While the world has evolved from storing and transferring information from paper to cloud storage, data is still not entirely protected. The existing cloud storage system used for sharing information while encrypted is centralized, and centralized systems have the inherent disadvantage of being vulnerable to hacks and attacks. However, decentralized solutions such as blockchain technology have become an excellent alternative because of their immutability. Sharing intellectual property through the blockchain network can create a more secure and reliable system because of its several advantages. The Inefficiencies in Centralized IP Storage Systems The centralized intellectual property storage and management system suffer from outdated technology, improper management and recording of the files. Most of these systems rely on manual input of data which is not only prone to error but also lacks the precise and efficient output. Moreover, most of the centralized IP storage systems utilize cloud storage or offline storage as paperwork, which both limit interconnectivity and are insecure methods. Cloud storage systems are prone to hacking because of a lack of a robust encryption mechanism and are not considered to be legally accepted when proving a chain of custody. On the other hand, the paper trail can easily be manipulated making it less reliable which is a growing concern in the Intellectual Property management industry. The world ...
