Karnataka state government plans to launch an IP trading marketplace

Karnataka's IP trading platform built on blockchain will ensure that there are transparency and security bringing together innovators and investors.

The Karnataka state government will soon come out with a marketplace for intellectual property (IP), which will bring innovators, investors and entrepreneurs onto a single platform. Built on blockchain technology, this platform will ensure that there are transparency and security for IPs.

This IP trading marketplace will allow innovators to present ideas for patent registration, which will be verified by subject matter experts. Once this is vetted, it will be published in the marketplace, where investors or companies interested in these ideas can bid for them. This is likely to be operational in a month or so.

At the Bengaluru Tech Summit, Saurabh Bhattacharya - Director (government and public affairs) of PwC, said that such a platform will enable innovators to register for patents and also trade them with investors.

“PwC is engaged with the state government on creating this platform and this is likely to be finalised in a month or so,” he added.

Investors can ask for access to information regarding the innovation, sharing of which will be at the complete discretion of the idea's owner.

Also read: State governments embrace Blockchain to improve citizen services

“There will also be a provision for non-disclosure agreement (NDA) between the investor and innovator, which will ensure full confidentiality of the idea itself. There will be legal validation to this deal through an e-contract,” Bhattacharya said.

As the whole platform will run on blockchain technology, there will be complete transparency with least scope of manipulation. The proposed platform will allow innovators to register their ideas and patents in the fields of agriculture, science and technology, and biotechnology, among others.

In addition to setting up an IP trading platform, Karnataka government is also planning to set up an ‘Innovation Authority’ that will protect IPs of enterprises.