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
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.