Patenting Ideas and Technology

Blockchain

What is Blockchain?

en considering blockchain patent options, let’s begin with understanding blockchain basics.

Blockchain, sometimes referred to as Distributed Ledger Technology (DLT), is a digital record of information that’s stored in a decentralized, public database. A blockchain is a growing list of records, called blocks, which are linked using cryptography.

Here is how blockchain works:

  • Digital assets are distributed instead of copied or transferred.
  • The asset is decentralized, allowing full real-time access.
  • A transparent ledger of changes preserves integrity of the document, which creates trust in the asset.

The types of blockchain networks are:

  • A public blockchain
  • Private blockchain networks
  • Permissioned blockchain networks
  • Consortium blockchains

The types of blockchain networks are:

Blockchain is the foundation of world’s most famous cryptocurrency, Bitcoin, as well as many other cryptocurrencies.

The number of blockchain patents has been growing in the last 10 years. In fact, IBM has tripled the number of blockchain patents secured in the United States in 2019, as compared with 2018.

Why is a patent needed for my blockchain invention?

As with most technology innovations, a strong patent is one of the best forms of protecting your technology.  Without patent protection, someone that views your blockchain invention may try to take your idea and file for their own patent, later trying to stop you from implementing your own idea.  And with the growing interest in blockchain, would-be-copiers are abounding the technological landscape.  For instance, Gartner estimates that Blockchain will generate $3.1 Trillion in new business by 2030.  To avoid your blockchain idea being easily copied, you can speak with a qualified patent attorney who knows and understands Blockchain technology.

Is my blockchain invention patentable?

That will often depend on the particulars of your Blockchain invention, and what others have done in the Blockchain space.  At Patent Ingenuity, an experienced patent attorney with a software engineering background can assist you in making that determination.  For example, in some instances a patent search may be warranted.  

What types of blockchain patents can be applied for?

Blockchain is a vast reaching technology that has the potential to impact so many aspects of people’s everyday lives.  Some of the potential industries for Blockchain patent submissions are provided below:

  • Banking
  • Cryptocurrency
  • E-commerce
  • Insurance
  • Healthcare
  • Real Estate

What experience does your firm have in patenting blockchain inventions?

Having worked on Blockchain patent submissions in multiple contexts, Patent Ingenuity has the experience needed for effective Blockchain patent preparation.  Ultimately, the engineering experience for Blockchain patent filings matters.  And by assigning a patent attorney that has a software engineering background to your Blockchain invention, you will have an advisor that not only understands the patent legal principles, but also the Blockchain technological foundation that forms the basis for your Blockchain patent filing. 

Realistically, Blockchain technology is complex – especially for those who do not have any type of software background.  Therefore, at Patent Ingenuity, you will have access to a USPTO registered patent attorney that can actually understand your Blockchain technology, which is the first step in trying to obtain a patent. 

Patent Ingenuity has offices in Los Angeles, San Jose, and Newport Beach.  To get a good feel as to why the firm can be a good fit for your Blockchain patent needs, a seasoned patent attorney at Patent Ingenuity can be available to provide you with an initial assessment of your smart wearable invention.  Ultimately, the rapport that the assigned patent attorney develops with your engineers will be a key factor as to the success or your Blockchain patent goals.  Please contact Patent Ingenuity today to schedule a free patent consultation

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