Blockchain patents: the emerging landscape of risk
Blockchain, the revolutionary database technology underlying most cryptocurrencies such as Bitcoin, is poised to grow at a tremendous rate over the coming years. In brief, blockchain technology allows multiple parties to transact in a peer-to-peer manner without the need for a trusted intermediary, such as a bank or a government entity.
As a result, blockchain can be the basis for creating “microeconomies” which issue tokens/coins in an automated and controlled manner. Further, blockchain promises to reduce inefficiencies in a wide range recordkeeping processes, such as foreign exchange, land title, identity, and supply chain.
As a result of this great promise, or hype in the minds of some, there has been a great deal of investment and innovation related to blockchain technology over the past few years. As one might expect, many of these investors and innovators are protecting their investment and innovation with patents. Worldwide patent filings related to blockchain technology are increasing at a substantially exponential rate.
Summary of the patent landscape
