Patents are protecting inventions, so if you invented a new hairdryer for elephants or maybe useful stuff like flying cars, you could maybe protect this invention with a patent. A technical aspect is mandatory in Europe and most countries.
In the US, there is a decision by the Supreme Court called the Ellis Decision, which also hinted that the US is also moving toward a regime where a technical aspect might be important in patents. A patent is granted if it is novel, so over the cited prior art of the examiner, and if it is inventive or not obvious over the cited prior art. The examiner will search millions of patent documents and non-patent literature to find out whether your idea is new, so when you are filing a patent application, it is, first of all, advisable that you enlist the help of a patent attorney but also, to search prior art before writing your patent application to find out what are the known technologies in the field and what are the differences of your technology in comparison with the known solutions in the field.
If you can identify many differences before you file a patent application and you write them down either independent claims or just in the description, you have much better chances of getting a patent granted without a search. So, once a patent is granted, it will protect you for 20 years, and no one else is allowed to use your technology without asking you, so you can forbid everyone to use the technology, or you can ask people for license fees to use your technology.
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With a view to protect emerging technology based innovations, patent attorneys develop strong patent strategy to assist clients at all stages of the patent process including patent searching, patent drafting and patent prosecution. Our team consists of patent engineers, patent lawyers and patent scientists with advanced technical qualification to provide best possible patent services to the clients worldwide. Our custom projects help clients with patent licensing and technology licensing services as well.
Technology comprises of skills, methods, techniques, and processes which used in the production of goods and services or the achieving any objective. Machines make a good example of systems, that apply technology by taking an input, change it according to the system’s use and then producing an outcome which referred to as technological systems.
There is a rise in tech patents in IP filings. According to NASSCOM, “AI is the fastest growing area.” Between 2015 and 2018, India-domiciled companies filed over 4,600 patents in the U.S. of which the majority were from the technology domain, with artificial intelligence being the fastest growing area which is followed by the Internet of Things.
In 2017-18 as per a National Association of Software and Services Companies share of technology patents has consistently increased to 64.8% and the portion of emerging technologies increased consistently to 56.3% though the share of computer and communication technology patents witnessed a decline.
Emerging tech domains have seen some major growth as patents filed in cybersecurity (193), IoT (107) and cloud computing (88) accounting for over 50% of the tech patents filed in 2017/18, this is the report given by “Emerging Technologies: Leading the next wave of IP Creation for India”. Start-ups in the country have filed around 200 patents in the U.S. from 2015 to 2018 ,majority of which focused on emerging technology areas like Image Processing, AI, Cyber Security, Vehicle Technology, and IoT. There are the advancements and technological innovation and human intellect with the volume of patents that recorded over the years. Innovation is crucial to driving transformation, and patents and trademarks are a testimony to this transformational growth.
Since many decades technologies have transformed finance in many developed and developing countries, and this technology brings massive opportunities in developing countries and emerging markets. M-Pesa plays an important role in Kenya. When an individual talks about Africa, he will try to focus on M-Pesa as well as financial services in this country. In this country, the impact of mobile financial services through old-style mobile phones has been incredibly significant.
There are limitations for the users with an old-style mobile phone compared to smartphones. The power of modern smartphones dwarfs the power of a room-sized IBM mainframe from the 1970s.
An individual holds the computing power today is unprecedented in the history of the world, and this transformation finance with technology already takes place in Asia because, throughout much of Asia, there are two significant features. One is high penetration rates, high ownership rates of smartphones which combined with the availability of broadband internet access.
The combination of a smartphone with broadband internet access combines the features of many emerging markets around the world, which has inefficient traditional banking and financial systems and this combination allows emerging markets to leapfrog a hundred of years of developments which took place in western markets in a short period of few years. An individual can see the best example in terms of China. There are massive internet and e-commerce firms from China, such as Alibaba, Tencent, Baidu, or even traditional financial institutions Like PingAn. The customers using their financial services are astonished. It has transformed the individual’s interactions with finance and transformed the financial systems and economies of emerging markets at the same time.
An individual using a variety of technological infrastructure design elements that supports the expansion of finance to millions of people who do not previously have access to financial services. It is the most important story that people have ever seen in the context of financial inclusion, economic growth, and financial transformation. It is exciting because many developments have led for the first time in Asia.
At the same time, these tremendous changes and opportunities bring with them new risks. The combination of new entrants, startups, and technology companies, which are driving opportunities, and the transformations have changed in Financial Technology. This combination of new entrants and speed of technology allows risk to grow rapidly. For example, a technology company can launch a new banking start-up company that can acquire its already existing customer base of millions with a much lesser amount that would otherwise take traditionally developed markets decades to achieve.
