nChain Enters Into IP Licensing Agreement With TAAL for Blockchain-Related Patents
London, United Kingdom--(Newsfile Corp. - April 24, 2020) - nChain, the leader in enterprise-grade public blockchain solutions, today announces the signing of a licensing agreement with TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTCQB: SQRMF) ("TAAL") for the use of key elements of nChain's IP patent portfolio (the "IP Licensing Agreement").
Under the IP Licensing Agreement, TAAL will have non-exclusive access and rights over 10 years to develop advanced blockchain transactional systems on top of nChain's existing and future patent portfolio in the areas of specialised blockchain transactions, handling, processing, storage, retrieval and display.
Pursuant to the IP Licensing Agreement, TAAL will pay nChain USD $1 million in fees over the first year of the agreement.
TAAL CEO Jerry Chan said, "We see nChain's expanding portfolio as an invaluable resource for developing new products and expanding the use of blockchain infrastructure, transaction processing and chain-driven cloud computing to deliver innovation in traditional markets. This agreement will fuel our strategic objectives and open the door for TAAL to work even closer with nChain. At TAAL, our aim is to better serve the growing demand for high-volume transaction systems on chain, and access to nChain's extensive patent library will give us an undeniable competitive advantage."
nChain, which includes a pioneering blockchain research and development centre in the U.K., focuses on harnessing the inherent scalability of the original Satoshi Nakamoto Bitcoin protocol, Bitcoin SV. Since the so-called Genesis upgrade in February of this year, Bitcoin SV has witnessed record-high interest, especially from firms that demand higher transactions volumes than competing blockchains can provide.
Of the agreement, nChain CEO David Washburn noted, "Originally, TAAL was interested in licensing a few key pieces of nChain IP. However, as the team at TAAL spent more time with the nChain research department, the licensing scope continued to grow. In the end, we penned a deal that is not only mutually beneficially for TAAL and nChain but will also help progress the entire industry: a broad and flexible license to a whole suite of tools and techniques that TAAL can leverage to deliver the scalable blockchain solutions that enterprises around the world are demanding today. On behalf of my team, I can say that we are truly excited about what's to come. Our team does groundbreaking research, but nothing thrills them more than seeing those ideas put into action."
In addition to an expansive portfolio of patents, nChain has further enhanced its leadership position in blockchain development through a recently completed acquisition of CREA, a blockchain development firm from Slovenia. This moves further cements nChain's role as a powerhouse of blockchain development and solutions.
nChain is the world's leading provider of enterprise-grade blockchain solutions, helping businesses and organizations realize and protect the value of their data. nChain boasts the largest team of blockchain developers globally and a leading portfolio of novel blockchain IP. nChain is committed to helping clients maintain competitive advantage in business through more efficient management of data.
About TAAL Distributed Information Technologies Inc.
TAAL Distributed Information Technologies Inc. (CSE:TAAL) delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications upon the Bitcoin SV platform, and developing, operating, and managing distributed computing systems for enterprise users.
Press Contact: Alex Paquin, email@example.com
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