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System and method of tokenizing patents

a tokenization system and patent technology, applied in the field of patent ownership, can solve the problems of difficult and expensive determination of patent ownership, no single accurate central database of all of the world's 20 million patents, and inability to perform transactions that are simply not possible today, so as to reduce the cost of maintenance fees and costs, the effect of reducing costs

Inactive Publication Date: 2020-05-21
IPWE INC
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

The invention is a tool that uses AI to quickly and easily analyze patents and determine their value. This can help reduce the cost of maintaining patents and make them more accessible. The tool can handle traditional patent transactions and make them more efficient. The analysis is done by an engine that uses artificial intelligence and database management methods. The invention also aims to address the problem of high maintenance fee costs and explores the use of blockchain in patent administration and financing. Overall, the invention offers a solution to make patent transactions more cost-effective and efficient for all participants in the global patent ecosystem.

Problems solved by technology

This opens up transactions that simply are not possible today.
There is no single accurate central database of all of the world's 20 million patents.
Determining patent ownership is difficult and expensive, not all patent offices even track ownership information and those that do (the US, for example) have error rates in patent ownership estimated at over 30%.
The current process of verifying patent ownership is prohibitively expensive, often requiring the assistance of legal counsel to navigate complicated records.
These high costs and error rates are depressing transaction volumes and reducing the value of patents because the simple tasks of identifying a patent and its owner are expensive and complex.

Method used

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  • System and method of tokenizing patents
  • System and method of tokenizing patents
  • System and method of tokenizing patents

Examples

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Embodiment Construction

[0027]The invention can be implemented in numerous ways, including as a process; an apparatus; a system; a composition of matter; a computer program product embodied on a computer readable storage medium; and / or a processor, such as a processor configured to execute instructions stored on and / or provided by a memory coupled to the processor. In this specification, these implementations, or any other form that the invention may take, may be referred to as techniques. In general, the order of the steps of disclosed processes may be altered within the scope of the invention. Unless stated otherwise, a component such as a processor or a memory described as being configured to perform a task may be implemented as a general component that is temporarily configured to perform the task at a given time or a specific component that is manufactured to perform the task. As used herein, the term ‘processor’ refers to one or more devices, circuits, and / or processing cores configured to process da...

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Abstract

We are tokenizing patent ownership. This opens up transactions that simply are not possible today. The special purpose vehicle (SPV) is like a ‘trust’ that exists to hold and execute the patent transactions on the owner side without the owner being involved. The smart contract has self-executing elements and handles trust issues. The invention utilizes artificial intelligence (AI).

Description

PRIORITY CLAIMS[0001]This application claims the benefit of U.S. Provisional Patent Application No. 62 / 685,299, filed Jun. 15, 2018. This application also claims the benefit of U.S. Provisional Patent Application No. 62 / 685,937, filed Jun. 16, 2018. This application also claims the benefit of U.S. Provisional Patent Application No. 62 / 685,960, filed Jun. 16, 2018. This application also claims the benefit of U.S. Provisional Patent Application No. 62 / 689,241, filed Jun. 24, 2018. This application also claims the benefit of U.S. Provisional Patent Application No. 62 / 695,002, filed Jul. 7, 2018. This application also claims the benefit of U.S. Provisional Patent Application No. 62 / 695,126, filed Jul. 8, 2018. This application also claims the benefit of U.S. Provisional Patent Application No. 62 / 696,357, filed Jul. 11, 2018. This application also claims the benefit of International Patent Application Number PCT / US2018 / 56884, filed on Oct. 22, 2018. This application also claims the benef...

Claims

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Application Information

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Patent Type & Authority Applications(United States)
IPC IPC(8): G06F16/953G06F16/93G06Q50/18G06F16/2457
CPCG06F2216/11G06Q50/184G06F16/93G06F16/953G06F16/24578
Inventor SPANGENBERG, ERICH LAWSONBORK, DANIEL LAWRENCEASSELOT, PASCAL
Owner IPWE INC
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