We are working on several Blockchain use cases using smart contracts on Ethereum. The first commercially available solution is related to timestamping: hashing data and publishing the hashes. Below is a brief note about why it matters.
The easy way to protect trade secrets with blockchain timestamping technology
The nature of secrecy means that as soon as someone gets hold of sensitive information or comes up with the same idea, it’s suddenly out of your control. A major problem with taking action over a breach of commercially sensitive data is that you must be able to prove that you had a particular concept or information at a specific time.
Traditionally, companies can patent an idea but the procedure is slow and expensive, which puts it out of reach for most small- to-medium-sized enterprises (SMEs). Even though a patent grants you certain legal privileges, it also makes your confidential material available publicly, creating the risk of the product being ripped off with minor variations to get around your hard-earned intellectual property protections.
This white paper describes how to use MyDocSafe to protect secret information in a way that is cost effective for innovative small companies and individuals. It also explains why the latest timestamping blockchain technology enables you to prove ownership of a piece of data without having to reveal its contents.