In the past couple of years, there has been an unprecedented rise in the number of blockchain patent-owning companies. The blockchain is known for its ability to store the unalterable data safely which can be accessed instantaneously anytime from any part of the world. This feature makes it almost irreplaceable as every field from the stock exchange to diamond mine that can derive benefit from it. As this technology continues to grow every day, so does the businesses interested in its potential benefits.
According to a startup research organization, in 2017, American companies alone filed up for 190 blockchain patents. The Director of Research for Genome startup, Arnobio Morelix, revealed that during the period of 2015 and 2017, the rate of blockchain and cryptocurrency patents grew by more than 200 percent. Even the IT giants are known for data collection such as Facebook and Google have secretly started investing in the blockchain. However, blockchain has posed a major threat to payment providers and banks, credit card companies and mutual funds.
The blockchain is a decentralized platform. Hence, an individual does not need a credit card or a bank to complete cryptocurrency or any other transaction. It also indicates that the third parties deriving profits from payment fees including credit card companies and banks that can become obsolete in the coming few years.
This crucial feature has increased the number of blockchain patent-owning companies. Here are the top 7 in descending order:
The only stock exchange in the world to own blockchain patent. It has a market cap of $6.8 trillion. The second-biggest stock exchange in the world filed for a patent for blockchain exchange system in 2016, said Blocklr. Recently, it filed up a patent for creating a data matching system using this blockchain technology. This technology prevents inconsistencies by combining different sets of records. The exchange has already applied it to create a blockchain cloud-based platform Linq on which investors trade securities.
Qualcomm though appears as a mobile tech company on the paper. Many believe it as a company that rolls patents. The company files for patents and then license them out to other companies and collect royalty fees. A research firm, PateSnap stated that Qualcomm currently owns 46,000 patents with over 100,000 pending applications at the US Patent and Trademark Office (USPTO). Most of these patents will give the company a control over blockchain intellectual property making it one of the highest blockchain patent-owning companies in the world.
The leading digital currency exchange has signed a Patent Pledge which ensures that Coinbase will not use the patents against those companies that have less than 25 employees. It is also the leading owner of blockchain patent. According to Brian Armstrong, the CEO of Coinbase, it is crucial for tech business to obtain patents.
- Fidelity Investment
The known-corporation for managing $6.9 trillion in customer assets and is actively working to become one of the topmost blockchain patent-owning companies. Fidelity Investment currently ranks fourth in the world in the category of capital under management and has its own blockchain incubator. Recently, it also announced a collaboration with Coinbase.
The credit card company is heavily into developing blockchain technology. As of now, it offers two blockchain-enabled services including Smart Contract API and Blockchain Core. The first service allows an individual to write his smart contracts whereas the second one allows business houses to process their transactions related to blockchain through the network of Mastercard.
The International Business Machines Corporation (IBM) is one of the topmost blockchain patent-owning companies and is tied with Mastercard for the second spot. According to reports, the company filed for 9,043 patents that also included a patent for accepting payments from anonymous sources using blockchain solutions. As of now, the blockchain platform of IBM has more than 400 clients.
- Bank of America
During the Future of Fintech Conference 2018, the Chief Technology Officer at Bank of America stated that the bank has around 50 patents in the field of blockchain-based distributed ledger technology. Overall the Bank of America filed for 125 patents last year making it the topmost patent-owning companies.
Blockchain technology and blockchain patent-owning companies are one of the most discussed things in 2018 and in the years to come mass adoption of this technology is expected, said CoinTelegraph. With the number of blockchains and crypto-related patents growing, a legal war over blockchain in the future course is predicted. It is because for companies looking to reshape their financial services industry blockchain patents are highly important.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]