Software solutions developer Blockchains, LLC is acquiring identity management company Cambridge Blockchain. The latter company was founded in 2015 and has raised $13M in funding for its blockchain-based system for generating and tracking digital identity profiles. Its patent portfolio consists of two issued patents with no further open prosecution on the record thus far. Blockchains focuses on digital asset management and has plans to develop a smart city model in Nevada.
Back in 2019, Blockchains acquired slock.it, a blockchain-based IoT smart lock developer that filed for a patent as recently as April of 2020. Blockchains does not have any patents of its own and seems to be investing in acquisitions rather than internal R&D. The company stated in March of 2020 that it would not be able to hire 1,000 new employees by 2021 as initially planned and downsized its team by nine people.
If Blockchains is focusing on acquisitions, it should look at other small companies with IP portfolios in identity management. Entrust handles cryptographic binding of public and private keys for digital identity. Yoti also works in digital identity validation via token generation. Blockchains may also consider the patents assigned to Georgia Tech professor Vijay Madisetti, which cover smart contracts for identity verification and asset custody. You can view these companies and more on the Magic Number® Cryptocurrency Patent Radian® .
