Late last week, the U.S. Patent Office published the latest in what has been a steady stream of blockchain-based patent applications filed by institutional banks. Two patent applications by one of the largest U.K.-based banks were published: one dealing with a blockchain-based system for hosting cryptocurrency transactions, and another that seeks to streamline "know your customer" processes. Both patent applications appear aimed at leveraging blockchain to enhance security and compliance in banking systems.
A recent Cointelegraph article provided some statistics on the companies and countries with the most blockchain-related patent filings. Notably, the applications from China significantly outnumber those from other countries. The article also notes that so-called patent trolls appear to be taking an interest in blockchain patent applications.
As the patent landscape continues to evolve, blockchain is also being discussed as a solution for IP protection. A recent Forbes article highlighted a start-up that is seeking to leverage blockchain to assist in managing the protection of various types of intellectual property, including code, text, photos, music, 3D work, designs, trade secrets and confidential information. Vaultitude seeks to place nondisclosure agreements on a blockchain and to create a blockchain-based marketplace for selling and licensing IP. Among other uses, Vaultitude believes its solution could be used by patent offices in their prior art searches.
For more information on recent blockchain patent developments, see the following:
- Barclays Seeks Twin Blockchain Patents for Banking Services
- Two Blockchain-based patents filed by Barclays bank
- Blockchain And IP: A Likely Marriage
- Is Blockchain About to Become a Patent War Battleground?
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