Givex Joins LOT Network to Protect Clients from Patent Trolls
Givex joined LOT Network in a bid to combat the growing threat posed to its business and its customers by patent assertion entities (PAEs, or “patent trolls”). Givex is the first Canadian retail tech company to join LOT Network and is the first gift card tech member.
LOT Network is the international community of the world’s high-tech companies committed to protecting its members from costly PAE litigation. With 2.5 million patents in the network and counting, members include global market leaders such as American Express, Alibaba, Microsoft, Volkswagen, Tesla and Amazon.
Since the start of this global pandemic, more businesses have been turning to technology to keep customers and employees safe. Givex solutions, such as online ordering and contactless payment, have become essential for many retailers and restaurants in this respect.
By joining LOT Network, Givex is protecting its clients from exposure to patent troll lawsuits that could arise from using its products. Members agree that if and only if a member’s assets fall into the hands of a patent troll, they will grant a license to all other members — thus rendering them immune from patent troll litigation using those assets. All traditional uses of patents, such as selling them or using them to sue other companies, are retained.
Such preventative measures are warranted, considering the risk of patent trolls tying up businesses in costly and disruptive litigation. A high-profile case from 2011 involves one such patent troll suing a national retail chain for allegedly violating two patents that cover methods for loading money onto gift cards and activating them at the point of sale.
People are now more acutely aware of the unexpected events that can shake up their lives and entire industries. With these added risks, it is even more important that brands do everything they can to safeguard their business. Membership in LOT Network is one such avenue to neutralize the threat of patent trolls.