Major US payments company Square announced on the 14th that it has joined the “Open Invention Network (OIN)”, an organization that promotes mutual open-source software.
According to Bloomberg reports, Square aims to protect the cryptocurrency industry from patent lawsuits and drive its growth.
OIN is a cross-licensing platform established in 2005 by companies such as IBM and Sony that allows members to use patented technologies owned by other members. Companies such as Google have invested in the project that offers access to more than 1,000 intellectual properties.
By becoming a member of OIN, Square will be able to offer its own patents and use the patented technologies of other members for free.
Last year, the company founded a similar platform called Cryptocurrency Open Patent Alliance (COPA) where the member companies cannot sue each other over patents and allows them to access a shared patent library.
In a press release issued yesterday, Keith Bergelt, CEO of OIN said:
“As a global leader in the effort to democratize financial services, we are pleased that Square is committed to patent non-aggression in core Linux and adjacent open source technologies.”
Max Sills, Square’s adviser and COPA general manager, explained that the move would protect the cryptocurrency industry from patent abuse proceedings. In an interview with Bloomberg, Sills remarked:
“We’re in simply such a fast time of development, so many wonderful issues are taking place with out patents. We need to keep away from long-drawn-out authorized battles.”
Adding to the statement, Bergelt said:
“When it has to take care of core performance, you shouldn’t sue one another. The thought is you construct your differentiation across the core. This gained’t impair anybody from constructing a enterprise, simply shield them from being sued on what’s basically open.”