Loci Blockchain Patent Research Tool LOCIsearch Service Is Here
Loci is a platform that offers a one-stop-shop experience that allows users to navigate patent research process from start to finish. Those developers that use Loci for patents are able to experience better advantages including timestamped protection, access to research, and the option to find or be pursued by investigators, everything within the platform.
There are different features and services offered by Loci, we can mention the following:
- LOCIsearch, which is built using blockchain technology and enables users to stake claim on their unique ideas via time-stamping. Staking a claim, users are able to have a 12 month grace period to officially file for a patent with the US Patent and Trademark Office.
- LOCIsearch provides a great solution for developers to do their own intellectual property rights research, reducing costs for the teams.
- Additionally, users can have the possibility to participate in IP pools that are made up of several related patents that are available for purchase by large corporations.
— LOCI Platform (@LOCInexus) June 5, 2018
During an interview, CEO John Wise gave important words about the company in general and Loci.
One of the questions was related to how he got the idea about doing this patent search technology. He confessed that it was in a motor sports and racing. He said that he wanted to fix users that were completely focused in the sharing and competitive advantage of their products, but they were not putting real energy in sharing something.
At the same time he explained that there was not context at all in search engines, because they are using keyword searching. So there was a lack of a greater understanding of what something fundamentally did.
Mr. Wise explained that he started with this project back in 2008 before entering the blockchain space – which he found in 2017. So the team decided to re-address the issue and think a new product built using blockchain technology. Patent offices realized that there was a large exposure because patents are very expensive and take long to actually receive and apply for.
Wise explains that the first question that an inventor need to ask is whether that invention exist or not. Something that is a very simple question but really hard to answer. So Loci provides a very simple interface that allows inventors to search in a much easier way than a simple keyword research.
“Within our system, we do a list of results, but they’re all depicted as docs and those docs go into a circle that’s tied to only that search,” says Mr. Wise. “You do four of these searches at the same time, and you can see the immediate overlay of all four searches and then determine quick relevancy.”
After it, users start highlighting things that are relevant to prior art, and add them into new results sets. That result set then has all of this relevant information about the inventions that come before the one that the inventor is searching.
It is important to mention that for $250 dollars the company offers a service known as ‘do-it-yourself patent searching tool,’ instead of paying $2,500 to an attorney. John Wise says:
“We decided to go the coin route as well, we said, ‘Well, look, it makes a lot of sense to be $250 or 100 coins.’ Then it costs one coin to stake the invention on the blockchain as essentially is gas, and you can sell the rights to your public disclosure because everything’s anonymized.”
The ICO was held from September until December and it was able to raise about 7,7 and half million. In the future the company wants to release a global exchange of intellectual property as a tradeable asset class.
Moreover the company is going to be buying to investors their creations, put all of these ideas and inventions that have yet to be patented together into investment pools. Then, the Loci Foundation will sell these investment pools to enterprises or investment banks.
“It’s a bit esoteric but what I’m essentially saying is that we’ll be selling similar to like an option for patents or inventions. We’ll be selling the right to file inventions in all these different markets,” Wise stated.