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European Patent Office has advised the blockchain businesses in Europe to safeguard their IPs. It suggested using the services of experienced attorneys to verify all the relevant documents before filing for the patent for the respective blockchain innovation. Though, expensive to involve attorneys in the filing process, it is beneficial in the long run. The businesses can use the Blockchain technology to address the real world applications such as preventing vehicle theft, providing restricted access to the patient data, and cryptography.

China races ahead in Blockchain patent applications

The number of applications filed worldwide to protect the blockchain innovations is increasing at an exponential pace. Among the nations across the world, China accounts for 55.4% of the blockchain technologies during 2013 and 2017. The US and India occupy the 2nd and 3rd slots in blockchain technologies. The applications filed for blockchain technologies between 2013 and 2017 is 2900. Investments in blockchain technologies witnessed a growth of 280% from 2017 to 2018.

nChain in top 10 patents of the blockchain

The number of developers in blockchain technologies in the UK is around 13,000. But the number of patent applications filed from the UK based companies is low. nChain is the only company in the UK to get listed in the top 10 filers for the patent of blockchain based innovations in the world.

IBM (NYSE:IBM) and Alibaba Group Holding Ltd (NYSE:BABA) occupied the first and second slots in the top 10 applications filed in the blockchain technologies filed worldwide. In China, Alibaba, Baidu, and Tencent accounted for more than 50% of the patent applications filed in the blockchain space in 2017.

The European Patent Office said the businesses in Europe might miss the opportunities in safeguarding the innovations in the blockchain space. The businesses in Europe and the UK should note the progress made in the patenting blockchain innovations in the US and China and start steps to protect their blockchain innovations.

With an unfolding of new facets for blockchain technology, the developers working in this space in Europe should proceed at a fast pace to protect their innovations. The experienced lawyers will guide the organizations to eliminate the pitfalls and get the patents.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of journaltranscript.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: https://www.journaltranscript.com/disclaimer

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg, Equities.com, Hacked.com, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.

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