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IBM Wants to Turn Patents Into NFTs

IBM continues to work on the application of Distributed Ledger Technologies for corporate purposes and, even if its blockchain division didn’t live up to the projections, the company wants to reach success via the application of business use cases for NFTs.

A press release from yesterday confirms that IBM is partnering up with patent marketplace provider IPwe in order to tokenize patents as NFTs and place them on a marketplace that will smooth their trading and transmission.

IBM plans to create a fast and secure method of transfer without having to rely on complicated bureaucratic processes. This would basically eliminate all friction from this type of market.

The CEO of IPwe, Erich Spangenberg, declared:

“The use of NFTs to represent patents will help create completely new ways to interact with IP. This is expected to benefit not only large enterprises that have significant intellectual property, but it will bring new opportunities to small and medium enterprises and even individual IP owners.”

No other details were revealed, except for the fact that the tokens will be stored and shared on the IPwe Platform, hosted on IBM Cloud, and powered by IBM Blockchain.

If IBM finds success, it would be groundbreaking as now NFTs represent a specific asset or an asset by itself, while the idea of tokenizing patents goes much further than that.

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