Blockchain Based Business Digital Identity for Protection of Patents and Intellectual Property

Abstract

Using cutting edge technology solutions is crucial in the quickly changing corporate management and intellectual property protection market. Businesses have flourished by adopting the applications of technology but securing the business and its ownership of intellectual property (IP) is still one of the major concerns these days. Businesses in Pakistan are facing challenges due to economic, financial, political and social factors. There are many fraudulent businesses which are not registered by the government. Fraudsters impersonate the business or create fake profiles to defraud customers. Business suffers lack of credibility, limited access to digital marketplaces and difficulty in complying with regulations. Moreover, business may have difficulty protecting their patents or trade secrets from infringement. Competitors may misappropriate the business’s inventions, ideas, or proprietary information without authorization. All these challenges not only affect the business but also has an adverse effect on the economy of Pakistan. This research offers a thorough foundation for a blockchain-based digital identity system for businesses that is adapted to Pakistan's particular requirements. The architecture is made up of several different parts, such as tax administration, intellectual property matching, and user registration and authentication by applying software engineering practices. By utilizing the capabilities of Hyperledger Fabric blockchain technology, the suggested decentralized model guarantees safe and effective communication between companies, authorities, and individuals. In order to improve security, cooperation, and transparency within the business ecosystem, the system integrates elements of identity verification, access control, and patent registration. The architecture's ability to simplify business registration, promote innovation, safeguard intellectual property rights, and improve tax collection procedures highlights how pertinent it is to national regulations. We have conducted a case study of Pakistan to identify potential challenges and threats in business registration, taxation and IP protection. To validate our proposed framework we adopted grounded theory for qualitative analysis via questionnaire. A total of 98 responses from IT professionals, business owners and researchers were gathered to conclude our research. The study reveals a viable way for Pakistan to use blockchain technology together with deep learning and software engineering practices to modernize corporate processes and manage intellectual property in a way that is consistent with its distinct socioeconomic environment.