Trademark Attorney, Julie Tolek, is published in the latest edition of The Licensing Journal, a Wolters Kluwer publication. Julie discusses the prevalence, downsides, and benefits of blockchain technology in regards to intellectual property.
Julie goes on to say,
A smart contract is a self-executing, or self-enforcing, agreement written in computer code and signed by the parties using cryptographic signatures. Because it is self-executing, it does not need third party involvement or external oversight. The code and the agreement live on a blockchain network and the code automatically controls the execution and transactions under the agreement. A smart contract can automatically monitor and calculate each time a royalty payment is due, according to the terms of the contract, and automatically make a payment to a predetermined wallet owned by the trademark holder. This makes for a hassle free and easily enforceable trademark licensing agreement.
The full article can be found here.
Covering valuable strategies, cautionary tips, and creative approaches to licensing deals, The Licensing Journal is the leading, practice-oriented licensing guidance for intellectual property, computer technology, and entertainment law. This publication discusses new techniques for evaluating licensed technology, how to negotiate the best merchandising license agreements, and many more related topics.