USAT: Funding and Patent of Intellectual Property based on Blockchain Technology

adnanzeal (38)in #ico • 6 years ago

The era in which we are living is highly influenced by the technological advancements, and their roles and importance have become increasingly more meaningful in our daily lives. But there was a deficiency of such a platform which can provide the decentralized intellectual processes. In order to overcome this issue USAT comes in to existence which is an Australian organization that uses blockchain technology to decentralize the intellectual processes.

United Scientists Association of Technology (USAT) is a decentralized platform based on the blockchain technology; it is trying to solve all the drawbacks related to the patent filing and sharing with the help of blockchain technology. It will be used to store, fund, develop and commercialize the intellectual property. The innovators would be able to save their time from the long and time taking process to obtain a Patent. There will be reliability and security for the owner and its sharing with others, it will also get purged from the bureaucracy. With the help of blockchain technology, patents and trade secrets will be stored in the repository and its distribution will take place with the help of smart contract. In terms of licensing and distribution of patents, there are different revenue generation schemes are being employed on this platform through marketing.

USAT is basically not for profit organization and is affiliated with the Australian Institute of High Energetic Materials (AIHEM) which is Australian based professional alliance. AIHEM was established in 2009 with a mission towards expanding human knowledge and directly facilitate research in fundamental and applied science. Currently, AIHEM includes 138 Professors, 65 Associate Professors, 89 scientists with Doctoral Qualification and 28 holders of MSc in Engineering from more than 50 countries. The mission of USAT is to establish such a decentralized network which will be used for the development and commercialization of technologies, totally secure and also beneficial for the mankind and this planet.

How will it work?

Let us understand its working, upon receiving the proposal of good and valuable projects it will be submitted for internal review. After reviewing the project, it will found worthy then funding strategy related to financing the project will be made and provided for the development of the project. But in this process, the patent and ownership of the product will be acquired by USAT and after the completion of the project, it will be resold to those who put their efforts in making the technology in to the application. After that along with the patent and copyright, the technology will be handed over, while the corporation retains the IP repository. And after getting success on any project, there will be a meeting among the corporate stakeholder in order to decide about the generated fund and decision will be taken whether the fund generated should be deployed in to another project or should be used to buy back the tokens from its shareholders.

About token:

Token: USAT
Platform: Ethereum
Standard: ERC20
Quantity: 1,525,000,000 USAT
Price: 1 USAT = 0.0000705 ETH
Payment: ETH
Soft cap: 2,834,000 USD
Hard cap: 53,375,000 USD