Applications in intellectual property law

tanjimajuha20 · Post by **tanjimajuha20** » Wed Jan 08, 2025 4:04 am

Copyright compliance is already guaranteed by the blockchain's characteristics: security, traceability and integrity . The work anchored on the blockchain is deemed unforgeable, because it is time-stamped and traced in a chain of blocks, proving that it is not the subject of any illicit representation. Beyond these functions, the contract that we call intelligent intervenes in the creation of the work and in the collection of royalties. For benin phone data example, an artist who wishes to sell his creation in the form of NFT (non-fungible token) could recover a percentage on each sale, thanks to the traceability of the blockchain, by inserting a royalty clause in the contract. In the same way, the artist can have his project financed in the form of tokens by investors. During the intermediate period, the funds collected are sequestered in the contract. When the amount of financing set by the artist is reached and the project is completed, each participant receives a compensation determined in advance.

Applications in insurance law
Digitalization in the field of insurance can take the form of this type of contract in an insurance product for example, for relatively simple operations. The conditions for triggering the compensation will be included in the code as well as the fixed amount of the compensation. This process is often used for travel insurance, which registers the contract taken out when purchasing the plane ticket, on a blockchain. By regularly checking the flight times, it will detect the delay and if the conditions are met, automatically release the compensation. Another use is in the context of insurance linked to climate risks. Farmers who have lost their crops are automatically compensated , as long as the conditions included in the code are observed.

As proof of the importance of smart contracts, law degrees such as the MBA in Business Law, for example, take into account the evolution of technologies to train lawyers in new business strategies.