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IPwe Blockchain Smart Pool taps into AI to handle patent analytics

IPwe is using blockchain and artificial intelligence (AI) to enhance the patent industry. By using AI to handle patent analytics, IPwe has found a way to cut costs and increase efficiency associated with acquiring patents; and by turning patents into NFTs and allowing NFT patents to trade in a blockchain-based marketplace, IPwe is paving the way for transaction growth and increased transparency in the patent industry.

“We realized technologies like AI and blockchain could bring better information and more transparency to the system. This increases productivity, investment, and transaction volume in the patent space,” said Lavinia Meliti, the Global Head of Business Development at IPwe.

“IPwe has accumulated analytics, investments, and data of approximately $40 million, so that our smart pools can provide advanced analytics and data-oriented insights that will help organizations identify, research, evaluate, and transact in patents. With these AI tools that we have on the platform, companies can easily learn where their patents are best utilized and gather all of the information they need to improve productivity,” she added.

Beyond giving Blockchain Smart Pool members the tools and resources they need to improve their business innovations, IPwe Blockchain Smart Pool members also have free access to a blockchain library, access to the Blockchain Defense Fund—a fund administered by the founders, members and IPwe to deter abusive patent behavior—and permission to build on the world’s most innovative blockchain patents, including the 1,250+ patents in nChain’s patent portfolio.

“The Smart Pool makes intellectual property available on really simple terms to most of the market. The pool lets enterprises and individuals innovate and have access to a large portfolio of patents and patent applications either for free or an incredibly low price,” Will Chelton, the Chief Legal Officer at nChain, said.

The Blockchain Smart Pool makes the process of finding and acquiring patents cheaper and easier than the conventional process that enterprises and developers go through when they are looking to build technology. Instead of raising money or hunting for a patent owner with the technology you need, paying search and acquisition costs, and negotiating royalty fees, with IPwe, all you have to do is join a smart pool, and IPwe takes care of the licensing process for you.

IPwe offers free membership to SMEs with less than $1 million of annual revenues, $500 annual memberships for SMEs with under $10 million of annual revenues, and $225,000 annual members for companies with over $10 billion in revenue.

The difference between IPwe and other patent pools

An increasing number of patent pools are being created; this forces enterprises and individuals to decide which pool is the best for their business. IPwe sets itself apart from other pools by giving its founders and members more freedom and the opportunity to generate revenue. The Blockchain Smart Pool does not require SMEs to give up their innovations to be a member. If a founding member decides to leave the Blockchain Smart Pool, it gets to take its patents with them, and unlike other patent pools, the Blockchain Smart Pool patents are publicly available on our website for everyone to see.

“In the coming days, we will add thousands more to the list of 1,280 that nChain brought to the Blockchain Smart Pool from companies that are recognized blockchain tech leaders that truly want to encourage adoption and improve the blockchain ecosystem,” said Meliti.

“If [you are a] member [of another patent pool] or a company that [is] thinking of joining [another patent pool] that would like to join the Blockchain Smart Pool and make their patents available for free to our Members, we would welcome [you] and gladly add [your] IP to our public list so everyone could understand exactly what they are committing to,” Meliti added.

Why should I patent innovations?

Although open-source software can be a great fit for members of a community of independent developers, it does not provide a clear path to commercialization or revenue generation. Without revenue and a plan to persist into the future, it becomes difficult to sustain a business.

“You can’t really do deep technological innovation without investment,” said Chelton.

“You can’t ask people to invest in technology without them seeing some kind of return. The blockchain smart pool provides that balance for founders. Its accessibility for all, but it also [provides a] fair return to the guys who came in early and frankly, invested big. Open source is great for community, but for real deep technical innovation that requires investment and that requires ROI,” he noted.

When innovations are patented, it allows an entity to license the patent and generate revenue on their creations.

Open access to spark adoption

Giving the world access to some of the world’s groundbreaking blockchain-based innovations can catalyze blockchain adoption globally. Instead of burdening enterprises and developers with the legal and opportunity costs associated with researching and developing, the blockchain smart pool handles that strenuous work for its founders and members so that they can devote all of their resources to building platforms and services that could change the world.

“Innovation today is complicated, it lacks anything resembling transparency, it’s expensive and largely benefits only the wealthiest companies in the world. IPwe is trying to change that by leveraging its AI and blockchain technology to make innovation easier, more transparent and accessible, and far less expensive,” explained Meliti.

“The nature of IP is changing—it is no longer a thing you only occasionally use as a defensive or offensive weapon. IP is now being used to encourage adoption and expand commercial opportunity,” she pointed out.

To learn more about IPwe’s blockchain smart pool and how you can join the pool to gain access to one of the world’s largest blockchain patent portfolios, head over to https://ipwe.com/smartpools/blockchain/.

In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.

Also read: Frost & Sullivan report, When data can’t be trusted: The importance of data integrity and executives’ reluctance to trust it

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.