In Blockchain Tech Summit, a government official stated that Karnataka State Government is planning to launch a Blockchain based platform for the protection of Intellectual Property.
We all know that Bengaluru Tech Summit is organized in the Start Hub of India – Bengaluru. The news came in the light as a very interesting and relieving news for innovators, investors, and entrepreneurs. For this, the state government will set up a Karnataka Innovation Authority (KIA) under the chairmanship of the Chief Minister.
The step has been taken to remove the legal hurdles which startup faces to commercialize the innovative ideas. The startups have complains most of the time that their IPs are theft or big companies pressurize them to surrender their idea to them and then they present it to the market.
Reportedly, the PwC is working with the state government to execute and implement the plan.
The Director of PwC, Saurabh Bhattacharya said,
“PwC is engaged with the state government to create and develop this platform. Probably it will be completed in a month or so and starts functioning.”
This marketplace will not only allow innovators to present be their smart ideas but also ensures the transparency and security of them too.
To present the idea, innovators will have to register on the Blockchain based IP registry platform. After the verification of the application, the idea will be uploaded so that interested investors can request access to the detailed information and bid on it. Also, a digital non-disclosure agreement will be signed between the investor and innovator.
Bhattacharya said,
“The owners can set a price while investors can bid for the idea, put in money, trade or buy the ideas.”
As per the reports, NITI Aayog is very much fascinated with this initiative and will pitch a research paper shortly.
Talking about the percentage, Sreeram Anantha Sayanam, the partner at government public services at PwC said,
“Around 84% of the organizations are considering using the blockchain technology while 15% already have live projects based on it”.
Image Source: Flickr
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…
As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…
Did you know that 85% of DeFi value is concentrated in six blockchains? DeFi is…
CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…
Join us at BFC 2024 to explore the future of Web3. Use a special discount…
Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…