Huawei’s Patent For Blockchain-Based System To Protect Intellectual Property Unveiled

blockchain and china 3 8 2018 LearnCrypto Powered By Wyckoff SMI 2024

Blockchain-based patent application filed by the telecom and networking giant Huawei was published by China’s State Intellectual Property Office on Tuesday, March 6.

Shenzhen-based Huawei initially filed its patent application on Aug. 15, 2016. The document describes a Blockchain-based verification system for protection of intellectual property rights for digital content within a peer-to-peer (P2P) network.

The Blockchain network, as described by Huawei, would permanently record all verification data such as the ID of a copyright holder, and the point of access to digital content, according to the filing.

When a user sends a download request within the P2P network, the verification system will identify and compare their private key or license before giving access to the content. The application stresses that the download permissions will only be released by the Blockchain-based platform if validation data matches completely.

Despite the Chinese government banning all domestic cryptocurrency trading in September last year, and finalizing its full ban on foreign cryptocurrency exchanges and Initial Coin Offerings(ICO) in early February of 2018, Blockchain-based tech is still seeing widespread development in the country.

On Feb. 27, China’s top retailer launched its Al Catapult startup accelerator program to fund innovative Blockchain projects, managing to attract four overseas businesses to Beijing. Last week, Cointelegraph reported that is planning to implement a Blockchain-based food tracking system in its supply chains.

Related Articles