Blockchain-Based Platform Aims to Protect Intellectual Property of Emerging Markets Inventors and Entrepreneurs
With access to more than 1.5 million devices in 105 countries, plus another 44 million that are under contract to go live by the end of 2018, Spire (SPI), the token that powers UpChannel’s mobile dApp marketplace and Android hardware wallet, and Loci (LOCI), a blockchain-based intellectual property (IP) platform, announced their plans to empower and protect inventors and entrepreneurs in emerging markets.
Loci utilizes its easy-to-use LOCIsearch to help inventors determine if their invention is novel and patentable. Loci combines its powerful search platform with a blockchain dedicated to intellectual property innovations to allow inventors to disclose patentable inventions or post abstracts to allow them to validate an innovation before going through the expensive process of patenting and development process.
“Sadly, theft is rampant in emerging markets. And the targets aren’t just cash, they’re ideas, which can be even more valuable, especially to global corporations,” explains Charlie Hulcher, Head of Technology at Spire. “By cultivating and simplifying the invention process for inventors and entrepreneurs through the Loci blockchain based platform, Spire can help drive the upward economic mobility of people in these markets.”
Through LOCIsearch, inventors can also mark their proof of concept with a specific date and time that is stored on the blockchain. This mark constitutes a public disclosure and grants the inventor a 12-month grace period by the US Patent and Trademark Office for the filing of a patent application. From there, the inventor can file a patent on the disclosure or make it available to be sold in Loci’s IP marketplace.
“Spire’s combination of massive distribution and a clear focus on emerging markets makes them a force of nature in the crypto space,” states John Wise, CEO at Loci. “By providing inventors and entrepreneurs in these markets with IP safeguards, Loci can help them safely expand beyond their village or town, into the global marketplace.”