More and more startups decide to add a popular brand name to their own name in order to attract as many customers as possible. As a consequence of such unlawful activities, consumers are misled.
One of the blockchain
startups, CryptoOracle LLC
, is an example of the name which is misleading. It turns out that this venture has nothing to do with the popular American giant from the IT industry. Oracle Corporation
was founded in 1977 and it has an established position in the market, being the second largest seller of computer software
(right after Microsoft). The company logo is widely known, which is the reason why all other companies using them for their own purposes increase their income, benefiting from a brand that is positively received by a large group of consumers.
Lawsuit against CryptoOracle
On August 15, the software giant has sued CryptoOracle LLC. The lawsuit includes cybersquatting
, that is the practice of registering an Internet domain, which is identical as the name of a famous company and acts against its interests. A trademark infringement was also noted (it is any graphic sign that distinguishes one company from another, e.g. a logo, name, etc.).
CryptoOracle LLC was founded in 2017 by Louis Kernera
and it provides consulting in the field of blockchain and cryptocurrency. CryptoOracle LLC services are dedicated to other startups and enterprises from this sector. The company organizes industry events for blockchain and cryptocurrency enthusiasts as well.
Before filing a lawsuit, Oracle Corporation sent a request to CryptoOracle LLC in which it asked the company to change its name. It received a refusal from a blockchain startup with a trademark application, however, which resulted in a federal court case. It should be highlighted that, apart from the name dispute, Oracle Corporation does not consider the very activity of CryptoOracle LLC as something wrong.
Oracle Corporation and blockchain
Oracle Corporation has been planning to implement the Oracle Blockchain
platform for some time already. This, as it can be expected, may be another reason for filing a lawsuit. The presence of two companies with a very similar name in the same industry can confuse customers.
website was first to post the information about the case. Both Oracle Corporation and OracleCrypto did not respond to a request for a comment.