Analysis of DEFI Product: Patent Decentralized Finance (PTNT DeFi)

Analysis of DEFI Product: Patent Decentralized Finance (PTNT DeFi)
Name
Institutional Affiliation
Patent Decentralized Finance (PTNT DeFi)
Motivation and Tech Stack (Elevator pitch)
Patent Decentralized Finance (PTNT DeFi) aims to take patent systems to a game-changing and an entirely new level by introducing decentralized patent systems to address practical and bureaucratic barriers such as the costly bottle-necks in existing patent systems through the distributed ledger technologies (DLTs). Unlike the existing systems in patent offices, which are inefficient, slow, costly, and a potential harm to technological advancement, DLTs will provide practical solutions of decentralizing the systems and solve impeding issues at their grassroots. PTNT DeFi is a DLTS that enables these major challenges. The protocol that runs on Ethererum network, which will change the way stakeholders interact with the patent records system in a transparent, flexible, and scalable manner. Ethererum is the second blockchain generation that was introduced in 2014 and allows developers to run smart contracts on DLT systems (Bamakan et al., 2022). Using this tech stack, we will develop data records keeping for patents in a similar way developers have employed it in decentralized exchanges, crowd funding, and DeFi. Several months of research have informed us that the DLT-based system is not a magic bullet, and we have addressed potential legal, political, and organizational challenges that have deterred similar developments in the past to make PTNT DeFi a successful project (de Rassenfosse & Higham, 2021). So, what is the cost incurred in filing for a new patent in the existing system, and do the owners benefit from their applications as desired?
1 Background Information About the Product
1 Economic/business problem
The rationale of PTNT DeFi is to reconfigure the existing patent record system and solve cost-related problems through the decentralization of all patent-related systems with unparalleled flexibility, transparency, and efficiency. Granting inventors the right to block others from their discoveries would offer them an economic incentive and increase their efforts in inventive processes, thus creating a better world (de Rassenfosse & Higham, 2021). Furthermore, PTNT DeFi will ensure that the disclosure of technical information in inventions and patents facilitate diffusion of knowledge, better research, and global economic growth. Nevertheless, the existing patent systems are far from achieving this objective due to their high cost, inefficiency, and bureaucracy (de Rassenfosse & Higham, 2021). Like any business, current patent systems face a plethora of shortcomings, including legal and political challenges that affect their profitability in the long-run. Patent offices are often resource-constrained and operate within poor established industrial and legal environments. These challenges affect inventors as financial constraints impact on the decisions about patent eligibility and novelty, which are crucial issues in ensuring continued research and development (R&D).
PTNT DeFi protocol will treat patents as assets, which is in essence parts of their bargain with regulatory systems and governments. In this case, ...