Blockchain Editor's Choice News

Racing for Patents

Cryptochats-patented race(1)

The Stats

It seems as though everywhere I turn to for blockchain news, I see a headline that involves the word ‘patent’. IBM’s patenting food-tracking blockchain technology, KB Financial Group Inc in South Korea is patenting fintech security technology, even Mastercard and Bank of America are filing for patenting blockchain technologies.

According to Data from LongHash 880 blockchain patents have been filed so far in 2018! China has filed for over 61% of the 880.

Company:        Number of Patents:

Alibaba                                 90

IBM                                       89

Bank of America                 53

VISA                                      24

Google                                   22

Walmart                                21

Coinbase                               20

JPMorgan                             20

Facebook                               20

Data reported from states that only 406 patents were filed in 2017 for blockchain technology.

What’s Next?

Well, as you may have guessed, more patents. After everyone has as many patents as they can get their hands on, patent wars. In the coming months we are sure to see news of potential infringements on patents between big name companies. Companies are eager to secure their intellectual property and engineers are eager to innovate.

A wise gentleman once told me that patents are the evil in the creative world. He told me that patents slow progress, and slow progress damages everyone.

My fear is that we will see patent wars begin shortly which will bring a halt to innovation.

My hope is that everyone will be so busy innovating, patent infringements will be deemed negligible.

What do you think of the growing number of blockchain patents?

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