Intellectual Property (IP) refers to creations of the mind, which include inventions, literary and artistic works, symbols, names, images, and designs used in commerce, among others. Intellectual Property is divided into two main categories:
Industrial Property - Patents, Utility Models, Trademarks, & Industrial Designs
Copyrights - Literary, Music, & General Artistic Works
Increased globalization and the development and growth of today’s Internet worldwide have made IP protection more important than ever. It is vital to maintain the integrity of IP by having laws that protect IP rights and facilitate future innovation, progression, and advancements in various industries of the world economies. This is where PlanChain will come into play.
Through the use of distributed ledger technology (DLT) and blockchain technology, PlanChain will help protect IP rights, and manage and monetize IP assets worldwide.
The PlanChain platform will be composed of four main components:
- Proof Of Authorship Engine
- IP Vault
- IP Asset Marketplace (THORM)
Proof Of Authorship Engine
The Proof of Authorship Engine generates records on the VeChainThor Blockchain of the authorship and ownership of IP assets, and provide blockchain certificates to users.
The process on how this all works can be more defined by the following steps:
- User uploads one or more files associated with IP asset
- User provides PLAN utility tokens. Alternatively, fiat or other digital assets provided by user are converted to PLAN tokens
- PlanChain uses a SHA-256 algorithm to generate one or more hashes
- PlanChain initiates transaction to generate immutable record on VechainThor Blockchain of the authorship and ownership of the IP asset, including a timestamp
- Optionally use fee delegation (such as MPP for VTHO) or atomic swaps to pay for VechainThor Blockchain gas
- PlanChain generates a blockchain certificate for user to document the authorship and ownership
- User has option to create a Non-Fungible Token (NFT) of their IP asset
After receiving the blockchain certificate, the user may add an NFT of their IP asset to the IP Vault for secure storage or to the IP Marketplace for monetizing their IP asset. The PlanChain team is currently building a partner network of IP professionals around the world. The user will have the option to work with one of our partner IP professionals if the user wants to register their IP in one or more official government offices.
The IP Vault provides secure storage to users for files associated with IP assets, both in a private vault and in a linked vault.
Private Vault - secure storage that is only accessible by the user
Linked Vault - secure storage where the user can enable restricted access to certain vault documents to linked accounts, such as a linked account to an IP professional working with the user
IP Asset Marketplace (THORM)
THORM provides a marketplace for user to monetize IP assets worldwide, including IP assets for sale, license, and trade. THORM also offers portfolios, IP asset auctions, and IP asset pooling.
- Sell - users can list their IP assets for sale
- License - users can list their IP assets for license
- Trade - users can indicate their IP assets are also available for trade
- Auction - users can sell their IP assets in an auction format
- IP Asset Portfolios – each user can showcase a portfolio of their IP assets
- IP asset pooling – users can pool two or more IP assets for sale or license as a group
- Muti-party IP asset pooling – multiple users (such as multiple companies or individuals) can pool multiple IP assets for sale or license as a group and share the proceeds per the terms of an agreement
- Automatic transfer of ownership – automatically transfer the proof of authorship and ownership from the seller(s) to the buyer(s)
- IP Asset Inheritance solutions – offer the user the option to sign up for inheritance solutions for their IP assets using technology powered by our partner SafeHaven.
SnapBlock is a mobile application that integrates most or all of the features of the Proof of Authorship Engine, IP Vault, and THROM. Furthermore, SnapBlock allows users to snap a photo on their mobile device, and automatically obtain a blockchain certificate for proof of authorship and ownership.
- User snaps a digital photograph (or records a video or other media)
- PlanChain automatically generates blockchain certificate for user.
- User has option to instantly create a Non-Fungible Token (NFT) of their photo.
- User has the option to add a digital signature to their photo to visually indicate a record of ownership has been added to the blockchain (and optionally add other metadata)
- User has the option to seamlessly add their IP asset to the IP Vault, and to their profile/portfolio in the THORM IP Asset Marketplace in order to monetize their IP asset
- All transactions using the Mobile Application will be powered by the PLAN utility token and the VechainThor Blockchain, and may optionally use fee delegation (such MPP for VTHO) or atomic swaps.