Russian Author’s society(RAO) a major NGO is ready to launch a Blockchain based platform that can provide intellectual property-secured loans. This is a major step in the right direction, all thanks to Blockchain technology.
Alexander Sukhotin, CEO of RAO confirmed this new development and the project is called as CoFi. The project is at the final stages of the testing phase and will be ready to implement in the initial; days of 2019. This platform will bring together potential intellectual property rights holder and investors who are ready to provide loan funds. The credibility of the idea can also be verified using the same platform.
This platform is a must need one at this moment, a direct line of communication will be opened between the investors and right holder, and this will enable investors to provide loans depending upon the intellectual property.
The Blockchain platform will not be limited only to intellectual patents but also will include patents, musical work, and visual art forms. The company is on the lookout for experts in various fields to evaluate the different form of ownership.
Recently, a famous museum in Russia announced the implementation of Blockchain technology to patronage artworks. The hype around Blockchain technology is getting reduced and the technology is ready to change the industrial set up of the world. Major industries in Russia are planning to put the technology in to use in the first quarter of 2019. With the inherent qualities of Blockchain, it will be a tough system to crack and trust of all the involved parties in an industry will increase because of the transparency in operation.