China, USA and Canada to work together on sharing blockchain patents

EJ Ward Published: 2017-11-09 15:27:15
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A number of well-known blockchain enterprises from the United States, Canada and China launched "the Blockchain Patent Sharing Alliance" (BPSA) at Stanford University in the Silicon Valley.

As we reported previously, The Postal Savings Bank of China already uses blockchain technology, as do many other Chinese businesses, like companies around the world. 

This is the world's first blockchain patent sharing alliance, which aims to facilitate the global patent sharing as well as to promote and adopt patent technology.

As the world's first blockchain patent sharing alliance, BPSA possesses three features of patent protection, cross-chain transactions and smart contract. It is announced that former chairman of Commodity Futures Trading Commission Dr. James E. Newsome served as the honorary chairman of the alliance, and former Nasdaq chairman John F. Wallace, academician of the National Academy of Engineering and foreign academician of Chinese Academy of Sciences Ma Zuoping served as one of the honorary advisers.

"Alliance" is one of the main modes for global blockchain researches. The establishment of BPSA is widely regarded as highly beneficial for the development of the whole blockchain industry.

[File photo: VCG]

[File photo: VCG]

On the one hand, it can achieve global intellectual property rights sharing and promote the exchange and sharing of technology for every industry; on another hand, it is able to create intellectual property value assessment system to provide the basis for enterprise assets evaluation and intellectual property transactions, establishing global digital patent trading platform based on blockchain to make the effective value-cashing of patent assets possible.

It is foreseeable that, with promotion of BPSA, patent owners, whose rights are guaranteed by the alliance, could use maximum effectiveness of patent assets in the legal, safe and efficient environment. Blockchain startups could also benefit from it more directly. They could share the global latest blockchain patent technology through BPSA, which contributes to significantly reducing their spending on patent, and they could benefit from the world's biggest commercial customers in order to access the global market.

Currently, according to data, more than 20 countries around the world are investing in blockchain technology, and more than 90 central banks have joined the blockchain discussion.

Over the past three years, venture investors poured more than $1.4 billion into the blockchain sector, which created more than 2,500 patents related to blockchain. The survey of Accenture also showed that in 2016, the blockchain has achieved 13.5% utilization rate in the economic field, reaching the early stage of development, and will apply more broadly in the future.

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