Copyright Society of China launches China Copyright Chain
Recently, the Copyright Society of China (CSC) launched its blockchain copyright services platform “China Copyright Chain.” The CSC has been established under the National Radio and Television Administration of China as a professional institution. The launching of “China Copyright Chain” was done at China Internet Copyright Protection and Development Conference. The launching of the program aims to provide multiple services to the copyright holder including copyright evidence storage, infringement monitoring, online evidence preservation, copyright mediation, and enforcement, among others.
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Blockchain Technology
With China’s growth increasing stupendously and increasing work on blockchain technology in China, the program will be favorable for institutions that are into the development and utilization of blockchain depository systems. The technology of blockchain helps in fixing the pieces of evidence by providing new ways which can help in providing efficient copyright protection for the copyright holder and also reducing the expenses incurred. Moreover, with increasing use of blockchain technology even by China’s judicial system makes it more evident for the efficient use of blockchain technology for the processing of pieces of evidence. The pieces of evidence authenticated by blockchain are legally binding as per the Supreme Court. With this, there are multiple causes, where the courts in Beijing, Shanghai, and Guangzhou, and the high people’s courts in Shanxi, Fujian, Guizhou, Shandong, Anhui, have accepted evidence preserved by blockchain technology. This new platform aims to provide a stronger option to the copyright holder in processing pieces of evidence. There can be some legitimate problems that might arise concerning the use of this blockchain technology. The problems might be concerning the depositary platform such as the qualification of third party depositary platform, the legality, security, and validity of depository, and the functioning of new electronic evidence system with the interface from the old one. These challenges might arise with this new platform. Nevertheless, the Copyright Chain will have a strong role in increasing the efficiency of blockchain technology and thereby improving judicial efficiency.
Other relevant news from China
As China is attracting more Multinational Corporation, the statistics for the first half of 2021 shows that China IP Office has granted more patents to foreign Multinational Corporation and even more trademark are registered by them. The statistics reveal that from January to June, 339,000 patents for inventions were granted. With these numbers, the grant of patent to the foreign applicants has increased to 30 percent, year on a year basis, totaling the number close to 54000, as per the statistics. While dealing in trademark, 3.72 million trademarks were registered in the first half which also shows an increase of 7.5 percent registration for the foreigners, totaling close to 90000 trademarks. In the statistics, the US applicants have seen a rise of 35 percent for patent and 8.9 percent for trademark. Shu Ge, head of the CNIPA’s strategic planning department, said maintaining high-quality IP development especially that related to core technologies has been the top priority in his work, and he also provided more IP-related support to Chinese enterprises overseas in the first six months of the year. From January to May, the number of patents granted to Chinese enterprises in South Korea, Japan, the US, and European countries kept rising, said Ge.
In a recent move, the China Intellectual Property Administration and the Bank of China have signed a strategic cooperation agreement. This cooperation will boost the IP financial sector and the IP pledge financing which will further increase financial innovation. This move is undoubtedly better since it will provide strong support for the development of the real economy. Using IP for finance purposes especially for those small and medium enterprises will have a positive effect. With such an agreement, the procedure for IP pledge finance can be more structured and standardized.
Both the news has been covered under our blogs extensively.
Author: Saransh Chaturvedi an associate at IP & Legal Filings, in case of any queries please contact/write back to us at support@ipandlegalfilings.com.
