THELOGICALINDIAN - With the new blockchain industry growing the acceleration of filing patents has become a seeminglynecessary footfall for bodies starting new projects with entrepreneurs and developers afraid about apparent trolls locking them out of their own ideas
Also read: Accenture and EY Making Moves to Grow Blockchain Technology
A Vast Array of Patents Surround Blockchain Technology
Over the accomplished brace years, filing patents has become a barometer aural the cryptocurrency and blockchain landscape. Legacy banks in accurate accept filed several blockchain-related patent. Bank of America, for example, has filed almost 20 patents accompanying to blockchain technology.
Cryptocurrency-based companies accept additionally taken the apparent initiative, such as Coinbase and BitGo. Even the belled Craig Wright — who claimed to be Satoshi Nakamoto — has reportedly filed for over fifty blockchain patents.
The Electronic Frontier Foundation has reported that apparent trolling in the software industry has increased significantly. In the Bitcoin and blockchain space, the alignment has accustomed credit to Blockstream for committing to apparent non-aggression. Just recently, Blockstream fabricated account for announcement their defensive apparent strategy, alliance to acquiesce the use of software they actualize after abhorrence of litigation.
Notable businesses, such as Twitter and Tesla, accept taken similar approaches over the years. Blockstream’s move appear arresting patenting didn’t please anybody in the community, though, as bookish acreage in accepted is a bad-tempered accountable for Bitcoin’s autonomous users.
Blockstream explains their accommodation to move into the arresting direction, saying:
Is Patent Filing Necessary?
On September 8, Dell filed for a blockchain patent. The description explains the apparent is for a “computing accessory agreement and administration application a defended decentralized transaction ledger.” The belvedere is managed application a blockchain that is maintained by decentralized nodes aural a peer-to-peer network.
What Dell is alive on at the moment charcoal in the dark, but it’s safe to say the computer close is architecture article that involves blockchain technology. It’s additionally account acquainted that Dell is acclaimed for accepting bitcoin for its casework and is one of the better companies to do so.
Decentralized appliance patents are axis up everywhere in the US and across Europe as well. According to the advertisement Fusion, there is an IP race happening amid behemothic corporations, abate startups, and bequest banks. Colonizing the cryptocurrency and blockchain ecosystem with patents is justified by proponents because creators don’t appetite to wind up in the courthouse.
Unfortunately, apparent trolling is a absolute blackmail for all areas of business and technology. In fact, chargeless bazaar economists accept appropriate endless times in the accomplished that patents on software threatens innovation. However, the apple we alive in relies heavily on apparent law, and innovators will accept to always action adjoin the trolls until a band-aid is found.
What do you anticipate about the colonizing of cryptocurrency and blockchain account through the use of patents? Let us apperceive in the comments below.
Source: The US Patent & Trademark, EFF, Brian Cohen (Dell), and espacenet.com
Images address Shutterstock, Dell.
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