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Blockchain Firms Partner With Multi-Industry Consortium LOT Network Against Patent Trolls

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Blockchain-Firms-Partner-with-Multi-Industry-Consortium-Against-Patent-Trolls

Blockchain Firms Partner With Multi-Industry Consortium Against Patent Trolls

A multi-industry consortium on June 3 announced its collaboration with three blockchain technology companies in other to protect them against the threat of patent assertion entities (PAE’s), which is widely known as patent trolls.

The blockchain companies involved in the deal are Peer Mountain, MARKNetwork and IBISA who recently signed on to LOT Network. LOT Network was formed in 2014 by Google, software maker Red Hat and manufacturer Canon.

Effective Partnership

LOT is a household name, with more than 400 members that include JP Morgan Chase, Ford, Microsoft, Tesla GM and Asian giant Alibaba.

Although the blockchain companies involved in the deal are not household names in the industry, their involvement with LOT is a signal, which indicates that blockchain technology is expected to become another patent battlefield, like the smartphones wars that have revolutionized the technology industry in the past decade.

Topping the list of companies lining up an arsenal of blockchain and crypto patents as a potential business model is nChain, owned by the self-possessed bitcoin inventor Craig Wright.

Wright is in the limelight recently, no thanks to his Bitcoin copyright issue. He has since amassed some 500 blockchains and crypto related patent.

Commenting on the activities of Wright in the technology industry, the CEO of LOT Ken Seddon stated that:

“Craig Wright’s lawyers are filing patents to basically put landmines in the technology roadmap waiting for the industry to come down his street so he can impose tax.”

The LOT executive is of the opinion that Mr Wright’s intention is not healthy for the industry, as he’s more interested in taking ‘royalty checks’ from all his major competitors.

A Wake up Call

All the movements and action by Wright is a wake -up call to all the blockchain start-ups in the industry, this is because, because the blockchain start-ups are not interested in the patents doesn’t mean patent trolls won’t take an in interest in them.

Adding his voice to the latest development, Jed Grant, CEO of Peer Mountain stated that:

“Philosophically, many project leaders are opposed to the very idea of intellectual property ownership such as patents. However, it is important to understand that it is not just lawyers who have a stake in the patent troll flight. All the major players like the software engineers, developers and inventors are already greatly affected by the frivolous litigation.”

In related news, Craig Wright is garnering more enemies than friends in the crypto industry, Bitcoin Exchange Guide last month reported that the CEO of Binance, Changpeng Zhao (CZ) regarded Craig Wright as attention seeking troll.

The Binance boss said on his verified twitter handle that he is not moved by the gimmicks and the antics by wright, he stated that:

“Giving attention is probably what he wants…We ignore stupid stuff, and focus on things that matter.”

Craig is quite popular for his many claims, his biggest claim of late is that he is Satoshi Nakamoto, a claim many stakeholders in the industry have cast aside as a joke.

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