Increasing Blockchain Patents May Soon Hamper Innovation
Increasing cryptocurrency patent applications may soon lead to patent wars, hampering innovation in the sector. Companies count their patents among prized possessions. Having a patent for something important can be worth a fortune, guaranteeing the company a constant stream of revenue until it expires. At the same time, it may also hamper innovation by preventing other from using the technology for free. Bitcoin and its underlying blockchain are open source technologies and it has gained prominence in the banking and fintech industry lately. The potential of blockchain to change the future....
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In addition to the previous 15 blockchain patents filed, Bank of America is now trying to patent some of the uses of the Bitcoin technology, writing a draft of 20 more patents to be sent to the U.S. Patents and Trademark Office by the end of this month. So, it seems Bank of America is trying to take control over the Blockchain by getting 100% of the patents covering Blockchain technology. And this path was shown a year ago by Coinbase too. In fact, some months ago Coinbase filed patents for most of the aspects of the Bitcoin marketplace, including: Hot wallet for holding bitcoin, User....
With the new blockchain industry growing, the rise of filing patents has become a seemingly necessary step for people starting new projects, with entrepreneurs and developers worried about patent trolls locking them out of their own ideas. A Vast Array of Patents Surround Blockchain Technology. Over the past couple years, filing patents has become a norm....
Microsoft has launched another anti-open source software campaign in the last few weeks, targeting prominent Linux and free software companies. They’re attempting to limit open-source development with buy-outs, patent trolling, and charging royalties for products that use Linux. Their recent efforts have them grabbing up patents for open source technology including software developed by Canonical, publishers of the most popular Linux distribution, Ubuntu. Microsoft’s History of Open Source Attacks. This isn’t the first time Microsoft has used this methodology to try and hamper innovation....
Chinese companies are angling to overtake the United States in blockchain adoption. Recent figures published by Chinese media outlets show that companies in China have filed for over half of all global blockchain patents.According to a report titled “2020 Blockchain Industry Development”, Chinese companies have applied for 4,435 blockchain patents following Chinese president Xi Jinping’s endorsement of the industry. The study was jointly compiled by Tsinghua University, Peking University, and China Institute of Communications.During a committee session in October 2019, President Xi called....
In addition to 15 previously filed blockchain-related patents, Bank of America is now reportedly drafting up another 20 patents that will be submitted to the US Patents and Trademark Office (USPTO) later this month. While numerous reports from regulators, settling houses and even governments talk up the potential of Bitcoin’s underlying technology – the blockchain, Bank of America (BOA) is trying to get ahead in the blockchain space as one of the few big financial institutions actively filing patents related to crypto technology. Speaking to CNBC, a spokesperson for the bank revealed that....