Patent Protection for Cryptocurrencies and Blockchain Technology JONATHAN SOLOMON FISH & RICHARDSON P.C. the mainstream, whereas in the past the interest was
Jonathan Solomon, principal with Fish & Richardson, discusses the state of the cryptocurrency industry – what kinds of technologies his clients are looking to patent, the challenges of obtaining patent protection in this area, and where he sees the industry heading in the future. CCBJ: How did you get involved with cryptocurrency? Jonathan Solomon: I started working with blockchain and cryptocurrencies about four or five years ago. My clients were starting to get into using blockchain to make payments, so a lot of my work was focused on making the payment process more secure. My smaller clients are generally looking for the ability to take and process cryptocurrency payments. My larger clients are looking for more general integration of blockchain technology and are trying to figure out nontraditional ways to use it, including technologies such as software distribution and identity verification – although payments certainly remain a huge focus. How is the cryptocurrency scene changing? It’s become significantly more diverse. In the past, Bitcoin was pretty much the only major cryptocurrency in use, whereas now you have hundreds of different types of coins and payment devices. As a patent attorney, I have to make sure that I understand the types of coins
limited to a fairly small group of tech enthusiasts. Even with the pace of innovation over the last decade, it’s only within the last year or two that cryptocurrencies have gained widespread popularity among “regular” people. Now it is a regular occurrence to see stories and coinbased discussions all over social media and in traditional news outlets, in addition to the niche discussion boards and sites where they have traditionally taken place. What technologies are cryptocurrency companies trying to patent? Many cryptocurrency companies are trying to patent improvements to existing technologies, including faster computing, additional bandwidth, better data storage, tighter data security, and safer authentication that will improve the speed, efficiency and, above all, security of transactions. Now that the technology has matured a bit, companies are also looking to expand blockchain technologies beyond cryptocurrencies, into areas such as software distribution, inventory and supply chain management, and even increasing consumer confidence. For example, one of my clients developed a solution that used blockchain to confirm that the coffee it sold was Fair Trade Certified. What are the challenges of obtaining patent protection for cryptocurrencies?
that are being developed and how the technologies differ,
Section 101 – subject matter eligibility – remains a major
as well as their respective similarities. I’ve also noticed
hurdle for companies seeking patent protection for their
that security is increasingly becoming a main focus of
cryptocurrency technologies. Under current
the industry – now that the foundational blockchain
§ 101 jurisprudence, simply implementing a traditional
technology is in place and working the way it’s supposed
solution using blockchain technology is not enough to
to, more efforts are being made to increase the safety of
confer patent eligibility. Applicants must show that
those systems. Lastly, cryptocurrencies are now entering
they have actually changed the underlying technology CORPORATE COUNSEL BUSINESS JOURNAL
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