Korean Researchers File for Blockchain Technology Patent Application

Blockchain-related copyright filing has been vocatively increasing around the globe. The Korean Intellectual Property Office (KIPO) proclaimed on 21 depending to their exploration on blockchain patent applications revealed in five sophisticated countries (IP5), South Korea, Japan, the United States, Europe and China, the patent requests filed until late January total 1,248 and this displays a two- to three-fold enhancing each year since 2009 when blockchain was first executed ― 27 in the year 2013, 98 in the year 2014, 258 in the year 2015 and 594 in the year 2016. The U.S. and China versioned for most of the complete patent filing at 78% and the Korean firms reported for as low as 8%.

Of the Korean firms, Coinplug ranks second with 44 patent applications after the U.S. firm, BOA had 45 applications. Four Chinese fintech firms were suggested on the top 10 list. Other local applicants comprise Markany had 4 applications, Son Sung Ho had 2 applications; Streami had 2applications and KT with 2 applications.

More particularly, the system fueled by a number of servers that would record the financial transaction history of a public organization on a blockchain. Blockchain patent applications in Korea are concentrated on cryptocurrency transaction at 75%, which accounted for most of the applications.

This is relatively tremendously skew evaluated with 50% of applications for cryptocurrency technology in the U.S. and China. There is a caution that the speculation of R&D should be extended to the service industry. The blockchain is in the initial phase of development, which is the correct time to foremost take the beneficial position in core and essential patents.

One insider with KIPO said to Coin Desk, the domestic firm’s spotlight is on cryptocurrency-related patent applications. So, we will enthusiastically support consulting businesses comprising instituting R&D strategies in order to boost the service division.

[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. ]

Nagasunder Sharanappa is highly experienced in Content Management and development, Customer Escalation Management ,Payment Operations and Business Process Outsourcing Industry.

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