Introduction
Ideas change the world. We have seen remarkable ideas do wonder. Everything that man has ever invented was just an idea first. Earlier, Most of us not cared about whose ideas was it. The discovery in science and technology has been part of human development story since ages. We have been dependent on the research and experiment done by scientists. All the inventions in every field are done by people who believed in their idea, no matter what the world thought. The scientist of any background is focused on creating something big and innovative to solve the problem in his chosen field. Due to rise in all these scientific and human progress, the need to register your idea, discovery, and invention became an important task. The commercialization of an idea is what we call a business.
An opportunity to earn through your discovery and research. Patenting your ideas and technology to realize its potential is the norm today. Big corporations in every sector fight it out to submit a large volume of patent application. It has become the biggest trade option for companies. There are various incidents of the tussle between two companies over a particular Patent. The patent can be defined as a license for a specific invention for a specified period. The current system of patenting is increasingly long and expensive which enables only rich corporations with deep pockets. Only the big companies can afford to win patents over a specific invention given the current nature of the system. Earlier in The USA, the patent technology worked under the law of First To Invent (FIA), which benefitted the original inventor of the specific idea or discovery. No matter who has the patent for the specific technology, if the original inventor proves his identity as the original creator, he was awarded the patent.
But, today, the patent technology has changed and it is regulated under the system First-Inventor-To-File (FITF under the Leahy-Smith America Invents Act (AIA). In this system, the first inventor to file for a patent is awarded the patent, no matter who is the original inventor. If the original inventor cannot file a patent, he is no longer considered the inventor. This system favors the big companies who employ a Patent attorney to submit the patent application. They use every trick possible to register the patent for the Company.
The biggest problem is regarding the transparency and timing of the application. This is evident from the number of IP litigation cases in a country. In 2015, The USA has more than 5000 IP litigations cases. This tussle in the court has given birth to the "Patent Trolls", whose only aim is to earn by settling the patent Infringement cases outside the court. Another issue is of the protection Of IP rights, which means that just owning an IP right is not the end of the problem, but protecting it is also the problem of the owner.
These inefficiencies need to be solved to benefit the researchers, inventors, and thinkers, who work hard to create something unique and new in the world. We need a platform which removes all the weakness of the current system and presents an innovative Solution.
Solution Offered
LOCI presents us with a unique solution by offering us InnVenn Platform. It allows users to search and find the patents in the user-friendly Venn diagram rather than a long list as presented by other platforms. It is based on the Blockchain technology which creates the authenticity and Immutability on the platform. It provides an option for public disclosure of particular invention which is necessary for the patent application.
LOCICoin is the heart of the LOCI ecosystem because it allows a smooth transaction for the exchange of value. LOCI's InnVenn also acts a marketplace for Investors to buy patents. The Four key players in the InnVenn ecosystem are Intellectual Property Attorneys, Investors, Corporate researchers, and analysts. Patents can be searched, accessed with LOCICoin and traded between agreed parties using Smart Contracts. The bidding system is utilized for the buying and selling of particular patent using LOCICoin.
There exists a unique option for forming Consortium or group with like-minded people and technology. Investment pool can be created which funds such consortiums to achieve a unique technology or further research in a particular field.
InnView is the biggest platform for everyone who wishes to manage his patent portfolio or someone who wishes to invest in it.
ICO Information
They are conducting an ICO in the four rounds. The first one is exclusive and other ones are for everyone. The fund will be utilized for product development, Marketing& operations, and legal research. Currently, the second round is in the process which will end on the 15th December 2017. The other two rounds are Scheduled Later in December 2017.
Conclusion
Their Tagline is "Thinking Better". The personal experience of the founder has become the motivational force behind this platform. They aim to bring a revolutionary change in the world about the way an Idea is viewed and Valued. InnView aims to be the market leader in the IP right Industry.
For more information visit:
Website : https://locipro.com/
Whitepaper : https://locipro.com/wp-content/uploads/2017/11/loci-full-whitepaper.pdf
Congratulations @bitxoxo! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Congratulations @bitxoxo! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - The results, the winners and the prizes
Congratulations @bitxoxo! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!