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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

How IBM Will Turn Patents In NFTs With Its Blockchain

Reynaldo Marquez
Reynaldo Marquez
Last Updated: April 20, 2021 8:27 pm
2 mins read
NFTs IBM Blockchain

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IBM’s partner IPwe will tokenize patents as non-fungible tokens (NFTs), according to a press release. The company will build an infrastructure to store the NFTs. The objective is to improve the way patents are traded. IPwe hopes to “bring new liquidity to this asset class for investors”.

Hosted on IBM Cloud, IPwe’s platform operates as a “global patent marketplace”. On it, users can research, seek, and transact with Intellectual Property. The company has operations in over 50 countries worldwide.

Per the release, the cooperation aims to offer corporations and investors a transparent platform to trade their patents. A company could use a patent’s NFT and add it to its balance sheet. Thus, there could be a “transformation” in how this asset class is commercialized around the world. IPwe CEO Erich Spangenberg said:

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. We believe it will usher in new offerings by financial services firms.

How Will The NFTs Be Traded On IBM Blockchain

IPwe platform will allow NFTs owners to buy, license, finance, sell and commercialize their patents on a global marketplace powered by IBM Blockchain. The cooperation also seeks to ease the sector which, according to the release, has been “difficult to manage, valued” and trade due to the low liquidity.

IPwe’s marketplace allegedly has been adopted by governments, companies, educational institutions, and many other entities. In addition to its commercialization, Intellectual Property NFTs could be used as collateral in a transaction or to give assurance on a company’s value. Therefore, an entity could have a new mechanism to obtain financial support.

The marketplace has a registry that allows a patent’s history to be store with an “enhanced search enable by IBM AI”. In the coming months, this ecosystem will be expanded to include financial institutions, insurers, companies, patent stakeholders, and others, according to the press release.

Jason Kelley, General Manager Global Strategic Partnerships for IBM services said the following on the cooperation:

Our work with IPwe is another example of our collaboration with leading innovators to drive outcomes powered by blockchain capabilities and digital assets that have the potential to transform entire industries.

Kelley added that blockchain technology has become a “critical tool” for any business looking to disrupt and transform its operation. IBM and IPwe have been working for the past 3 years to make the marketplace a “secure” platform, with ease to transact and generate analytics. The partners expect to commercialize NFT by the end of 2021.

Ethereum has maintained its top position as the preferred platform to trade with NFTs. At the time of writing, ETH’s price sits north of $2.303,16 with a 6.1% profit in the daily chart. In the weekly and monthly chart, ETH has 7.5% and 26.7% profits, respectively.

IBM NFTs Ethereum ETH
ETH with small gains in the daily chart. Source: ETHUSD Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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