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Bank Of America In Lead Of Filing Crypto-Patents

Feb 17, 2018 Posted /  10913 Views

Bank Of America In Lead Of Filing Crypto-Patents

When we think of cryptocurrency developers, names like Satoshi Nakamoto and Gavin Andresen strikes our mind. These creators put their principles of providing an open platform to their users ahead of gaining huge profits through filing patents and keeping the technology as a secret. The only thing that Satoshi concealed was his identity.

In the last decade, many creators got their cryptocurrency invention prepatent and surprisingly the organization with a maximum number of the filed patent is the Bank of America who opposed almost every decentralized currency.

Accumulation of Crypto Patents

As per Bitcoin Patent report, the total number of blockchain related patents is around 2000. The count started with very first mining Block in 2009. In the Initial years of technology, the average number of filing patents was 50 every year. The number hiked up in the year 2015 and observed exponential growth in the year 2016 and 2017.

The expected names ranking on top are Bitflyer and IBM as these companies have shown huge interest in the technology. A South Korean Brokerage company has acquired the third position by filing 34 cryptocurrency patents.

But the results are completely unexpected because of their display of interest in crypto technology in public. The fine example of this subject is the winner of the race, Bank of America with the maximum number of filed patents i.e. 45. One can understand the interest of Mastercard in Financial Technology to adopt digital payment system. But surprisingly the organization is able to obtain the 9th position with 21 fillings only. As per the records in 2017, the total number of filed patents is 1250 which presents the level of interest of corporate in Bitcoin potential.

A patent allows the patent holder an exclusive right on innovation for a certain period of time. By doing this an inventor solely enjoys benefits of protected conception. But the critics of patent system believes that by doing this one discourages the use of new technology. Nowadays, corporates try to withhold the invention by extending their patent holding period with the help of skilled lawyers. Certainly, the initial developers did not think of restricting utilization of cryptographic tools and cryptocurrency as they would have designed this technology with a motive to make the internet a safer and better place. They were more into bringing revolution than curbing.

As per Bitcoin patent Reports, the country with maximum patent rights is China holding almost 50% of crypto-related patents i.e. 910 files. The second position is acquired by U.S.A with 676 patents followed by U.K with 112 patents. The wide number of patent holdings shows the interest of corporates and nations in the growing technology.


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Tags: Bank of America Crypto Patents blockchain bitcoin

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