VERALIDITY 🔥Tokenized RWA Patent Licensing & Management System🔥🚀

[GENERAL] Name and surname of main applicant

Mitchell Robles, Jr

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Incorporated)

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

6

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

Efficient blockchain-based patent tokenization for patent utilization enables owners to leverage assets, legitimize standing, engage stakeholders, foster innovation, and drive business growth.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

Yes

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

We feel that there's no reason to reinvent the wheel so our solution will leverage Magento 2, an open-source platform maintained by Adobe, and will serve as our interface, seamlessly connecting with the Cardano blockchain. Leveraging Magento 2 Open Source's robust framework, our custom modules integrate effortlessly, ensuring a secure, scalable, and customizable experience.

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] Please provide here more information on the open source status of your project outputs

Our software employs a dual licensing strategy, encompassing both open-source and commercial licenses. Under the GNU General Public License (GPL), users may freely utilize, modify, and redistribute the software for open-source purposes, fostering community collaboration. Alternatively, our commercial license caters to businesses requiring confidentiality for modifications or proprietary integration. This approach ensures accessibility for community projects while enabling revenue generation from commercial use.

[METADATA] Horizons

RWA

[SOLUTION] Please describe your proposed solution

Our proposed solution is a Tokenized RWA Patent Owner Licensing and Management System built on the Cardano blockchain. Recognizing the challenge patent owners face in effectively utilizing their patents, we address this by leveraging blockchain technology for transparent and efficient patent management. This system aims to empower patent owners to showcase and monetize their patents, streamline licensing agreements, and ensure verifiable authorized use through smart contracts.

What sets our solution apart is its utilization of Cardano's blockchain, known for its scalability, security, and sustainability. By integrating Cardano, we ensure immutability and transparency in patent management, fostering trust among patent owners, licensees, and stakeholders. This solution benefits patent owners by providing a secure platform for monetization and engagement, while also incentivizing innovation and reducing patent trolling.

Our project will engage patent owners, inventors, businesses, and legal entities seeking to optimize patent utilization and streamline licensing processes. We will demonstrate our impact by showcasing successful patent monetization, increased engagement among patent stakeholders, and a reduction in patent-related disputes and inefficiencies.

This solution is important to Cardano as it showcases the platform's potential beyond traditional financial applications. By addressing real-world challenges in intellectual property management, we demonstrate Cardano's versatility and its ability to drive innovation and efficiency across various industries.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

Our project aims to deliver proof of concept and basic prototyping for an innovative Cardano-based patent management system. By leveraging blockchain technology, and the power of Magento 2 Open Source as a framework, we will design a transparent and efficient platform for patent licensing and management. This early-stage idea showcases the potential of Cardano beyond traditional financial applications, fostering innovation and driving adoption within the ecosystem.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Veralidity's capability to deliver the project with high levels of trust and accountability stems from our extensive experience and proven track record in both the technical and legal aspects of the project.

Mitchell Robles Jr's expertise in Magento Open Source and Cardano, highlighted by his role as the sole technical reviewer for Packt Publishing's Magento 2 Developer's Guide, underscores our proficiency in blockchain integration within the eCommerce ecosystem. Veralidity's successful partnerships with Adobe, Mehen, and Charli3, along with the development of 16 custom modules/extensions seamlessly integrating Cardano into Adobe Commerce and Magento 2 Open Source, demonstrate our ability to deliver tangible results.

To validate the feasibility of our approach, we will conduct thorough technical and legal assessments, leveraging our expertise to identify potential challenges and mitigate risks. Additionally, we will engage in continuous communication with stakeholders, ensuring transparency and alignment throughout the project lifecycle.

Regarding fund management, we will implement stringent financial controls and reporting mechanisms to ensure proper allocation and utilization of funds. This includes regular audits, transparent financial reporting, and adherence to industry best practices. Our commitment to accountability and transparency is unwavering, and we will always uphold these principles.

You can watch some videos about some of the integrations that Veralidity has completed which seamlessly integrate Cardano with Adobe Commerce and Magento 2 Open Source, as well as an interview with Mitchell Robles Jr on Dapp Centrals YoutTube channel

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

Research and Planning

• Conduct in-depth research on patent management processes and blockchain integration requirements.

• Define project scope, objectives, and technical specifications.

• Acceptance Criteria: Comprehensive research & project plan will be finalized and a PDF document with our basic research and project plan will be submitted for proof of achievement.

Development and Testing

• Develop and implement the blockchain-based patent management system

• Conduct rigorous testing to ensure functionality, security, and usability.

• Integrate feedback from stakeholders and conduct user acceptance testing.

• Acceptance Criteria: Basic prototype showcased in a screencast demo video.

Deployment and Pilot Phase

• Deploy the patent management system on the Cardano testnet or preview network.

• Conduct Quality Assurance testing to validate the system's effectiveness in real-world scenarios.

• Gather feedback and make necessary adjustments based on QA results.

• Acceptance Criteria: Successful transactions conducted with patent test data on-chain. Proof of transactions will be submitted as proof of milestone achievement.

Project Close-out and Documentation

• Finalize all project deliverables, including documentation, user guides, and technical specifications.

• Prepare a comprehensive project close-out report summarizing key achievements, challenges, and lessons learned.

• Create a video presentation showcasing the project's development process, outcomes, and potential impact.

• Acceptance Criteria: Complete project close-out report and video presentation submitted.

[RESOURCES] Who is in the project team and what are their roles?

Mitchell Robles, Jr.

• Roles: Veralidity Founder/CTO
• He was the sole technical reviewer for Packt Publishings Magento 2 Developers Guide book published in 2015. You can find a bio about Mitchell in the book on a dedicated page next to a bio about the author.
• Mitchell does not use social media except for the Veralidity Twitter account: https://twitter.com/veralidity
• https://twitter.com/dapp_central/status/1753064373353107671

Matthew Olsen - (currently employed as a Software Engineer at Microsoft)

• Roles: Full stack developer, systems engineer, Haskell development
• https://www.linkedin.com/in/matthew-olsen-1180a833

Jose Maldonado

• Roles: Front-development, Dev-Ops
• https://www.linkedin.com/in/josejmaldonado

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

Research and Planning:

• Market research and analysis: 5,000 ADA
• Legal consultation and partnership agreements: 10,000 ADA
• Project management and planning: 5,000 ADA

Development and Testing:

• Blockchain specific development: 50,000 ADA
• User interface design and development: 30,000 ADA
• Quality assurance and testing: 15,000 ADA

Deployment and Pilot Phase:

• Deployment on Cardano blockchain: 20,000 ADA
• Pilot phase expenses (user onboarding, feedback collection): 5,000 ADA

Project Close-out and Documentation:

• Documentation and technical writing: 2,500 ADA
• Video production: 2,500 ADA

Total Budget Requested: 100,000 ADA

Additional Notes:

• Development: Veralidity will utilize existing custom solutions that it's already developed and incorporate and repurpose the them to save time and money on development.

• Publicity/Marketing/Community Engagement: These costs are anticipated to be covered through in-house efforts and partnerships with Cardano community channels, thus not included in the budget breakdown.

• Reporting back to the community: Regular updates and reports will be provided to the Cardano community through social media, forums, and community meetups, utilizing existing resources.

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

The cost of the project is justified by the comprehensive approach taken to ensure its success within the Cardano ecosystem. Each budget element has been meticulously assessed to align with industry standards and best practices in patent development and blockchain integration.

Investments in research, legal consultation, and project management are paramount for establishing a solid foundation and mitigating potential risks associated with patent management on the blockchain. These costs reflect the specialized expertise required to navigate legal frameworks and technical complexities effectively.

Similarly, expenses related to blockchain development, smart contract implementation, and user interface design are justified by the specialized skills and knowledge necessary to create a secure and user-friendly patent management system. These costs are competitive and commensurate with the value they bring to the project and its stakeholders.

Furthermore, provisions for testing, deployment, and documentation are essential for ensuring the reliability, functionality, and regulatory compliance of the patent management system. These investments are integral to delivering a robust solution that meets the needs of patent owners and users within the Cardano ecosystem.

Overall, the project's cost represents a prudent investment in delivering a pioneering solution that enhances patent management efficiency and transparency on the blockchain. By adhering to industry standards and best practices, the project demonstrates a commitment to delivering value for money while advancing innovation within the Cardano community.

There's immense potential to drive adoption and fuel growth within the Cardano ecosystem and beyond. Investments in research, legal consultation, and project management lay the groundwork for efficient patent management on the blockchain, facilitating adoption by Cardano-specific projects to leverage our solution.