Blockchain Patent Filing Trends & Impact on IP
As standards for proving innovation get higher, Blockchain patent filing trends have been useful in recording a decentralized digital ledger of transactions. The information stored is copied and distributed on this platform across a network of computers and devices, rather than a single location. This makes the information records public and accessible to all.
How does it help with asset management?
Blockchain can help with managing your asset in three ways:
- Open Collaboration: Blockchain patent filing trends enable open collaboration across your networks. It does so by creating an interlinked system that comprises of technology, third party service providers as well as internal systems. Such a system enables collaborations – partnerships with different processes – as well as guiding interactions/transactions managed by blockchain.
- Asset and Transaction Transparency: Transactions which are performed using blockchain patent filing trends are not subject to any alteration or change without network permission. This suggests that all the activities are duly verified, and an accurate record is created for asset managers. This is to analyze the risks, performance and make strategic decisions with regards to network planning. It also makes data sharing, particularly asset history seamless and flexible.
- Consistency: Blockchain patent filing trends manage the way it collects data as well as the way it shares it across partners for consistency and completion. What this means is that throughout the asset’s life, there is no chance of a missing or incomplete data. The participants duly verify the ‘block’ and its pre-set rules help in completing its creation. Therefore, if anything is not in the blockchain, it suggests that it never took place.
How Does Blockchain Patent Filing Trends Help in the IP Sector?
- Transparency – the records kept in blockchain are public as a single location is not under use for storing the data. Which also means that they can be easily verified too. As there is no centralized version of information, it gets almost impossible for the hacker to corrupt the system.
- Incorruptible – a single entity cannot control the blockchain as the data is not stored in a single location. It also means that it has no single point of failure.
- Immutability – Every new block carries the fingerprint of the last block and the one before it. This means that no one can go back and make changes to a single block. This makes it immutable and ever more favourable for IP.
Blockchain Patent Filing Trend
Blockchain has evolved rapidly between 2013 to 2019. The chart below shows the US research trend in the past decade:
Top Blockchain Patent Holding Companies:
The above chart reflects the leading companies owning their patents in US. IBM leads the race with around 237 patent families in blockchain. IBM’s Maximo network complements the IoT industry through its asset management capabilities.
Thus, if you’re looking for an investor, the best way to prove your innovation is by protecting your idea.
Secure your position as a leader in blockchain
Blockchain Trends – With the popularity of cashless payments, the relevance of this technology in financial transactions has boomed innovation. Consumers still have apprehension upon usage of blockchain-powered currencies. One of the most important factors to consider while adapting to cryptocurrency and this technology is the question of cybersecurity.
Blockchain start-ups working along the lines of cybersecurity technology will boom in years to come. Additionally, as the marketplace becomes crowded, the question that remains is whether your blockchain product is unique enough to gain traction and remain identified as a unique product. For that, patents become all the more important to show investors why your product is unique and also to block competitors from replicating your ideas.
One of the emerging investment products is Blockchain ETF. As this technology gets popular, it’s ETFs have gained momentum, especially after the Bitcoin downfall. The London Stock Exchange (LSE) launched it’s ETFs and this special product targets the companies that may have substantial earnings from this technology. Thus, the technology that powers these ETFs has the chance to be patent-worthy!
Moreover, in the coming times the bigger companies will hunt for smaller start-ups to collaborate on a cross-technological level. Blockchain start-ups can benefit from either launching their product inn the market or through bigger companies which aim at acquiring them.
Could Blockchain be a Game-changer in India?
According to the recent NASSCOM Avasant India report, investments in this industry have doubled to USD 20 billion.
Source: Avasant NASSCOM
It is noteworthy that the distribution of investment is even across different industries, with an emphasis on solutions around payments. Indian public sector, in particular, is quickly emerging as a large consumer of this technology. Moreover, several projects were initiated in almost half of the states in India.
Apart from the public sector, private sector – BFSI has also taken steps in enabling blockchain projects and imposing steps in place to cater to the needs of start-ups in India.
The investment, however, is relatively low, as compared to global numbers. The patenting activity in India has witnessed an upward climb in the past five years as shown in the chart below:
Patent Activity in India
India accounts for only a fraction of the blockchain start-ups all over the world. While the global demand for it’s expertise grows, it presents a unique opportunity for Indian start-ups. It is interesting to see the amount of relevance it finds in the adaptation of it’s methods in the Indian eco-system. If you are a blockchain start-up looking for a way to protect your unique idea, get in touch with us.
-The Editorial Team