Tag Archives: #Blockchain #Business #Technology

Payments firm Rocketfuel Blockchain sues co-founder over expired patents

The blockchain payments company said it unknowingly owns patents that expired before these were transferred to them.

Blockchain payments company Rocketfuel Blockchain is suing its co-founder for allegedly misrepresenting patent applications and defrauding the firm.

In a complaint filed with the Central District Court of California, Rocketfuel claimed its co-founder and former treasurer Joseph Page hid the fact that patents he transferred to the company had expired. The company is seeking damages of at least $5.1 million.

According to Rocketfuel, Page transferred patent applications to the company in March 2018, thereby relinquishing his rights to the patents. These patents were for several payment processes for Rocketfuel’s blockchain platform, including cryptocurrency user interface systems.

B4MC Gold Mines acquired Rocketfuel in June 2018. When B4MC took over the company, and started doing business as Rocketfuel, Page said the patents were being examined by the United States Patent and Trademark Office (PTO). Page and other shareholders sold their shares in Rocketfuel, and he received five million shares of the newly acquired firm worth approximately $45 million.

A year later, Page resigned from the board. He demanded shareholders of Rocketfuel raise 4 million euros in capital to develop the technology described in the patents or pay him 100,000 euros and transfer the intellectual property back to him.

But Rocketfuel alleged the patent applications had expired, and the company could no longer revive them. Three of the five patents Rocketfuel now owned were considered abandoned between 2014 and 2017.

The company said Page admitted the patents expired in June 2019 but said this was due to Rocketfuel’s inability to raise capital to use the technology. However, the company said Page let the patents expire because he failed to pay additional filing fees and did not respond to other PTO requests.

Rocketfuel said if it had known it couldn’t use the patents, it never would have gone through with the acquisition. They claim Page assigned the patents to Rocketfuel, and sought shares of stock in exchange, despite knowing these patents no longer had value for the firm.

No court date has been set for the case. Cointelegraph could not find contact information for Page.

 

written by Emilia David

https://cointelegraph.com/news/payments-firm-rocketfuel-blockchain-sues-co-founder-over-expired-patents

TP

Figure Technologies releases fund services offerings on blockchain

They aim to make investing faster.

Figure Technologies launched its new digital fund services products for investment firms on a blockchain, the company said in a statement.

The San Francisco-based financial technology firm used the Provenance blockchain and aims to use the technology to automate much of the paper-based processes in fundraising and fund management. Services include capital raising, investor onboarding, know-your-customer, anti-money laundering and Bank Secrecy Act activities, digital subscriptions, capital calls, and transfer agents.

Mike Cagney, co-founder and CEO of Figure, said the idea is to allow investment funds to focus on their core strength, investing.

“Figure’s Digital Fund Services offering is the first end-to-end blockchain solution that combines tools for digital fundraising and ongoing fund management with a primary marketplace for raising capital and a future secondary marketplace for trading fund interests.”

Figure also announced that venture capital fund Friends & Family Capital II is its first investment firm partner to use its blockchain services. The fund, Figure said, also wants to leverage these services for a “fully digital secondary trading of fund interests” and settle in almost real-time at T+0 with no counterparty risks and lower transaction costs.

This is not the first time Figure took advantage of blockchain’s benefits. Figure also has a blockchain-based marketplace for buying and selling loans.

 

written by Emilia David

https://cointelegraph.com/news/figure-technologies-releases-fund-services-offerings-on-blockchain

TP

Vale completes iron ore transaction through blockchain

Blockchain helps the other kind of mining.

Mining firm Vale and its partners completed its first iron sale over blockchain.

According to a statement on its website, Vale sold 176,000 tons of iron ore to Nanjing Iron & Steel, sending the material from Malaysia to China.

Vale and its partners used the blockchain platform Contour to issue a letter of credit. Shipping documents and an electronic bill of lading—a list of all the goods shipped—were handled through essDOC’s CargoDocs solution.

The company said it ensured end-to-end security in the transaction with the real-time visibility to the stakeholder documentation available on blockchain technology. Vale noted using blockchain drastically reduced emails and paperwork the parties had to exchange.

“It is an important milestone towards the digitalisation of the sales and trade process, bringing innovation to the traditional paper-intensive trade transactions and offering a better service to the clients as well as predictability in the steel value chain,” the company said in the statement.

Mining giants have been looking to use blockchain to ease shipping inefficiencies. The BHP Group announced in May it hoped to complete its first blockchain iron ore sale with Baosteel. The company has long been interested in the technology and has done a pilot test with Japanese shipping firm NYK to verify sustainable biofuels.

 

written by Emilia David

https://cointelegraph.com/news/vale-completes-iron-ore-transaction-through-blockchain

TP