Blockchain Integration for Robust Intellectual Property Protection in New Product Development (NPD)

The rapid advancement of Blockchain technology has led to its widespread application in several domains of digital activities, such as e-government concerns and monetary security. This article presents a smart contract-based Blockchain solution for protecting intellectual property rights in new product development. The proposed solution effectively tackles the challenges associated with the confidentiality of personally identifiable information, efficiency in storing transaction-related information, as well as cooperation and monitoring in IPR. Initially, we create a mathematical model based on smart contract enabled Blockchain and intelligent contracts. Subsequently, we develop algorithms for Blockchain generation, and intelligent contracts. The system is suitable for protecting IPR in a blockchain network, by implementation of distributed identity authentication and real-time extensible storage. These features enhance the security and expandability of circuit copyright protection based on blockchain technology. The experimental results demonstrate that the suggested algorithm has decreased the cost for communication and enhanced the effectiveness of storing information and administration. Furthermore, it demonstrates resilience against many common attacks such as double-spending assaults, while maintaining low cost and overhead. Additionally, it exhibits a superior level of security in comparison to three other competing algorithms.