IPwe Helps Companies Seeking New Technologies
In the competitive global marketplace, companies need to adopt new technologies in order to thrive and grow.
If you want to build a better mousetrap (or smartphone, or cancer drug), it's very helpful to know what's already been invented -- everywhere in the world. Buying or licensing technology that already exists may be far faster and cheaper than developing it on your own.
However, it can be hard to find patented technology outside the US and the EU. It can be even harder to find who owns that technology.
This is because:
- There's no global database of patents. Records for each of the world's 200 patent offices have to be searched separately.
- Patent ownership and licensing information in public records is often inaccurate, and there's no incentive to record patent transactions.
- 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.
Companies that make an effort to identify the owners of patented technology, in order to obtain a license, but be frustrated by the inability to obtain this information.
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 Global Patent 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 and buying patents -- at far less than the current cost for legal and broker services.