Block chain and Crypto currency Patents: Navigating the Landscape

Despite reduced interest in the trading market over the past years, technological advancement in the crypto and block chain corner is still thriving with the same enthusiasm. Because believers believe that improvements in the block chain and crypto currency will reshape this decentralised finance.

Invention ideas in the block chain and crypto currency fields are generally considered open-source as the crypto market itself is open-source.

Nevertheless, companies involved in crypto currency and the underlying block chain technology should consider securing intellectual property rights or getting patents for their innovations.

This also means that one can file patents for invention ideas that complement or are adjacent to open decentralized public ledgers such as Bitcoin.

In this blog, we'll explore the patent process steps, from conceiving an invention idea to conducting an easy patent search, with a focus on navigating the complex landscape of blockchain and crypto currency patents.

 

Conceiving an Idea For Invention

The journey towards securing a block chain or crypto currency patent begins with a brilliant idea for invention. Whether it's a novel consensus algorithm, a groundbreaking smart contract, or a unique cryptocurrency application, your idea needs to be innovative and non-obvious to qualify for patent protection.

To enhance the chances of your invention being patentable, it's crucial to thoroughly research existing patents and technology to ensure your idea still needs to be patented.

Developing an Invention Prototype

Before diving into the patent process, it's often beneficial to create a working invention prototype of your blockchain or cryptocurrency invention. Prototypes demonstrate the practicality and functionality of your idea, which makes explaining it to patent examiners and investors much easier.

The Patent Process Steps

Navigating the patent process can be complex, but breaking it down into manageable steps can simplify the journey:

●     Conduct a Patent Search

●     File a Provisional Patent Application. It offers "patent pending" status for up to one year.

●     Prepare a Non-Provisional Patent Application.

●     A patent Examination will be done. After filing, your application undergoes a review process by a patent examiner.

●     If the patent examiner approves your application, you will receive a patent grant.

Navigating the Block chain and Cryptocurrency Patent Landscape

The block chain and cryptocurrency patent landscape is dynamic, with numerous players vying for the protection of their innovative ideas. To successfully navigate this landscape, you have to stay informed. For this continuously monitor the inventions and developments in the block chain and cryptocurrency field.

While it's essential to protect your inventions, avoid pursuing patents for minor or incremental changes. Focus on inventions that truly advance the field.

In the competitive world of block chain and cryptocurrency, patent disputes are not uncommon. Be ready to defend your patents or negotiate licensing agreements if necessary.

 

You must be thinking, about why it's important to have a blockchain and cryptocurrency patent. Well,

For years, software and technical inventions were rejected by the court saying it was “abstract” or merely through generic computer functions.

 

The only way to patent cryptocurrency and blockchain technology is to ensure that the invention improves technological functionality, and produces a tangible result.

 

Thus, in patenting cryptocurrency and blockchain, it is critical to prepare and submit a well-articulated claim set and point-to-point description demonstrating how the underlying technology will improve computer functionality or employ technical solutions to an existing technical issue.

For such cases, OwnMyInvention can be your lifesaver. Read on to know more!

Leverage Patent Service Platforms Like OwnMyInvention

OwnMyInvention can simplify the patent process by providing guidance, resources, and support throughout your journey. They offer tools to help inventors validate their ideas, connect with patent professionals, and navigate the complexities of patent filings.

Moreover, navigating the blockchain and crypto currency patent landscape requires a combination of innovation, due diligence, and strategic planning.

From conceiving a unique invention idea to securing a patent and staying vigilant in a rapidly evolving industry, the process can be challenging but immensely rewarding. By following the patent process steps and leveraging the experience and expertise of OwnMyInvention, you can protect your intellectual property.