There can be several problems that Borough Councils may face, including:
- Limited financial resources: Borough Councils often have limited financial resources, making funding necessary services and infrastructure projects challenging.
- Inefficiency and bureaucracy: Borough Councils can suffer from bureaucratic inefficiencies that can slow down decision-making and hinder the delivery of services.
- Lack of accountability: Borough Councils can be criticized for lack of transparency and accountability, making it difficult for residents to hold them accountable for their actions.
More money for Borough Councils?
The quick answer here is to rent out Intellectual Property. Borough Councils could rent out their logo to local manufacturers. This model allows for generating income without manufacturing though having tight control over the use of its logo/crest.
By doing so, the council does an excellent job of stimulating local business people without adding much work for itself.
Blockchain technology allows to rent out Intellectual Property while coping with the fundamental problems of Borough Councils, bureaucracy & lack of transparency.
IP licensing through blockchain could be done in a matter of minutes. Traditionally IP buying could take weeks, but blockchain allows one to buy (rent out) IP in less than an hour. See how to buy Kyiv’s logo (Ukraine) for 15 minutes for reference.
Everyone could buy the right to use Kyiv’s logo on its product. See the OpenSea collection.
To some degree, blockchain is a synonym for the words transparency & traceability. IP licenses sold through blockchain could be seen publicly, so local communities always know what licenses are sold, when they expire, and the price.
For reference, see the license for hoodies from the Kyiv case. A local entrepreneur bought this NFT to produce hoodies and sell them to tourists and the inhabitants of Kyiv.
From a juridic perspective, a signed License Agreement could be the only form for IP rights transfer. Embracing this, we found a way to connect NFT with the Licence Agreement signing procedure. Without going into details, the word tokenization hides a lot of legal work done on our side to make the process of buying NFT & signing a License Agreement in only 15 minutes.
In a nutshell, IP tokenization is nothing more than IP Licensing Process Automation, though blockchain makes it more secure, transparent & controlled. Ready-to-use infrastructure from TF creates a monetization opportunity for IP owners.