System and method of tokenizing patents

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...

AI Technical Summary

Benefits of technology

[0008]The present invention also features an AI powered patent analytics tool to determine whether a patent exists in a particular technology area and what specific aspect of the technology the patent covers is expensive and complicated and traditionally requires extensive and expensive intermediary involvement. Important issues like validity and relevancy are quickly and efficiently performed by the analytics engine. Utilizing artificial intelligence and sophisticated database management methods the analytics engine can offer answers about patents in a quick, efficient and inexpensive manner, including patent valuation through establishing a value (transfer pricing) for a particular patent.

[0010]Paying a maintenance fee (the typical annual fee a patent office charges to keep a patent in effect) is expensive and complicated. One of the early revenue opportunities is to use the present invention to massively reduce patent maintenance fee costs patent offices want to encourage the payment of maintenance fees, and patent owners want a less expensive solution. Royalty administration, monitoring and financing are expensive and blockchain will have significant implications in terms of accuracy and lower costs. The present invention is able to handle traditional patent transactions, including but not limited to: licensing; acquisition and disposition; annuity payments; royalty administration and monitoring; pooling; and commercialization. Solving these problems will facilitate traditional transactions and encourage new transaction opportunities by addressing significant issues that will broadly benefit multiple 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.

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