January 28, 2019

Secure and Monetise Your Intellectual Property on BSV – Visions for Bitcoin from Dr Craig S Wright

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nChain’s Chief Scientist Dr Craig S Wright has continued with his weekly series on his Medium account, revealing new applications and uses for Bitcoin.  In the powerful series, Wright shares his ideas about and expertise on new ground-breaking applications and services—made possible on the Bitcoin SV blockchain.

Wright’s fourth entry in the weekly series is entitled “Storing IP on the Blockchain,” and focuses on the integration of IP management and monetisation on the Bitcoin SV blockchain—a solution for authors to bring organisation and transparency to their intellectual property (IP), and one that allows monetisation of IP in a direct and efficient manner.

The solution is an application of nChain’s patent innovation for Consolidated Blockchain-Based Data Transfer Control Method and System, and allows IP management standards, systems, and practices (such as for the World Intellectual Property Organization) to benefit in transparency, simplicity, and privacy through BSV-powered storage capacities.

Although the middleman—as with other BSV-powered services—is removed to a bare minimum in terms of storage and access rights, giving complete power and privacy to the user, the opportunity for businesses to take advantage of such a solution is even more present, by using BSV as the secure and efficient back-end to increase the reliability and feasibility of management systems in the IP service industry.

Functional Overview

On the surface, the solution can be summarised in a scenario where:

  1. The author of an articulated idea uploads and submits the respective file or content to the IP management system (which can be done through a browser, mobile, or desktop application).
  2. The entry application (IP management app) provides an interface and a bridge between the author and the reader; both the file and its respective ownership right are stored on the secure database that is the Bitcoin SV blockchain.
  3. The reader can, through the user-oriented IP management app, search and request access to ideas of interest, where the author can be paid directly and efficiently, while the reader can view the content without delay.

Technical Explanation

“Under the hood,” the innovation consists of the following steps and practices:

  1. The author uploads the file containing the original idea by encrypting the content and storing it in transaction T1 (using, for example, OP_PUSH and OP_DROP). The Bitcoin root hierarchical key equips the author with evidence for ownership of the content at the given time—vital for IP registration.
  2. An interested reader requests access to the IP; through an atomic swap, the author can encrypt the content using the reader’s public key and store it in a new transaction T2. The access key remains with the author—for now.
  3. The reader now sends transaction T3 to the author’s address, and upon the author’s spending (acceptance) of the transaction, the access key to the transaction output of T2 can be established by the reader—allowing him to view the content as the payment is made effective.

Benefits and Implementation

The secure and efficient Bitcoin SV database offers a record of IP that is immutable and one which allows changes to the IP to be reflected in the chain of transactions.

Accuracy and ease of accessibility are ensured through transactions on the Bitcoin SV blockchain. A direct link between the author and the reader minimises costs, yet all the more enforces privacy of the exchange. Authors can be paid efficiently and without delay, where licencing, payments, and authorised access are transparently kept in check.

The solution goes hand in hand with building yet another cornerstone of nChain’s ground-breaking Metanet project, where web data and information can be stored and organised on the Bitcoin SV blockchain. And an integrated BSV browser wallet allows for direct and efficient monetisation (see our previous post for more details here).

Implement the simple IP management system (call it “bIP” for “Bitcoin IP”), and follow more exciting new applications and solutions by reading Craig Wright’s entry here.

Or get in touch with nChain Professional Services here.