Russian Authors’ Society To Launch A Blockchain Platform For Secured Intellectual Property Loans
Russian Authors’ Society Launches A Blockchain Financial Platform For Intellectual Property
The Russian and worldwide known NGO Russian Authors’ Society (RAO) will be launching a new platform for intellectual property and loans. The information about the release of this blockchain-based platform has been provided by the local news outlet TASS a few days ago.
The new project is known as CoFi and it is going to be launched during the first quarter of the next year. With this platform, the intention is to bring together potential intellectual property rightsholders and also investors that want to provide loan funds.
RAO’s CEO, Alexander Sukhotin, informed that the intellectual property market is facing several challenges that require several solutions. The market would have to implement an easy-to-use system for rightsholders and investors to communicate directly with each other. In this way, it would be possible to issue loans secured by patents and intellectual property.
According to RAO’s general director, the blockchain platform will allow different types of intellectual property. That includes patents, musical works, or visual arts. Sukhoting said that they are searching experts that would help to evaluate how different forms of ownership work.
Using distributed ledger technology (DLT) it is possible to provide an electronic chain of custody for each and every piece of IP, allowing the public to judge the strength and value of a specific work.
There are different companies and projects that are working with blockchain technology. IBM, for example, is working with different companies all over the world in order to develop the best blockchain solutions for their needs.
The CEO of Russia’s largest bank, Herman Gref, says that blockchain technology is going to reach industrial-scale adoption in the coming years.
Securing property rights is not the only feature that blockchain technology allows for. Several industries are embracing DLT in order to improve their services, products and processes. In the future, new companies can start embracing this technology to make their businesses more efficient.