First Global Blockchain Patent Sharing Alliance Officially Launched
Several blockchain entities from the US, China, and Canada, have launched the Blockchain Patent Sharing Alliance (BPSA), which aims to support, facilitate, and promote patent management via blockchain tech.
Last week, several blockchain-oriented companies from the US, China, and Canada initiated "the Blockchain Patent Sharing Alliance" (BPSA) – the first blockchain-based patent sharing alliance in the world. The new entity, located at Stanford University, in the Silicon Valley, has the mission to streamline patent sharing at the global level and support patent technology adoption.
The key members of the BPSA team are:
Honorary President – Dr. James E. Newsome, former Chairman of the US Commodity Futures Trading Commission;
Honorary Consultant – John F. Wallace, former Chairman of NASDAQ;
Honorary Consultant – Tso-Ping Ma, Member of National Academy of Engineering (NAE) and Foreign Member of the Chinese Academy of Sciences;
Chairman – Grant G Tao – former lead counsel of Motorola.
BPSA focuses on three primary functions, which are patent protection, smart contracts, and cross-chain transactions. Blockchain patent users will now have the chance to benefit from affordable and time-saving solutions related to patent licensing. It is anticipated that patent owners will be able to freely operate with patent assets in a secure, legal and efficient ecosystem, where the BPSA will guarantee their rights.
If Blockchain Patent Sharing Alliance achieves more recognition, it will support the blockchain space by improving intellectual property rights at a global level, and will stimulate the sharing and adoption of distributed ledger technology (DLT) for different industries.
In addition, the alliance will develop the right conditions to build a system to assess intellectual property value, which will support company assets evaluation and intellectual property transactions.
According to current estimations, over 20 countries worldwide are betting on blockchain potential, and over 90 central banks, including the most important ones, are making moves towards DLT.
More than 2500 blockchain-related patents have been created in the last three years. The trend is gaining momentum, which justifies the need for an entity like BPSA.
(Image from BPSA white paper)
Not only have central banks shown interest in DLT. Investment banks like Goldman Sachs, Citigroup, and Bank of America have submitted many blockchain-related patent applications as well.
Since 2015, the Bank of America has filed over 40 blockchain-related patents to the US Patent and Trademark Office. The most recent ones are two patents from October 12, 20170293503 and 20170295232, which refer to DLT’s potential to solve issues related to real-time tracking of data processing.
Besides DLT, Bank of America also showed interest in creating a Bitcoin-based exchange traded fund (ETF).
Thus, the blockchain patent pool designed by BPSA can accelerate processing by connecting patent owners and patent investors through a secure system that offers patent licensing in a transparent manner.