MARKNetwork Blockchain: Updates and Upgrades
Are we facing a Blockchain patent war?
Short summary of the article:
“Do not get left behind”
»Blockchain space is full of promising innovations. At the same time the scope for patent infringements is high. License on Transfer(LOT) Network is a 275 plus member non-profit organization which is protecting its members against the impeding patent war.«
Funds worth $18 billion were poured into blockchain startups in 2018. Do all these projects sound innovative? Are the investments at the risk of getting tangled in a blockchain patent war?
The questions have been giving the blockchain investors and entrepreneur’s sleepless nights.
Over last few years 1,045 blockchain patents have been filed in the US alone. Near about 59% of the patents come from blockchain solution development teams where 20% of the patent have been filed by financial institutions. In fact, Bank of America holds the most active patents in blockchain space with 50 patents.
Patents have been helping companies engage investors and protect the intellectual property right since ages. Without patents, the companies may not be able to monopolize the profits of allowing the use of their products.
Learning from the smartphone patent wars, blockchain protagonists are treading the legal ground carefully. Traditional giants who are exploring blockchain are like Bank of America, Barclay’s and MasterCard are filing patents to avoid patent trolls which could lead to legal wars.
What is the role of License on Transfer Network (LOT) in patents?
The License on Transfer (LOT) Network comes across as a non-profit organization to combat patent assertion entities. It was co-founded in 2014 by Internet giant Google, leading electronics organization Canon and leading enterprise open source solution provider Red Hat. The patent troll problem has been ripping enterprises of $80 Billion every year. As the blockchain ecosystem is quite unregulated, the impact of such a patent war once raged can prove to be catastrophic. LOT Network is already a 1,562,310 patent asset holding network of more than 275 members across the globe. The pact immunizes the LOT Network members against PAE in a way that no member of LOT Network will allow the use of their patents by a PAE to sue another member of LOT Network (LOT Network on Wikipedia).
Copyright video – standard YouTube license: https://www.youtube.com/channel/UCVXTgCNz0ZkfOMEJGjELTuA
How does LOT Network work?
LOT has shouldered the responsibility of the Supreme Court to solve the patent lawsuits.
Who are the members of LOT?
Today LOT Network is a more than 275 member organization and around 33% of the members are the startups making annual revenues of less than $25 million in annual revenue. The companies who chose to become a member of LOT Network do not tend to leave the pact as that can lead to patent encumbrance. To avoid the impact organizations with a distant vision choose to stay and receive the value of being a member of LOT Network which is protection against PAE’s.
LOT Network protects its members against a PAE who earns 50 % or more of its annual revenues through patent litigation.
LOT Network simplifies the process of receiving patents for startups and enterprises of varied scales. The current incentives being offered by LOT Network are quite enticing. It is allowing the member to join through a patent donation program where three patents are offered free to new members if they come to the platform without a referral channel. In case they come via a reference channel they will receive two more free patents.
The mechanism LOT Network implements are very close to that of the traditional patents. A LOT Network member can always bring an infringement suit against another LOT Network member in case of misuse of the patents. The network is helping the community with a fortified patent system where the investments and innovation reward rights are protected.
MARKNetwork Inc. is a member of LOT Network!
MARKNetwork Inc. is excited to join LOT Network as a strategic move to protect the rights of intellectual property we are about to develop. Our products will be innovative and tailored blockchain solutions for enterprises based on the precise business operations. As Patent litigation is a potentially disruptive challenge for any blockchain project, at MARKNetwork we have ensured our investors and clients stay protected against any kind of infringement issues in the future.
16192 Coastal Hwy
Lewes, DE 19958
United States of America