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Using the Ethereum Blockchain Cryptocurrency model; the recently launched EDRID (English translates to United depository of intellectual property records) is a Russian company that has endeavored to offer intellectual property rights. It has created a registry for multiple types of intellectual property such as books, songs, technology, and pictures. It uses a decentralized registry that is becoming common in today’s society.
By having multiple relays all across the country there is increased security compared to many other forms of intellectual property systems in the country.
Like traditional blockchain systems, EDRID cannot be altered without confirmation from a variety of hosts. This insures that one user cannot alter the system without multiple people being involved.
As seen with Bitcoin and Ethereum this system works wonders in terms of security measures and in insuring multiple accounts of every interaction. It is an easily accessible system that should allow for millions of citizens to connect and get records of their intellectual property that cannot be tampered with. This heightened security will restore faith in intellectual property for many Russian content creators.
Piracy among Russian companies has been a relatively substantial and long-lasting problem. Since the advent of the internet online piracy has taken the country by storm. Violations of intellectual property are rampant in the country, and EDRID seems to be a step in the right direction for combating this serious issue.
Many individuals lack faith in the traditional outlets for getting intellectual property confirmed because the possibility for abuse Is rife. Small content creators are hurt the most by the current state of intellectual property rights in Russia because there is little to no guarantee that their claim will not be altered or stolen.
It is unknown how major Russian corporations will take this technology. Traditionally, they utilize the usual outlets for getting their intellectual property confirmed, but as the world has seen, blockchain is likely the future of the world so it might be in these countries best interest to hop on the cutting edge of this newly developed and rapidly evolving technology if they wish to keep up with the increasingly digital society.
Russia recently saw the advent of a similar digital registry in the form of IPChain which was an initiative sponsored by the government to create a unifying digital registry for Intellectual property claims. In most forms of intellectual property registry’s in Russia there is an influx of fraud and lack of transparency. IPChain turned to blockchain technology to solve this issue. Rather than a gradual increase in transparency they offer complete transparency where each transaction is not recorded by the company but by the individuals that make up the blockchain.
Top level officials are offering their support to blockchain technology for intellectual property. They see it as a solution that will make up for the laws and regulations that failed to properly address Russia’s intellectual property problem.
EDRID seems to be a huge step towards addressing the intellectual property issues of the 21st century. In an era where the digitization of most mass media has caused intellectual property violations to be rampant, this digital, blockchain registry offers a solution that may revolutionize the way intellectual property is handled all across the world.