Yes, inventions related to cryptocurrency are patentable in the United States.
What Is Cryptocurrency?
▪️ Cryptocurrency is a digital form of payment which can be used to buy and sell goods and services.
▪️ Cryptocurrency is fully electronic and does not have a physical form like coins or paper money.
▪️ Cryptocurrency can be managed without a central bank.
What Is The Patent Landscape of Cryptocurrency?
▪️ A keyword search for “blockchain” or “cryptocurrency” shows at least over 700 pending published patent applications with the United States Patent and Trademark Office.
▪️ Visa, IBM, Microsoft, Master Card, Apple, Facebook, Security First Corp., Medici Inc. are among many corporations filing for cryptocurrency or blockchain patents.
Example of Cryptocurrency Patents?
▪️ Coinbase has already received patent grants related to cryptocurrency and block chain –
1. Implementing cryptocurrency transactions at a point-of-sale using a mobile device,
2. Security systems for cryptographic transactions,
3 Blockchain identity management systems,
4. A tip button for bitcoin transactions, and
5 Techniques for analyzing transactions in a distributed ledger.
Summary
▪️ Cryptocurrency and blockchain-related patents have helped with the validation of technologies that make cryptocurrencies.
▪️ The urgency of patent protection by many may be indicative of the faith mainstream has in the growth and longevity of cryptocurrency and block chain technologies.
What are your thoughts on cryptocurrency? Do you think it is here to stay? Comment below.
