Posts Tagged: "Bitcoin"

As Companies Employ Clever Crypto Options, Beware of Common Trademark Traps

While some companies have not yet jumped on the cryptocurrency bandwagon, others are rolling out processes to accept payment for goods via cryptocurrency. Some companies are also embracing cryptocurrency internally, in the form of employee benefits. Earlier this year, BTCS, Inc., the blockchain technology company, announced that it will offer dividends payable in Bitcoin. This should come as no surprise, since the company was the first “pure play” U.S. publicly traded company focused on digital assets and blockchain when it went public in 2014. Continuing to lead the digital asset industry, it is now also the first Nasdaq-listed firm to offer shareholders the option to receive dividends in bitcoin.

Patents on Transactions Using Cryptocurrency: Square versus PayPal

Cryptocurrencies are virtual currencies based on blockchain technology that uses a network of computers to keep a public ledger of past transactions. The most popular cryptocurrency is Bitcoin, which some believe could replace bonds and serve as a reserve currency in the future. The value of Bitcoin has skyrocketed over recent years, as major companies are buying into it. In February 2021, Tesla Inc. bought $1.5 billion worth of Bitcoin and announced plans to start accepting the currency as payment for its electric vehicles. Since Bitcoin has the potential to be used directly in commercial transactions, fintech companies are developing and patenting related technologies.

The Blockchain Patent Landscape Shows Accelerating Growth

On March 16, 2020, Bitcoin sold at $5,024, down from its previous high of over $19,000. On November 25, 2020, it sold at over $19,000 again. Interest in blockchain technology and Bitcoin, in particular, is on the rise after a cold winter, which began in January 2018. Facebook Libra made a bid to become the world’s currency, and although government regulators have so far stifled its implementation, it still may be implemented in a revised form that satisfies the regulators. Some estimate that Apple could generate $100 billion in shareholder value if they were to integrate Bitcoin into Apple Pay.

Navigating Bitcoin and Blockchain for Digital Businesses: Key Use Cases

Today, blockchain projects are proceeding in nearly every major industry and occur in more than 140 countries. According to blockchain IP landscape research by Perception Partners, over the past three years, the compound annual growth rate (CAGR) of patent families publishing in the United States, Europe, Patent Cooperation Treaty (PCT), China, Japan and Korea is about 23%. The space has more than 13,000 global competitors of every size with nearly 23,000 inventors or authors disclosing or researching blockchain innovations. Much has been written about Bitcoin and blockchain technology, including a prior article in which we provided an overview on “The Bitcoin Network, Blockchain Technology and Altcoin Futures.”  To keep pace with the evolving nature of blockchain intellectual property and technology, below we provide some sample use cases of how blockchain innovations are already being leveraged in commerce and likely to be exploited in the near future.

Techniques for Patenting Blockchain in Europe, the United States, China and Japan

Patentability of Blockchain is a hot topic primarily because of the tremendous expectations around this emerging, disruptive and promising technology. On December 5, 2018, the European Patent Office (EPO) held an International Conference on Patenting Blockchain at The Hague to explore this topic in detail.

Practitioners who work on patent applications or clearance advice in this field should be careful in the choice of keywords for prior art searches and should be aware of what kind of patent they are seeking: core technology (with possible risks of a pure algorithm objection), applied technology, and virtual currency claim (which is excluded in China).