PATENT Fortunes: Powerhouses Cornering Blockchain!
In 2017, the number of blockchain patent applications nearly doubled in the United States alone, with over 500 applications submitted within the 1st half of 2017. This is unprecedented.
Interest in blockchain technology is increasing in multiple industries from the public and private sectors – we are undergoing an innovation boom similar to what we experienced with the Internet of Things in the early ‘90s.
The number of blockchain patents is growing exponentially on an annual basis. Both Rick and I view the next decade as the one, which will experience the largest influx of capital into developing digital products and services ever.
As we all know, a patent is a set of exclusive rights that is granted by the government or an intergovernmental organization for a particular invention.
There are basic requirements all patent applications must meet:
- Must be new and never have gone mainstream to the public anywhere in the world.
- The invention must have a practical use case for industrial application.
- Must be innovative and provide an inventive step.
Right now, the world’s most dominating companies are gunning this industry.
IBM – With over 25 patents in blockchain technology, IBM is one of the leaders in patent application numbers.
It is embracing the blockchain industry with successful tests and a partnership with the Stellar Foundation.
Microsoft – Part of the Enterprise Ethereum Alliance. One of Microsoft’s key methods of staying relevant in the technology space is by working with tomorrow’s technology innovators.
Bank of America – A leader in its number of patents for blockchain development, including a provider of an application for an offline cryptocurrency storage system.
Other large companies include Fujitsu, Google, and Cisco Technologies.
Data is the new oil. It’s something that companies, small and large, must harness in order to refine their marketing campaigns and understand their consumer bases. While the Internet has helped make this efficient, blockchain technology takes it to the next level.
The infrastructure for our traditional methods of exchanging value has not kept up with the progress of exchanging data. As a result, Bitcoin, Litecoin, and many other new alternatives have begun to disrupt the payment sector.
Financial institutions are scrambling to stay relevant. Technology companies also need to retain their competitive advantage, as we see the next phase in the digitalization of our society.
Pure Blockchain Wealth sees traditional businesses partnering and merging with crypto projects in 2018, which will be extremely bullish. The space is already highly competitive, as we have seen with the rise of altcoins and protocols aimed at scaling solutions.
Banks are going to protect their innovations and investments fiercely, but nothing can stop a revolutionary idea.
This upcoming Sunday, Pure Blockchain Wealth will cover, thoroughly, the decline of Bitcoin to the $6,300 trading range.
Make sure you listen to our interview with Trace Mayer, who predicts $115,000 in 2018.
Also, be certain to check out our full-length documentary that we just released and received the no.1 place prize from several blockchain foundations!