Jack Dorsey payment company Square suggested that cryptocurrency companies not hide their developments from the community. For this, the organization created the Cryptocurrency Open Patent Alliance (COPA).
The purpose of the association is to expand access to technology through a common library of patents. Providing open access to them is mandatory for all COPA participants.
“We believe that the success of a cryptocurrency depends on a community that has come together to create and develop technology. But this is not possible when industry representatives hide developments in patents, ”Square said in a statement.
As planned by Square, COPA will turn patents into a tool for driving innovation in the industry.
COPA will operate separately from Square and run by its own board of directors.
Square previously received permission from the US government to open Square Financial Services. Its activities will be related to lending and providing deposit products to small businesses.
Recall that in 2019, the number of issued patents in the field of blockchain technology reached 1,799.
According to experts, a new record may be set this year, as 1,257 patents have been filed in seven months. The leaders in the number of patents are the USA and China.