IP Australia has announced a new Smart Trade Mark system. Currently being trialled, the new system will change the way trade marks are used online by allowing trade mark owners to digitally link their products, services and brands back to the official government record.
Using Blockchain technology and APIs, Smart Trade Mark will link details of a trade mark to its uses online, including date of registration owner, and where else the trade mark is used.
For businesses and brands, this helps prevent counterfeiting, which makes up 3% of the world’s total trade. It also allows for better control over use of trade marks and monitoring of infringements, reducing the number of businesses forking out upward of $100K to take an infringement to court.
For customers, Smart Trade Mark will deliver a better, safer and more trustworthy online experience, by authenticating products and services and linking their trade marks to the official owner.
Linked Smart Trade Marks will also be eligible for a trust badge, further improving the online experience and protecting your brand and its associated trade marks.
Pod Legal will continue to monitor the developments of Smart Trade Mark, and keep you updated on when the features are available to use. If you’ve not yet trade marked aspects of your brand or business name, now is the time to do so. To use Smart Trade Mark when it gets rolled out to all businesses, trade marks will have to have been accepted and active in order to benefit from the new system. A smooth, uncomplicated trade mark registration takes around 7 months, so we highly recommend registering your trade marks now ahead of the Smart Trade Mark launch.