What is blockchain?
Blockchain technology, which literally means “block chain,” is used to refer to technology that allows information to be stored and disseminated, a kind of digital data management protocol. It is also used to refer to the database of programs or applications that use it.
Blockchain is a technology based on the principle of an ever-growing list of data records, or blocks, linked and secured through cryptography. Each block contains a cryptographic hash of the previous block, including a time stamp and transaction data.
The Blockchain is a veritable revolution of evidence, the “nerve of war” in intellectual property. Thanks to this technology, every new action, every inscription, is coded within the Blockchain, and thus time-stamped: the information is irreversibly associated with a specific date and time.
Moreover, once the inscription is completed, it is unfalsifiable and irreversible. Therefore, the evidence of the history of ownership of rights is simplified. The blockchain’s method of proof has increased probative force, particularly in the context of copyright, patent or trademark litigation.
The underlying concept allows several use cases for blockchain technology, such as file notarization, digital voting, smart contract creation, and more.
The main benefits of this technology include:
Security: The blockchain uses solid cryptography to create fraud-resistant transactions.
A distributed architecture: The blockchain register does not belong to anyone, as it can be distributed in multiple organizations and become safer as copies are added.
Changes cannot be stopped: Each transaction is added to the registry once and cannot be changed thereafter.
Blockchain-based data notarization services automatically enable all types of company-critical data to be used by creating a digital fingerprint for files and storing them in a public blockchain registry. This allows companies to independently validate the authenticity of their data and prove that it existed at a specific time and date.
How does the electronic signature work?
An electronic signature is the software that associates a signature with the identity of the signatory, and the intention to sign the document at the time it was signed. Electronic signatures streamline the document approval process by allowing online signatures with a click or using the touchpad.
To sign a document, you will need:
- Select the desired file by browsing your folders, or drag and drop
- Tell the signatories by entering their email addresses
- Make sure all participants digitally review and sign the file
- Once all signatures have been received, you can obtain signature and notarization certificates, which are verifiable public proof of the time-stamping and integrity of electronic signatures.
Finally, the Blockchain also has the virtue of simplifying the link between the author of the creation and the remuneration induced by the latter. By coupling Blockchain technology with Smart Contracts technology, creators could be automatically compensated for their work. The combination of these two technologies would at the same time offer a more efficient distribution of royalties.