The problem PatentChain solves

PatentChain

Problem Statement -

Modernizing the currently flawed system of patents using web 3

Problems -

• Cost - The current system of Patents is flawed with its increasing costs which include application fee, lawyer fee for filing of application.
• Region Specificity - The current system allows the inventors to patent their innovations only valid in a certain region or territory. This further adds up cost because you would have to re-apply for those patents for non-treaty countries to prevent Intellectual Property theft.
• Unease of Application - The current system being lengthy and tedious can easily be seen as a loophole in a modern society where each upcoming platforms are all digital. The solution eases the process of application and reduces delay in processes.
• Lack of Modernization - With the implementations of web 3 intesifying in day-to-day softwares, it makes sense to utilize it for its benefits.

Challenges I ran into

Challenges -

• One of the major challenges was to acclamatize myself with the web 3 tech stack and integrate smart contracts with the usual web 2 tech stack.
• Figuring out the best way to implement the idea in such a way that it works without gaining too much complexity.