The Karnataka government may soon launch a blockchain-based online idea marketplace to safeguard intellectual property, a top government consultant said.
The marketplace will create a record or database of ideas, Saurabh Bhattacharya, director at audit firm Pricewaterhouse Coopers said.
Under this marketplace, any individual or institution can develop an idea by uploading an application on the government portal, he added.
He was speaking at a session on how to make blockchain mainstream at the 21st edition of the Bengaluru Tech Summit, the state government’s flagship event for information technology and biotechnology.
PwC is working with the state government to implement the blockchain-based solution.
The marketplace was introduced in the backdrop of state chief minister H D Kumaraswamy pledging to support startups and small and medium enterprises in overcoming legal hurdles. The chief minister said that the government would get the patents and intellectual property of these companies registered in India and abroad.
Bhattacharya said that the state government will bring in subject matter experts to validate the novelty or feasibility of an idea before uploading it on the platform.
"Once the ideas are on the platform, investors can request access and evaluate them after digitally entering into a non-disclosure agreement. The owners can set a price while investors can bid for the idea, put in money, trade or buy the ideas," he added.
This is among the slew of new initiatives being introduced by various governments across the country. The session pointed out that Kerala has set up a blockchain academy to train more than 20,000 developers to use the technology.
Sreeram Ananthasayanam, partner, government and public services at PwC India, said that NITI Aayog has also taken a keen interest in technology and will soon present a research paper on using blockchain for various government services. He added that around 84% of organisations are considering using the technology while 15% already have live projects based on it.
"While fintech started blockchain adoption in the beginning, now we see manufacturing industries, energy and utility, healthcare and government adopting blockchain rapidly," Ananthasayanam said, adding that if organisations don't start adopting the technology, they will be left out.