of blocks. A new age of tamper-proof digital collaboration is introduced owing to this distributed structure, which eliminates intermediaries and permits trustless peer-to-peer transactions. Furthermore, conventional approaches to securing intellectual property rights are no longer relevant due to the growing digitization of information. Our system integrates blockchain technology, Non-Fungible Tokens (NFTs), and the Interplanetary File System (IPFS) to revolutionize patent administration. Our work aims to provide a cutting-edge platform for patent registration, trade, and management by utilizing blockchain technology's decentralization, transparency, immutability, the distinctiveness of NFTs, and the strength of IPFS. Our framework modernizes the intellectual property landscape by bolstering rights and encouraging a more creative and collaborative atmosphere. It handles essential issues such as data transparency, ownership identification, secure storage, and transaction efficiency.