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

elon musk DOGE

Elon Musk plant onthulling ‘America Party’ – significante invloed op crypto markt verwacht

Er is weer volop reuring rond de naam Elon Musk. Hoewel er na de ruzie tussen Musk en Trump enkele...

Lars Diederiksen 1 hour ago

Анализ ликвидности BTC: $107 000 и $110 500 станут целями

Цены на Bitcoin (BTC) продолжают колебаться около $108 000 после незначительного прироста в 0,33% за последние 24 часа. Флагманская криптовалюта...

lisachaikina 4 hours ago
defi

DeFi coin rankings schudden op – Hyperliquid, Sui en Avalanche breken door naar top 10 lijst

rliquid, Sui en Avalanche zetten een enorme opmars in naar de top van de DeFi crypto markt. Sinds deze week...

Lars Diederiksen 4 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

$400M Crypto Seizure by Secret Service Highlights Why Cold Storage and Best Wallet Are Essential

Aaron Walker 17 minutes ago
XRP

XRP Could Hit $35 If It Captures A Quarter Of Remittance Market By 2029

Christian Encila 34 minutes ago
비트코인, 도지코인 및 밈코인 일제히 상승세... 토큰6900도 따를까?

비트코인, 도지코인 및 밈코인 일제히 상승세… 토큰6900도 따를까?

Soyeon Lee 58 minutes ago

Premium Sponsors

Press Releases

  • 2025年にCardano、XRP、Pepeが急騰か?注目の仮想通貨プレセールと次なるミームコインの動向

    ...

    23 minutes ago
  • アルトコイン注目銘柄:2025年7月第1週にチェックすべき4銘柄

    ...

    40 minutes ago
  • 仮想通貨おすすめ|億万長者を生む可能性が高いのはどちらか?XRP対シバイヌ比較

    ...

    58 minutes ago
  • XRP vs Shiba Inu Melyik kriptovaluta nagyobb eséllyel tesz milliomossá

    XRP vs Shiba Inu: Melyik kriptovaluta nagyobb eséllyel...

    1 hour ago
  • FUNToken

    FUNToken Announce $5M Giveaway Designed to Boost Adoption

    1 hour 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.