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COMMENTARY
In this article, we will explore the basics of blockchain and common uses of it such as cryptocurrency and NFTs, how these intangible assets can be protected by IP laws, and, perhaps most interesting, how blockchain is being used to enhance IP protection generally.
February 15, 2022 at 09:09 AM
9 minute read
Intellectual Property
Despite reading the occasional article (or headline), how much do any of us know about blockchain, cryptocurrency and their potential uses and implications? What exactly are nonfungible tokens or NFTs, which seem to be getting a lot of press? We too wondered about these questions. As an intellectual property (IP) lawyer and a law student who focuses on IP in law school, we were also specifically interested in examining the intersection between blockchain, or more specifically, cryptocurrency and NFTs, and IP. Thus, in this article, we will explore the basics of blockchain and common uses of it such as cryptocurrency and NFTs, how these intangible assets can be protected by IP laws, and, perhaps most interesting, how blockchain is being used to enhance IP protection generally.
Starting with some basics, it is useful to think about blockchain, cryptocurrency and uses such as NFTs as part of a pyramid. The pyramid’s base is blockchain technology. Blockchains are blocks of stored information, which, when filled, are linked together to form a chain of electronic data. These chains are referred to as distributed ledger technology (DLTs). Once information is stored in the DLTs, it cannot be altered, deleted, nor destroyed easily and becomes a virtually impenetrable ledger that is useful against hackers. Because data is held in the blockchain throughout several network nodes located in multiple locations, it is difficult to hack, enabling the data’s integrity to remain intact. Thus, if a hacker changes only one node, the change is overridden by the other nodes. Hackers must change at least 51% of the blockchain’s nodes to inflict damage—a difficult task to accomplish (although not impossible). Blockchain can be used for many purposes, but the most common is cryptocurrency.
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