IBM, patent marketplace IPwe plan to turn patents into NFTs

Apr 20, 2021 | The Block News | 0 comments

ibm,-patent-marketplace-ipwe-plan-to-turn-patents-into-nfts

Tech giant IBM and global patent marketplace IPwe plan to turn patents into non-fungible tokens (NFTs).

Announcing the news on Tuesday, the two companies said NFTs would make patents more easily saleable, tradeable and monetizable, and bring liquidity to this asset class.

“Think of an NFT as a certificate of title,” IPwe CEO Erich Spangenberg told The Block. “The people that interact with the NFT for a particular patent will be comfortable that it exists and who owns it.”

If the owner wants to sell or fractionalize ownership of the NFT, they could do so, said Spangenberg.

NFTs will be stored on IPwe’s platform, which is powered by IBM Blockchain.

IPwe will begin trials of their patent NFTs in Q2 of this year. The tests will focus on both large as well as small and medium enterprises, Spangenberg told The Block.

IBM intends to be a participant in the trials “alongside other large corporate patent holders,” the company’s general manager of global strategic partnership, Jason Kelley, told The Block.

“IPwe’s platform and NFTs are definitely of interest to IBM,” said Kelley.

IBM and IPwe have worked together for the last three years. IPwe’s offerings are powered by IBM’s blockchain, artificial intelligence, and cloud technologies.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

South Korea to Crack Down on Phishing Websites Attacking Crypto Users

South Korea to Crack Down on Phishing Websites Attacking Crypto Users

South Korean authorities are intensifying their monitoring of phishing activity related to cryptocurrencies. The government has identified a record number of websites trying to obtain login details from crypto exchange users. Over 30 sites have been taken down in just...

TSX-traded bitcoin miner Bitfarms scores approval to list on Nasdaq

TSX-traded bitcoin miner Bitfarms scores approval to list on Nasdaq

Bitfarms, a publicly traded bitcoin mining firm, announced on May 7 that it had won approval to list on the Nasdaq Global Market. The timing of the listing is unclear at this time, though the firm said that it was moving "expeditiously" to "confirm Bitfarms’ common...

ETH price breaks above $4,000 to set new record highs

ETH price breaks above $4,000 to set new record highs

The price of Ethereum has jumped above $4,000 for the first time. The price of the second largest cryptocurrency by market capitalization climbed above the $4,000 level around 3:00 UTC on Monday just a week after breaking through the $3,000 level. It is changing hands...

Pin It on Pinterest

Share This