🔥 COPA and Unified Patents Declare War on Patent Trolls
posted 2 Oct 2024
The non-profit Cryptocurrency Open Patent Alliance (COPA), in collaboration with Unified Patents, launched the Blockchain Zone initiative to combat patent trolls — non-practicing entities (NPEs) that acquire patents to profit from legal actions rather than to innovate.
Patent trolls are barriers in the path of innovation; they hinder the progress of technology and stifle the spirit of creativity, particularly in the fast-evolving world of cryptocurrency,Paul Grewal, Chief Legal Officer at Coinbase, a member of COPA, said.
Supporters of the initiative believe the future success of the crypto industry depends on the ability to innovate without the constant threat of legal battles. Blockchain Zone will provide COPA members with free, automatic legal protection against patent trolls.
Patent litigation and NPE involvement. Source: Unified Patents Official Website.
According to Unified Patents, last year more than half (58%) of patent lawsuits were initiated by NPEs. The organization has long been fighting against these entities and has successfully challenged hundreds of patent claims, particularly those related to blockchain technology, such as financial transactions and authentication systems.
