Highlights –

  • According to Blockchain Integrated Partners, the USPTO has issued a US patent for its distributed ledger technology.
  • The patent supports the BIP business model that includes the first VDR.

Blockchain Integrated Partners, LLC has unveiled that the US Patent and Trademark Office (USPTO) has sanctioned a US patent for its distributed ledger technology. This move is in line with its efforts to help gather and protect critical information related to high-value assets. Titled as, “Systems and Methods for Data Validation and Assurance” (US patent 11,061,886), the technology ensures that document management and preservation are done securely and accurately while minimizing costs, too.

The patent supports Blockchain Integrated Partners (BIPs) business model that includes offering the first Virtual Data Room (VDR) connected to blockchain technology provided by TruDoss (True Digital Dossier), LLC BIPs operating firm. VDRs are digital repositories that collects, displays and reviews official documents. Connecting VDR with TruDoss’ distributed ledger, content material owners may switch ownership of chains and build tradable blocks of information, monitored and updated at threshold intervals.

TransPerfect, one of the world’s largest language and technology solutions providers for global business, is spread over 100 cities on six continents and generates a revenue of over USD 852 million. Recently, BIPs has collaborated with TransPerfect to provide services to its customers.

Experts’ view

Paul Hartzell, Co-Founder at TruDoss (True Digital Dossier), noted, “VDR’s are a global industry today, serving as a short-term digital platform for due diligence in corporate mergers and acquisitions (M&A) and other capital-raising transactions. Our patent is the foundation for the most significant enhancement to the evolution of the data room market in years. It will allow VDR customers to preserve their work inside data rooms and keep receiving benefits for years.”

Robert Chepak, Co-Founder at BIPs, LLC, said, “We are committed to thinking creatively to help customers get more and more value from their data rooms. We are aggressively looking for licensing partnerships to implement this technology.”

Phil Shawe, President and CEO at TransPerfect, said, “Information should be treated like a natural resource; protected and preserved for future use. TransPerfect’s technology in partnership with TruDoss gives our customers a way to do that, whether in response to economic crisis or a big opportunity.”