Caerus Institute LLC (20240320771). PATENT LICENSING METHOD UTILIZING A DISTRIBUTED LEDGER INFRASTRUCTURE simplified abstract
Contents
PATENT LICENSING METHOD UTILIZING A DISTRIBUTED LEDGER INFRASTRUCTURE
Organization Name
Inventor(s)
Gary W. Grube of Barrington Hills IL (US)
PATENT LICENSING METHOD UTILIZING A DISTRIBUTED LEDGER INFRASTRUCTURE - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240320771 titled 'PATENT LICENSING METHOD UTILIZING A DISTRIBUTED LEDGER INFRASTRUCTURE
The abstract describes a method for utilizing a patent distributed ledger, where a computing device obtains an indication of potential use of a set of patents by a user computing device and issues a bilateral licensing request to the user computing device. The method further involves interpreting a request from the user computing device to license the set of patents, identifying a non-fungible token associated with the patents, establishing agreed license and payment terms through a smart contract, and generating a new block with the smart contract for the blockchain of the patent distributed ledger.
- Utilizing a patent distributed ledger for licensing patents
- Obtaining indication of potential patent use and issuing licensing requests
- Interpreting user requests for patent licenses and generating non-fungible tokens
- Establishing license and payment terms through smart contracts
- Generating new blocks for the blockchain of the patent distributed ledger
Potential Applications: - Streamlining patent licensing processes - Enhancing transparency and security in patent transactions
Problems Solved: - Simplifying patent licensing procedures - Ensuring secure and efficient patent transactions
Benefits: - Improved efficiency in patent licensing - Enhanced security and transparency in patent transactions
Commercial Applications: Smart contract platforms for patent licensing transactions
Questions about Patent Distributed Ledger: 1. How does the method ensure the security of patent transactions? 2. What are the potential drawbacks of using a patent distributed ledger for licensing patents?
Frequently Updated Research: Stay updated on advancements in smart contract technology for patent transactions.
Original Abstract Submitted
a method for utilizing a patent distributed ledger includes a computing device of a computing infrastructure obtaining an indication of potential use of a set of patents by a user computing device and issuing a bilateral licensing request to the user computing device. the method further includes interpreting a request from the user computing device to cause a license of the set of patents for use by the user computing device to produce licensee information and identifying a non-fungible token (nft) associated with the set of patents. the method further includes establishing agreed license terms and agreed payment terms of a smart contract to produce a new smart contract and causing generation of a new block with the new smart contract for a blockchain of the patent distributed ledger associated with the nft.
