NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Increasing Blockchain Patents May Soon Hamper Innovation

Gautham
Gautham
4 years ago
3 mins read
Bitcoin and blockchain patents. newsbtc bitcoin news service

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Companies count their patents among prized possessions. Having a patent for something important can be worth a fortune, guaranteeing the company a constant stream of revenue until it expires. At the same time, it may also hamper innovation by preventing other from using the technology for free.

Bitcoin and its underlying blockchain are open source technologies and it has gained prominence in the banking and fintech industry lately. The potential of blockchain to change the future of banking has forced many institutions to invest heavily in the development and implementation of cryptocurrency technology based applications.

However, the increased involvement of mainstream institutions has created another problem in the cryptocurrency industry. The banks and financial institutions are increasingly filing patents for various blockchain based solutions that are commonly used by many open source crypto-communities. If these institutions were to gain the patents, then they will soon be dictating terms to Bitcoin and other crypto-platforms, hampering innovation and ease of access to millions of people.

Recently some of the big names like Goldman Sachs, Bank of America and MasterCard among others have already patented some of the breakthrough technologies. If the trend continues, then the whole principle behind Bitcoin and Blockchain technology will be undermined. Bitcoin was created as a solution to over the influence of centralized financial structure where banks and governments dictate the terms for individuals and corporations alike. The financial freedom of an individual is almost non-existent in such a system. If these very institutions start controlling the technology through their patents, then years of hard work by countless developers and other community members will be meaningless.

If the trend continues, then soon the blockchain and cryptocurrency industry will be overwhelmed by lawsuits filed by these companies and lawyers looking for a quick buck at others’ expense. The whole blockchain revolution was made by numerous startups, who had never bothered to file for IP protection as they believed that it is for a greater good. But now, they will be forced to apply for patents to ensure that their work is used for greater good, if not for personal benefits.

“Blockchain software companies may end up being amalgamated into existing software giants, at which point blockchain patents will just become part of the existing patent war,” said Vitalik Buterin — the founder of Ethereum. “As is the case with all software patents, in my opinion, their availability will only slow down and harm innovation,” he added.

Few crypto-startups like Blockstream have already started applying for patents, for their inventions so far. But while doing so, they have also made a pledge to offer these patents for free to ensure further innovation. Similarly, there are intentions of creating a patent pool, where patents can be cross-licensed by various players.

The entry of mainstream businesses into the cryptocurrency sector has increased the challenges faced by the industry. Now, companies have to be prepared to fight a two-pronged assault from banking institutions; one, where they try to clamp down on Bitcoin usage among its customers and other, blockchain patent war. Who will emerge the winner, the banking industry or cryptocurrency community is something only time can tell.

Ref: Bloomberg | Image: NewsBTC
Tweet123Share196ShareSend
Gautham
Gautham

Gautham

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Dogecoin

Dogecoin Resistance Walls Ahead: Analyst Flags 3 Key Levels

An analyst has pointed out three key resistance levels for Dogecoin that could be to keep an eye on, based...

Keshav Verma 3 hours ago
xrp price xrpusdt

XRP Price Brewing A Monster Rally? This Patter Might Hold The Key

As the crypto market moves sideways with low volatility on low timeframes, the XRP price trends to the upside. According...

James Halver 6 hours ago
스네이키웨이($AKE), AI 매수·인플루언서 제휴·블록체인 게임 앞세워 프리세일 개시

스네이키웨이($AKE), AI 매수·인플루언서 제휴·블록체인 게임 앞세워 프리세일 개시

전 세계적으로 블록체인 기술과 디지털 자산에 대한 관심이 높아지면서 암호화폐 시장은 지금 이 순간에도 빠르게 진화하고 있다. 실용성 중심이든 밈 기반이든 투자자의 이목을 끌기 위한...

Soyeon Lee 7 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Станут ли 600 000 BTC точкой невозврата?

lisachaikina 15 minutes ago
Bitcoin

Bitcoin Back In ‘Retesting Phase’ After Key Level Reclaim – The Calm Before The Storm?

Rubmar Garcia 2 hours ago

本月最值得關注的5枚迷因幣與預售項目—10倍潛力幣一覽

Mark Mak 3 hours ago

Premium Sponsors

Press Releases

  • EstateX Appoints Former RE/MAX Leader as Web2 CEO After...

    33 minutes ago
  • SWL Miner launches the best free cloud mining for BTC...

    3 hours ago
  • Criptomoneda alternativă în trend față de Dogecoin (DOGE) care poate transforma 3.200 RON în 320.000 RON în 4 luni

    Criptomoneda alternativă în trend față de Dogecoin...

    3 hours ago
  • 3 altcoinuri de urmărit în prima săptămână a lunii iulie 2025

    11 hours ago
  • XRP versus Shiba Inu: Care criptomonedă are șanse mai mari să creeze milionari?

    XRP versus Shiba Inu: Care criptomonedă are șanse mai...

    12 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.