A trade secret is any type of information that can provide a competitive advantage to a company. In other words, it is confidential information that the company does not want to be in the public domain because it has commercial value. This includes a wide variety of services and products such as the recipe for Coca-Cola or Microsoft’s source code. But what is the difference between a trade secret and a patent?

 

The main difference is that trade secrets are not interested in being registered in a public intellectual property register, as the objective is to keep them confidential, which can be achieved through confidentiality contracts. On the other hand, a patent prevents competitors from developing the same product, for which it must be registered in an official register where its specifications (design, composition, etc.) and ownership are made public.

In most countries, the industrial secret is protected by means of a private contract, in which the proprietor states what the privileged information is, as well as the conditions of use that others may make of this information and the validity of these conditions. The penal codes of the vast majority of countries punish the disclosure of secrets with prison sentences of 1 to 4 years and fines of 12 to 24 months.

 

But how can we digitally protect a trade secret or any type of confidential document of our company? Certification or digital registration is a modern concept that offers protection for products or services that require confidentiality.  Certyfile is iCommunity Labs’ online digital notary service with which you can register all documents related to trade secrets (NDAs, collaboration agreements, manufacturing procedures, algorithms,…) using blockchain technology. And all this in a simple and very economical way.

 

How does Certyfile work?

It all starts with an identity verification, similar to what notaries do in person. Once this procedure has been completed (which is only done with the registration), the user accesses the main panel, where he/she attaches the document containing the trade secret to be registered and protected, together with a title and a description. The user also has the option of making public the details of the entity performing the registration.

Certyfile encrypts the document and registers your digital footprint in blockchain in a few seconds. Once this process is finished, the user has the possibility to download a receipt with all the transaction data or to consult the record of the already certified documents. Certyfile does not store the original documents.

Additionally, Certyfile allows any external person with whom the owner has shared the registration document to verify whether the document has been registered or not, as well as to check whether the original registered document has been subsequently modified or not.

In summary, some of the advantages of using Certyfile are:

  • Full accountability, as the identity of the person carrying out the registration is pre-verified.
  • Private data, your data does not leave your secure environment.
  • Digital evidence, as blockchain-based hashing and timestamping form the best digital evidence to guarantee the authenticity of a document.

 

Do you have a trade secret, design, technology licence, algorithm, manufacturing process that you need to protect? Try Certyfile now and take advantage of the discounts for companies.

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