Square Inc., an American company specializing in providing financial services and facilitating digital payments, has recently joined a cross-licensing platform with other technology companies to lessen Patent Lawsuits over cryptocurrency and encourage the growth of digital currencies. According to the company, it is becoming a part of the Open Innovation Network, wherein all the members agree for royalty-free access to patents for open source technology.
In 2020, Square established the Cryptocurrency Open Patent Alliance, in which all the members are required to agree towards not suing each other over patents. It also provides a shared patent library for access to the underlying technologies.
Max Sills, the Counsel at Square and the General Manager of the Cryptocurrency Alliance, said in a recent statement delivered that the company is looking forward to avoiding long-drawn-out legal battles in the present rapid time of growth. He also stated that the ultimate goal of joining the Open Source Network is to have a non-aggression pact in place that underpins the new digital currencies and tools without which one can’t do business in the market.
The Network includes technologies like Hadoop and Linux kernel that are widely used to store and process large datasets.
Keith Bergelt, the Chief Executive of the Open Innovation Network, said that when it comes to dealing with core functionality, companies or individuals should not sue one another. According to him, the idea should always be to build one’s differentiation around the core, which won’t impair anyone from establishing a business and only safeguard them from being sued on what is fundamentally open.
The Open Innovation Network was created to safeguard the Linux operating system from patent litigation lawsuits. It even has more than 1,000 patents at present of its own that all the members get royalty-free. It was founded in 2005 by companies including Sony Corp., Red Hat Inc., and International Business Machines Corp., and currently, it has more than 3,500 members across the globe, such as Oracle Corp., Microsoft Corp., and Alphabet Inc.’s Google. In the past decade, the Network has grown significantly to include energy, automotive, and medical device fields.
Square isn’t the only company trying to reduce patent suits that have bedeviled other industries, specifically in the field of technology. Litigation disputes over patents, like the ones involving medical devices and smartphones, among other industries, can cost an enormous amount of money in legal fees.
Many other groups have also been set up to address such challenges; however, each of them focuses on a separate issue concerning patent disputes. For instance, the Open Crypto Alliance was formed to identify Patent Applications to challenge or oppose, such as by providing appropriate information to the patent examiners to use as a legal basis for rejecting the applications. For more visit: https://www.trademarkmaldives.com
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