With the digital currencies like bitcoin bearing the brunt of the strict government regulations, ad bans and price falls among so much more; governments, popular brands, and financial institutions are moving on to the blockchain technology.
Crypto averse, blockchain enthusiasts
As the price of bitcoin among other cryptocurrencies goes down; and regulatory bodies and institutions start talking about the potential crackdowns, blockchain gets the limelight.
A powerful technology that basically adds records called blocks that contains transaction data and cryptographic hash.
Given the number of blockchain patents getting doubled this year, is evidence enough that the banks, popular brands, big companies and government all have put their focus on blockchain technology.
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First, dominating businesses utilizing blockchain
Talking about the sectors that are looking to utilize the blockchain technology comprises of 59 percent blockchain specific companies which are basically the startups such as cryptocurrency exchanges.
With a 20 percent share, financial service industry holds a big chunk of blockchain technology patent holder.
The traditional technology firms also capture a significant share which is 13 percent while the remaining 8 percent is held by other sectors.
Reportedly, about 478 owners have filed for 1,045 identified blockchain patents in the US only.
The winner with the highest number of Blockchain patents?
With 43 blockchain related patents, Goldman Sachs has emerged as a winner. With the wall street financial institution dominating the list, it emphasizes the notion that blockchain technology can transform the global financial system.
Cost, transparency, and speed are ever-present challenges in the domestic as well as the cross-border payment system. Hence, banks are rapidly turning to this technology to reduce the cost, improve record keeping, increase speed and simplify the back-end functions. A number of banks worldwide are experimenting with this technology to facilitate the payments.
Oher companies participating in the race for Blockchain patents
Also, close to the top of the list are Fidelity, TD Bank, Goldman Sachs, American Express and Nasdaq. However, due to the reason that it takes about 18 months for US Patent and Trademark Office to publish the patents after filing the application, the complete picture could be a lot different.
The notable point here is that though the companies have filed for blockchain patents, it’s still no guarantee that the technology will be adopted by the business widely or anytime soon, that’s just to wait and see.
What do you think of financial institutions dominating the blockchain technology patent applications? Let us know below!
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.