While open source innovation is a central tenet of the cryptocurrency industry, Global Crypto Patent Registrations can be critical for companies developing blockchain technology. Considering the increasing regulation of the space, it’s important for businesses to strategically protect their blockchain-related innovations by prioritizing patentability in key markets.
Global Crypto Patent Registrations: Where the Innovation Is Happening
Although patent offices generally find broad ideas or abstract concepts unpatentable, there are many ways to make cryptocurrency innovations eligible for patent protection. The key is to focus on the specific technical improvements your blockchain solution provides. For example, if your blockchain system includes a new algorithm to improve transaction processing speed or a new sharding technique that reduces energy consumption during blockchain validation processes, these are strong examples of patentable crypto innovations.
As with any patent application, your legal counsel needs to craft claims that clearly and concisely explain how your cryptocurrency invention meets the patentability requirements of the relevant patent office. In addition, it’s important to understand that patent law varies by region, and your team needs to work closely with your attorneys to ensure the best possible outcome when filing international patent applications. For instance, patent offices in Europe and Asia are more restrictive than the U.S. in their interpretation of software patentability, so it’s particularly important to carefully analyze regional patent law before filing an international application.
