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IPwe platform collaborates with IBM to successfully track 5,000 patents worldwide.

2019/6/23

The world's first patent blockchain platform, IPwe, announced on June 20 that they have successfully tracked five thousand patents over the past six months using artificial intelligence (AI) and the IBM blockchain platform.

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IPwe was founded in 2017 and is headquartered in Paris, France. It has created the first platform for the global patent ecosystem, digitizing millions of patents that were previously in paper form, integrating patent owners, buyers, and patent-related activities, creating tradable assets.

According to IPwe's official blog, there are approximately 20 million active patents in about 200 national patent offices, but there is no central registry that can easily track ownership. As a result, the patent market has become increasingly complex, with only an estimated 2% of patents being transacted. The company aims to eliminate transaction friction to unlock the remaining 98% of value, providing instant liquidity for startups and entrepreneurs, creating a new asset class.

By leveraging AI and the IBM blockchain platform, IPwe has established an automated and transparent Global Patent Registry, GPR. Since December 2018, over 5,000 patents have been verified for ownership on the platform, facilitating over $50 million in patent sales.

IBM's Global Vice President and Head of Blockchain, Saket Sinha, stated:

When we discovered IPwe in the Columbia accelerator program, we understood how blockchain technology could address many challenges facing the global patent market today. Through blockchain and artificial intelligence, IPwe has created a unique market that allows for the trading of complex assets and uses AI to analyze patents for easy understanding.

The blog notes that IPwe's first patent transaction was an international sale of over 100 patent assets, exceeding $3 million in sales. By utilizing blockchain, the transaction time was reduced by nearly 70%, significantly lowering costs.

IPwe's Chief Technology Officer, Dan Bork, stated in the blog:

A common industry issue is not knowing who owns the patent. We create a registry and use blockchain for verification, making patents tradable assets. However, we do not manage the patents; once the client completes the patent acquisition process, IPwe records and uses smart contracts to execute the agreement.

IPwe's Global Patent Registry has proven successful, and IBM's Sinha pointed out that networks similar to what IPwe has created can be expanded to many industries where complex assets can be traded. He added:

Solutions like what IPwe is demonstrating are meant to drive global adoption. I think we are sowing the seeds, hoping that this seed can grow into something more robust in the future.

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