This article is authored by Yagnesh Sharma and Jaishwin SV, students at MNLU, Mumbai. In this article, the authors analyze the interplay between Blockchain Technology and Intellectual Property Rights and its effect on the legal sphere of streaming services.
Abstract
The term ―Blockchain has been one of the most often used words in recent times, and most recently, its interface with the law and the resultant applications have been a point of research for academics and practitioners alike. Even the Government of India has been releasing studies via the NITI Aayog regarding the application of the blockchain in the legal sphere in India. However, the focused research required to implement this new-age technology into the different spheres of the legal regime has been halted due to the heavy requirement of research vis-a-vis the amendments and novation required to the existing regime of laws. The problem is reflected by the lack of research in the field of the fast-growing music streaming services in India.
The problems that are visible due to the lack of literature and research in this niche topic that this paper seeks to explore are first, blockchain, and its effects in the legal sphere of things. Second, the prevalent intellectual property issues concerning streaming services. Third, the interplay of these services with blockchain technology, especially smart contracts, the resultant IPR solutions and possible drawbacks of the advanced technology. Lastly, the authors seek to resolve the possible amendments and novation to the existing legal regime and focus on a holistic analysis to arrive at a conclusion as to the necessity of such a technology‘s integration with the IPR regime considering its pros and cons.