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The Patent Landscape for AI Technology

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AI has become a ubiquitous term today world, both inside and outside the tech landscape. It is not only a functional term that points to the power of technology but is also emotive. The ethos behind AI can be summed up in one word: potential. AI points to the future of what is possible.

Since its conception in 1956, innovators and researchers have published over 1.6 million AI-related scientific publications and filed nearly 340,000 AI-related patent applications. Machine Learning (ML) technology is included in 40% of these patent application claims. The functional applications underlying the majority of these patent applications are natural language processing, speech processing, and image recognition.

What is a patent?

A patent is a federal grant of exclusive right given to an inventor who receives an issued patent claim. It can last up to twenty years.

With a patent grant, United States Patent and Trademark Office (USPTO) confers patent owners with the “right to exclude others from making, using, offering for sale, or selling” the invention in the United States or importing the invention into the US.”

A valid patent bars protection for any subsequent independent invention by another inventor, deeming the later inventor the infringer. It is a powerful form of Intellectual Property (IP) protection that protects either the functionality or the aesthetic properties of an invention.

Is AI patent-eligible?

Any new and useful process, machine, article of manufacture or composition of matter may fall under the scope of subject-matter that qualifies for a utility patent. Since AI software is inherently a process, it can be patent eligible, as long as it meets the USPTO’s five rules for patent eligibility.

The rules are as follows: (1) The invention must be a process, machine, or object; (2) the invention must have utility; (3) the invention must be novel or new; (4) the invention must be non-obvious; and (5) the invention must not have been disclosed to the public before the patent application.

To qualify under ‘process, machine, or object’, says JD Houvener, USPTO-licensed attorney with Bold Patents, the subject-matter of the proposed AI patent application claim must cover a unique software invention that is either tied to a machine or that offers an identifiable improvement to society that humans can’t do alone. Where AI requires a computer, processor, or software to analyze or receive data, it is inherently a method with a practical application.

AI represents the ability of a computer to conduct, improve, or manage activities that humans can’t do alone. The sheer weight of that realization is incredible and points back to the concept of the vast potential of this emerging technology.

Most AI technology that is connected to a computer will be patent-eligible. If an invention qualifies, patent protection is an absolute must for inventors because it is such an evolving technological sector and the pace of change is fast. As such, the last thing an inventor wants is to miss out on ownership or exclusivity over what he or she developed.

AI Patent Landscape

International Data Corporation forecasted in 2017 that the AI industry will generate more than $57 billion in 2021. Efforts to patent AI inventions have exponentially increased, seen in how over 9,000 USPTO patent applications in AI-related areas were published in the last four years. There have been over 154,000 global AI patent applications filed since 2010, the majority of which are in the fields of health and digital security.

Microsoft and IBM are at the top of the pack in the AI patent landscape. Tech giant IBM leads with nearly 9,000 AI-related patent applications, followed by Microsoft with close to 6,000.

Effects of AI Patents

If the USPTO system does its job correctly, AI-related issued and pending patents will have a positive impact on the market. As new discoveries are made and new patents are issued, there will be more momentum for innovation which will better society in the long term.

In the short term, however, the USPTO system may reward the larger companies such as IBM and Microsoft rather than scrappy startups. This is because patents are expensive, time-consuming, and require resources that most new companies often don’t have the ability to use on IP protection.

However, more innovation by larger companies may reward the smaller and more agile companies in the long term. This would depend on whether smaller companies are reading and learning from issued patents, so the responsibility is upon them to watch for trends and use the dynamic force of AI in their research.

This article is a contribution of Carly Klein

About the author

Carly Klein is a first-year student at Loyola Law School. A Los Angeles native and a graduate from Boston University with a B.A. in Political Science & Philosophy, she seeks to pursue a career in civil litigation.

 

 

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UBS Managing Director Choo Oi Yee To Join iSTOX As Chief Commercial Officer (CCO)

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UBS Managing Director Choo Oi Yee To Join iSTOX As Chief Commercial Officer (CCO)

 

iSTOX, the first regulated platform in any major global financial center to offer end-to-end issuance, custody, and trading of digitized securities, is pleased to announce the appointment of Choo Oi Yee as its first Chief Commercial Officer (CCO).

Choo has over 20 years of experience in the investment and banking industry, most recently as Managing Director and Head of Singapore Corporate Client Solutions for UBS, where she was responsible for UBS Singapore’s investment banking business. In her new role at iSTOX, Choo will be a key member of iSTOX’s management team responsible for driving the company’s overall business growth by building its network of investors and issuers. She will join the iSTOX team in January of 2020.

“I see some truly fundamental changes on the horizon for capital markets and I believe that Singapore — and the iSTOX team — are uniquely well positioned to take advantage of them,” she said. “I’m very excited to be joining the team and look forward to helping iSTOX grow into the platform of choice for 21st century issuance and investment.”

Choo’s appointment comes at a strategically important period for the company; iSTOX has initiated plans to grow its base of issuers and investors as it works towards graduation from MAS’s Fintech Regulatory Sandbox in early 2020.

“It was clear to us that we needed someone with Oi Yee’s stature, reputation, and experience for our CCO role. Among other requirements, we needed someone with deep securities, issuance, and trading experience at a very senior level; someone with outstanding relationships with major institutional investors, business leaders, family offices, and others; and, most importantly, someone with a deep and instinctual understanding of the challenges and opportunities facing issuers and investors,” said Danny Toe, Founder and Chief Executive Officer of ICHX.

“We are pleased to welcome Oi Yee to the team as we open up applications for iSTOX investor accounts and plan an exciting issuer pipeline ahead of our projected sandbox graduation early next year,” said Darius Liu, Co-Founder and Chief Strategy Officer of iSTOX.

 

SOURCE iSTOX

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Euromoney TRADEDATA Partners With UK FinTech ipushpull to Create On-demand ‘Data-as-a-service’

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Euromoney TRADEDATA is pleased to announce a strategic partnership with ipushpull, a powerful data sharing and workflow platform.

Euromoney TRADEDATA recognises that the on-demand model is the future of data consumption, particularly within community chat and messaging networks, as part of a suite of delivery systems required to service all parts of the market that need futures and options reference data.

Through a single connection to ipushpull, Euromoney TRADEDATA can distribute data into a variety of applications including Symphony, the secure collaboration platform, with nearly half a million connected financial market users. The ipushpull platform provides Euromoney TRADEDATA with new distribution channels for secure, audited, access-controlled data delivery.

Mark Woolfenden, Managing Director of Euromoney TRADEDATA, comments:

“This is a very important integration for Euromoney TRADEDATA, as we begin to experiment with embedded, on-demand workflow functionality and delivery systems for our reference data. We recognise ipushpull as a leading exponent in data sharing workflow technology and we expect further benefits from their connections to other community messaging solutions. Also, as part of the offering, we can now offer a functionally rich Excel plugin for desktop users to access our reference data, which integrates seamlessly within users’ existing workflows. In addition, we look forward to working with ipushpull to develop a clutch of bots, to further enhance our customers’ experience in using our data services.”

Matthew Cheung, CEO of ipushpull, comments:

“We’re excited to offer Euromoney TRADEDATA new avenues to deliver and monetise their data to a variety of desktop and cloud services. We see this innovative approach as the first step towards an on-demand ‘Netflix’-style distribution model for data producers and consumers.”

 

SOURCE Euromoney TRADEDATA; ipushpull

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360 Finance’s LendingAdda Launches Diwali Offers

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Photo source: m.chinaknowledge.com

LendingAdda consumer lending marketplace owned by parent company 360 Finance (NASDAQ: QFIN) announces Diwali offer for credit card holders. On 6th October, SBI announced a bumper Diwali offer for its credit card holder; on 10th October, the State Bank of India approved a ten percent discount for its credit card users; on 14th October, LendingAdda launched the credit card function, and AMEX, SBI, Citi banks’ cards are included.

Due to India’s inefficient banking system, most people do not have a credit history, which leads to lower utilization of credit cards and limited accessible for many.

In this condition, fintech companies empower people’s lives compared with banks. LendingAdda, a digital finance platform, has integrated more diversified financial services. Its innovative data-driven and behavioral risk management models can help overcome barriers that arise from a lack of widespread and robust credit scoring.

Prantik Ray, professor of finance at XLRI-Xavier School of Management at the University of Minnesota, has stated that digital finance can be instrumental in providing credit ratings and potentially be leveraged in other areas. In essence, online finance can help create more possibilities in people’s lives.

LendingAdda evaluates a user’s credit based on big data and selects the most suitable loan and credit card product offers for consumers using intelligent matching. So far, it has offered lending services to more than 4 million Indians, and the number of borrowers is multiplying.

Most importantly, LendingAdda’s products cover almost every part of a user’s daily life: microfinance, credit cards, commercial loans, mortgages, auto loans, medical loans, education loans, etc., and its interest rate is usually lower than banks.

Additionally, LendingAdda has a higher credit line (up to 10 lakhs), which can almost always meet the borrowing needs of consumers, and the money arrival rate is less than 5 minutes, which was much faster than the bank.

With the help of LendingAdda, Moham finally got his wish of buying an iPhone for his girlfriend, which he thinks will help him bring greater happiness to his life.

How does LendingAaad help people accomplish their dreams?

Compared with many other enterprises, LendingAdda has world-class technology that enables it to offer a highly secure lending process with tailored products and services that help serve the daily lives of its users.

 

SOURCE 360 Finance, Inc.

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