Welcome to the Acumen Blog!
Hello readers, welcome to the first post of the Acumen Blog. Our goal here is to post quality content about the patent system and blockchain’s role in reshaping the intellectual property system. If you have any suggestions for topics, let us know in the comments below. As two engineers who have lived around engineers and businessmen our whole lives, we are fully aware of all the current issues plaguing the patent system.
The idea of patents have been around since 500 BCE and have assisted in incentivizing innovation ever since. Patents have given inventors a sense of security that has allowed them to focus more on trailblazing rather than worrying if their new idea will be stolen. America’s founders saw how valuable this was and wanted to make the patent process as cheap and easy as possible to encourage more inventors to develop. Many historians credit America’s affordable patent system to spurring on the spirit of innovation that propelled America into one of the world’s leaders in production.
Unfortunately in recent times, the process has become bogged down by bureaucracy and special interests. There are far too many patent applications compared to examiners leading to applicants having to wait years for their patent to be approved and paying roughly $20,000. This cost prohibits many individual inventors from filing for a patent. Additionally many ruthless businessmen have realized how profitable it is to prey on small businesses by suing them for patent infringement. These “patent trolls” accumulate vague patents and sue businesses who are actually trying to use their IP to innovate. Many times it is easier for small businesses to give in to the patent trolls since it is cheaper than paying for lawyers.
It is clear that the patent system must be decentralized as placing all the power in a centralized authority is currently not working. If the patent system were to be decentralized, then the community could reach a consensus on who has the right to own the intellectual property. This decision could then be taken to the court or arbitration and shown as evidence speeding up the trial reducing lawyer fees. Additionally with the growing tendency of the workforce moving to freelance work, many intellectual property lawyers, engineers, and businessmen could spend their free time examining applications in exchange for fair compensation.
Acumen seeks to decentralize the patent system and put the power back into the hands of the people. Using the power of the blockchain and smart contracts, the Acumen Network allows for verdicts to be made by the reputable members of the community while driving prices down. The dream of the Acumen Network team is to help build a future where the intellectual property system is a fully democratic global system in which an inventor only has to file once and have their intellectual property enforced in all countries. We hope you follow our story and help support our mission!
-Acumen Network Team