Bitcoin and Intellectual Property are evolving rapidly alongside blockchain technology. For this reason, businesses that use or work with cryptocurrency and blockchains need an experienced attorney to help ensure their rights are protected. An experienced cryptocurrency lawyer in California can provide legal expertise to protect your business’s intellectual property, and also help you remain compliant with changing legal frameworks.

Cryptocurrency and Blockchain and Intellectual Property

The underlying technology of bitcoin is blockchain, an intangible ledger that can record transactions in a secure and tamper-proof way. Although blockchain-led cryptocurrencies are primarily intangible software programmes, they share the same basic characteristics as tangible intellectual property, such as copyright and trademarks.

There are several examples of IP disputes in the cryptocurrency space. For example, Craig Wright, a self-proclaimed Satoshi Nakamoto, has been involved in several lawsuits over his claims to the white paper and to bitcoin itself. Additionally, there has been a rise in copyright disputes related to NFTs (non-fungible tokens) over the last few years.

The valuation of intellectual property is another area where blockchain has the potential to revolutionize IP practices. Because of its immutable and secure attributes, a blockchain could be used to store the details of intellectual property in a shared distributed ledger. This could help combat counterfeiting and other forms of illicit intellectual property infringement. For instance, luxury brands such as LVMH are exploring the possibility of using blockchain to verify and record their supply chain information on a public blockchain in order to combat the sale of counterfeit products.