The Nigerian government has signed a 3-year intellectual property rights agreement, adopting blockchain company Algorand for the commercialization of IPRs (Intellectual Property Rights) created and registered within the country.

Around the world Intellectual property theft is often experienced and Nigeria is no exception. This agreement will allow Developing Africa Group (DAG) to develop a nationwide wallet, where Nigerians can create and upload their IPR(Intellectual Property Rights) and trade them locally and internationally for profits.

Proceeds from such transaction are referred to as royalties. Owners of intellectual property rights will receive their royalties directly in their digital wallet upon completion of transaction.

Any form of IPR including patent, trademarks, copyrights to songs, lyrics, videos, shows, lectures, podcasts, and all forms of streamable content can be uploaded, created, and traded.

There is no doubt that this agreement will facilitate an easy, fast, verifiable and cheap means of trading IPRs.

DAG’s PLANS FOR THIS PROJECT

The Developing Africa Group announced its partnership with Koibanx as the official company to facilitate the integration of the nationwide wallet and the IPR tokenization.

Koibanx is an asset tokenization company that connects traditional regulated institutions like banks, non-banking financial institutions, insurance companies, and governments to crypto-financial capabilities through the Blockchain.

Koibanx the official partner for this project will set plans in motion for the smooth integration of the wallet and the payment token that will serve for as a means of payment for IPR transactions and a stable coin pegged to the Naira. Payments will be carried out using the inbuilt token.

Furthermore, Koibanx reiterated that parties in the agreement include a the global card issuing company, a content streaming platform, and top firms both in the legal and data mining industry, all of whose identity remain undisclosed.

This is  a great leap for Nigeria and Nigerians as the country continues to be at the forefront of technological advancement in blockchain and cryptocurrency despite unfavorable government regulations.

Featured image source: Watcher Guru