The key to Loci’s success is the completely automated process of patent discovery. “Enabled with an innovative patent mapping tool, InnVenn, which takes a contextual data approach, Loci allows innovators to search and discover the patents to ensure whether their inventions can be patented,” says Wise, CEO of Loci. The tool allows users to find accurate information through search results displayed in a Venn diagram form. Besides, while the prominent solutions available in the market today are powered by traditional Boolean search techniques, Loci redefines search using a proprietary contextual searching platform. InnVenn analyzes the web for patents, technical papers, and ideas to refill any query from a user. It then generates a unique user map with an ontology based on the user query. By mapping together the known aspects of a user query, InnVenn begins to fill in the required “unknown” facts for the user. Moreover, InnVenn allows users to modify the map generated based on the user request for any additional changes, while effectively resetting the search system if something is in the wrong place and needs recalculation.
Additionally, Loci excels as a marketplace, empowering innovators to monetize their innovations without them having to incur the cost or struggle to strike a deal with the venture capitalists to build a solution.
Enabled with an innovative patent mapping tool, InnVenn, which takes a contextual data approach, Loci allows innovators to search and discover the patents to ensure whether their inventions can be patented
With Loci, inventors can stake a claim for their inventive ideas or technology on the blockchain and allow other participants within the blockchain network to access it from any part of the world instantly. Through blockchain, the company focuses on indexing the world’s inventions and ideas to simplify the patenting process while combating patent fraud. The blockchain technology also helps in expediting the patenting process for the inventor. Moreover, innovative ideas or breakthrough technologies can be bought and sold with crypto-currency. “Users can create their own public disclosure of the inventions shared on a blockchain which makes it auditable, and compliant with the existing law,” adds Wise. Leveraging the Ethereum blockchain network, Loci deploys their platform into the Ethereum protocol and utilizes it to secure the intellectual properties for the inventors and companies.
Currently, Loci is creating a new type of crypto-currency specially designed for transactions on the Loci blockchain. Wise highlights, “With the normal currency, it is not easy to value the worth of an innovation as it changes from place to place. There may be lesser buyers in one place but more in another. We realized we needed a currency or valuation that works in various systems across all countries. Our innovation is similar to bitcoin and is auditable, open, and completely secure.”