So far, blockchain has focused largely on areas such as fintech, cryptocurrencies, real estate, insurance, and identity. But every day a new industry sector is taking advantage of the benefits of distributed ledger technologies.
Invention analysis platform Loci has announced today the launch of its blockchain-powered solution that helps you determine whether your invention is unique or whether it has already been thought of.
The idea is a simple one. You’ve just spent days, or weeks, coming up with an idea for a startup that is going to make you millions, but you just don’t know whether that invention has already been thought of, what the competitive landscape looks like, and the novelty of your solution.
Loci lets you take your invention idea, input it into the Loci platform for analysis, and then get a report that analyzes the product or service and sets a score that helps you understand how novel or unique your idea is.
This is important because a good novelty score could help you determine whether or not to pursue filing a patent, which can be a costly process.
That’s not the only trick up Loci’s sleeve. If the analysis indicates your idea is not novel enough, the analysis provides feedback on how to modify the language, or the idea itself, to increase its uniqueness. That, in turn, increases your chance of gaining a patent.
Once an inventor determines the uniqueness of their idea through the platform, they can stake it on the blockchain and file for a provisional patent.
The platform uses various data sources to determine the uniqueness of an invention and create the score.
“At this time, the data comes from patent databases, and our own database of inventions posted on the blockchain,” Nathan McFarland, CTO at Loci, said. “Loci is filling this existing need of would-be inventors. Through Loci Search, we can really give inventors information that they can use to make informed decisions as to whether their idea is novel and patentable.”
Since Loci is running on blockchain technology, it has its own associated token, LOCICoin. Inventors can use LOCICoin to purchase access to the system. Access is also available through good old-fashioned U.S. dollars.
“In line with Loci’s mission of expanding the traditional demographic of inventors to groups that previously had limited resources or no access to innovation at all, we are working on a business model that will increase access to innovation on a global scale,” Loci COO Eric Ross said. “Along with consistent improvements to the product, a critical piece of our model is ultimately to provide a marketplace through which a person can really impact the world with their innovation. Loci Search and Invention Analysis are about an inventor deciding what they can do with their invention; the marketplace is actually them doing what they need to with it. We currently offer free access to our search platform, or an upgraded Pro version that provides all analytical features for 100 LOCIcoin or $250 per month, but stay tuned for updates as the product evolves.”
Since the platform can show the uniqueness of an invention, it isn’t a stretch to suggest that it might also be able to provide gap analysis and show inventors where needs exist.
“Showing search results with our Venn diagram starts to accomplish exactly this,” McFarland said. “Through our proprietary analytics, we are working on providing more data that can show trending and areas of saturation as it relates to inventions and intellectual property and whether we believe these areas have reached a critical mass. As our ecosystem grows and more data is processed, we can provide even more analytics.”
So what’s next for Loci?
“There will be a strong push in the second half of this year to grow adoption of the Loci platform and build a global IP ecosystem around our marketplace,” Brian Hwang, director of business relations at Loci, said. “Not only are we coming up with major platform developments, but we are also coming out with strategic initiatives to help Loci become the ultimate resource for inventors and entrepreneurs. There are exciting new strategic partnerships and updates in the pipeline.”
The platform is available from today via Loci’s website.