Blockchain Labs, that explores opportunities for the commercialization and expansion of blockchain applications, has announced the launch of ‘PriorThings’, which is its first service that is built on blockchain technology.
The PriorThings platform is a registration service that enables creative individuals and entrepreneurs to register their prior art on the public blockchain in order to establish a permanent record of their inventions and creative works. The new platform will help members to gather intellectual property as well as creative works into bundles of digital assets for registration in the public blockchain.
“Blockchain advancements represent the most significant technological advancement in networked application development in nearly two decades,” David McInnis, founder of Blockchain Labs and other numerous successful digital companies that include PRWeb and Cranberry, stated. “The idea was to create a system that allowed people to start engaging with this new technology platform.”
PriorThings uses Ethereum blockchain to register the assets and the service shows that the uses for blockchain technologies are not limited to fintech applications. Although PriorThings serves as an added layer of intellectual property protection, it is not a replacement for copyrights or patent processes.
With PriorThings, individuals can explore blockchain technology without exposing themselves to the complexities of the inner workings of the core technology. It expects its members to consult legal counsel to determine if the service fits into their intellectual property strategy. Also, the members do not have to set up cryptocurrency wallets to use PriorThings.
