A new blockchain alliance aimed at fostering the global patent sharing along with promoting and adopting patent technology launched last month.

On October 27, 2017, a number of blockchain enterprises from the United States, Canada and China launched the Blockchain Patent Sharing Alliance (BPSA) at Stanford University’s BOOTUP accelerator in the Silicon Valley. It is being directed by the Global Blockchain Business Council (GBBC), 8BTC reported.

“BPSA is the first blockchain patent sharing alliance in the world, aiming to build a global distributed, multi-centered, blockchain-related, comprehensive patent service platform,” the website reads.

According to the official release, former chairman of Commodity Futures Trading Commission Dr. James E. Newsome has been appointed 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 the honorary advisers.

The Expert Advisory Committee includes Tom Hochstatter, CSO of Dominion Harbor; John Ding, CEO of Varnergy; Matej Michalko, Co-founder & CEO of DECENT; and Jaroslav Kacina, Co-founder & CEO of Equidato.

BPSA possesses three features of patent protection, cross-chain transactions and smart contract. Patent owners, whose rights are guaranteed by the alliance, could use maximum effectiveness of patent assets in the legal, safe and efficient environment. In addition, blockchain startups would be able to share the latest blockchain patent technology through BPSA, which contributes to significantly reducing their spending on patent.

The three key objectives of BPSA includes:

• Establishing a blockchain patent sharing pool, to realize the sharing of patents, to support open sources and innovation, and to form the protection and defense system for blockchain patents.
• Providing financial support and professional services to help enterprises, universities, scientific research institutes, and open source communities to develop patents in the field of blockchain, and to build patent assets.
• Developing multi-asset intellectual property rights licensing and trading system, to facilitate the smooth circulation of patent intellectual property, and to provide a legal, safe and efficient way to achieve the maximum benefit for all participants.

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