Mercury Cash has recently joined the Blockchain / Cryptocurrency Patent Alliance (COPA) along with 17 other recognized companies in the field (such as Kraken, Coinbase, Square among others), the agreement aims for companies to share their patents and do not sue each other, in order to strengthen the industry, encourage the development of new technologies and deal with traditional banking.

About COPA

The Cryptocurrency Open Patent Alliance (COPA) aims to encourage the adoption and advancement of cryptocurrency technologies and eliminate patents as a ‘barrier’ to growth and innovation in the sector. COPA recognizes that cryptocurrency technology relies on the collaborative efforts of a community made up of developers, engineers, and designers. The success of a cryptocurrency is the direct result of the community coming together to build and develop existing technologies for the benefit of all.

Main challenges of the sector regarding patents

The ‘patent’ blocking of core cryptocurrency technologies tends to ‘stifle’ innovation and the adoption of these technologies in new applications or enhancements. While patents are defensively useful and can serve as a deterrent to lawsuits, the misuse and offensive use of these patents by “bad actors” threatens the growth and free availability of cryptocurrency technologies. Many crypto or blockchain companies do not own patents and cannot adequately deter or defend against these bad actors.

How does COPA work?

Members of COPA agree not to use their cryptographic technology patents against anyone except for defensive reasons, making their patents freely available for all to use. COPA members pool all their encryption technology patents to form a shared patent library. This “collective patent shield” provides members access to each other’s patents to deter and defend against patent aggressors, giving all members (regardless of whether they hold patents individually or not) have the tools and leverage to defend yourself from patent aggressors.

What do you think about this topic? Do you know any other technology used by Fintech companies?

If you want to know more about COPA you can visit the following link.

What do you think about this news? Did you know the COPA Alliance? What do you think about the work that COPA does?

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