IPwe for Patent Owners
It's hard enough to get a patent. And once a patent is finally granted, it can be even harder to make money from it.
The problem with the current system of patent monetization is that patents are highly illiquid as an asset class.
- There's no centralized market (like a stock or bond market) for patent transactions.
- Buying, selling, or licensing a patent can cost tens or hundreds of thousands of dollars in broker and legal fees -- and it can take months to finalize the paperwork.
- It's hard to determine what a patent is "worth." Often, this is only established by a federal court after infringement claims and years of litigation -- at a cost of $1 million and up.
The lack of a reliable database showing patent ownership facilitates the "efficient infringement" of patents.
Instead of making an effort to track down patents, some companies decide it’s easier to just infringe the patent and wait and see if anyone sues them.
By making it easier to find patents and who owns them – and making it easier and cheaper to license patents – the incentives shift and many companies will prefer to seek a license at a reasonable known cost than expose themselves to potentially far more expensive litigation.
The IPwe Solution
Utilizing blockchain-enabled technology, IPwe is set to transform the patent world by putting metadata about every patent into a single blockchain database and capturing as many patent transactions as possible.
Patent owners can register licensing and ownership transactions on the IPwe Registry, making it far easier for prospective patent buyers and licensees to find patents.
IPwe will offer patent owners payment in its cryptocurrency as an incentive to enter patent metadata and patent transaction information on the IPwe blockchain.
The IPwe blockchain will also support smart contracts to facilitate patent transactions -- including licensing, selling, and financing patent filings -- at far less than the current cost for legal and broker services.