The blockchain is attaining a valuable status in the world of technology. It has been widely accepted by the many big MNC’s and several countries. There are many big projects lined up the encryption based technology which is said to be very efficient in the transaction and maintaining security in handling huge data. India is looked upon as one of the big markets for the same and many companies have already begun R&D in their respective domains with blockchain. However, there is a new debate on the status of patenting of blockchain services in India.
How Did Blockchain Technology Come Into Existence?
Blockchain came into existence with cryptocurrency Bitcoin, worlds first decentralized virtual currency in the year 2009. This technology was used as a ledger for transactions for the exchanges and transactions of the Bitcoin. The information is stored in the form of blocks or digital ledger of a bundle which stores information. It does maintain the data also which is related to dissimilar domains of work.
Each data block is encrypted with some codes that is cryptography. In addition to this, every time there is a validation of information or update it will require validation of the cryptography of system. This feature of the system makes it difficult to corrupt or modify sans being noticed. This is all done in a decentralized form because of which it can be verified and assessed but cannot be modified in any case.
Is It Patentable?
Currently, the blockchain is preferred in the finance domain as it matched the exact requirement of transactions and security concerns. There are organization and companies which are investing a hefty amount in the development of blockchain. Therefore, there is a high possibility of getting the systems patented to secure their niche and uniqueness in the market. There is a high possibility of rising competition in the market.
There is another debate on the category of patents which does not explain this as an innovation. Perhaps, it might not be considered under the patentable subject matter as per Indian laws.[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. ]