Karnataka Govt To Launch Blockchain Solution To Protect Property

The Government of Karnataka may soon be going to launch a Blockchain based online ideas market to safeguard the intellectual property, according to the report.

The market will create a record or a database of ideas, The Saurabh, director of the auditing company revealed.

Under this market scheme, every institution or individual can develop an idea by simply just uploading an application to the government portal.

PwC department is working with the state government to implement the blockchain based solution.

Bhattacharya said that the government will bring up the experts on the subject to validate the novelty or feasibility of an idea before actually loading it into the system.

“Once the ideas are on the platform, investors can request access and evaluate them after digitally concluding a non-disclosure agreement. Owners can set a price while investors can bid for the idea, put in money, exchange or buy ideas, “he added.

The is one of the largest initiatives which is followed by the government across the entire country. The session emphasized that Kerala created a blockchain academy to train around more than 20000 developers to use the same technology.

Sreeram Ananthasayanam, partner, government and public services of PwC India, said that NITI Aayog has also had a strong interest in technology and will soon present a research paper on the use of blockchain for various government services. He added that approximately 84% of organizations are considering the use of technology while 15% already have live projects based on it.

“While fintech started to adopt the blockchain at the start, we now see manufacturing industries, energy, and services, healthcare and government that quickly adopt blockchain,” said Ananthasayanam, adding that if organizations do not start adopting the technology, they will be excluded.