Loci Releases White Paper Detailing Plan to Innovate Patent Processing

Reston, Virginia — July 25, 2017 — John Wise, CEO of Loci.io, worked as a data engineer and manager in top American auto racing teams. Over the years, he witnessed the creation of thousands of racing inventions, as well as the mind-numbing endeavor of patent filing necessary with every small improvement made. Outside of Loci, this convoluted process includes reviewing thousands of current patents under penalty of law, or paying tens of thousands of dollars in legal fees to lawyers. John explains, “My work in cutting-edge auto racing technology made me realize the overbearing paperwork and excessive cost involved in searching and filing patents for new ideas. Someone needed to improve this system, so I began working on a solution.”

John conceptualized Loci in 2008 as the first patent platform that grants the searcher the same legal rights as a publication (referred to as prior art). This prior art publication substantiates a claim and exclusivity of the referenced invention to the inventor, and only the inventor, globally. In essence, the search itself can grant exclusivity to the inventor with nearly the same weight as a patent would. Loci released their white paper today, which is an in-depth report on patent issues and how they intend to resolve them. This white paper details Loci’s grievances with patent-searching and how Loci’s highly developed technology will repair the antiquated patent search system. John continues, “Blockchain’s immutable digital ledger means we have a secure way to protect the intellectual property of inventors. The search data logged on the ledger is admissible in court and can be used to defend patent infringement. Our next step is to mine the patent search data using machine learning technology to find the next wave of new ideas and innovation.”

InnVenn, Loci’s first product, is implementing blockchain technology, a decentralized digital ledger for securely storing data, to globally protect the inventor’s intellectual rights. When using InnVenn, novelty data will automatically be logged on the blockchain ledger, giving the original inventor the ability to acquire a 1 year exclusive right to patent their idea. This data stored on the blockchain will provide court-admissible proof of the first to discover (widely believed to be the next adoption by the USPTO). The inventor may also opt-in to be a part of a patent pool (known within Loci as “investment pools”) with an option to receive a nice payout should a company wish to purchase that pool.

Loci is well established, founded in 2015 with 23 employees. Loci’s token sale, scheduled to launch on August 10th, 2017, underlines its commitment to integrating immutable blockchain technology into the existing InnVenn product.

To read the whitepaper, click HERE. Stay up to date with Loci’s latest updates by following @Loci_io on Twitter.

For media inquiries, please contact Jesse Lucas at Melrose PR Jesse(at)melrosepr(dot)com or call (310) 260-7901.

About Loci.io

Loci, a leader in DIY patent research, is built on patented technology nearly a decade in the making. Loci is applying its search engine to a decentralized database for patent research, discovery, and licensing. The company uses a combination of intuitive user interfaces, machine learning, and blockchain technology to optimize this process. Loci will hold the first token sale with an already established product. Their company profile video can be viewed here on YouTube.

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Source: Newsbtc