According to the report, published on September 17, the IP industry has suffered from a "lack of imagination when it comes to the digital revolution".
The report, entitled "IP and the Fourth Industrial Revolution", highlights technologies such as blockchain, which it says could have a transformative effect on the industry.
While blockchain is already beginning to be used to protect online copyright, CPA argues that the "virtually unhackable" technology could have a similar effect in the field of patents and trade secrets.
Blockchain could give more options to rights owners who were previously limited to protecting their invention with a patent, the report said.
The report was accompanied by the launch of a new CPA "campaign" which encourages all stakeholders in IP to "radically re-imagine the business of innovation".
CPA said that the campaign was premised on the IP industry's failure to fully embrace technology, including emerging technologies such as AI and blockchain.
CPA argued that by embracing technology, the IP industry could save on "labour intensive" processes such as docketing, which it said was usually not billed to clients.
Source:Wipr
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