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The past few years have seen a tremendous rise in both the popularity of blockchain as a concept as well as the development of blockchain technology. Before 2014 conversation around blockchain was scarce, aside from how it related to cryptocurrency. In fact, over a one-year period (Dec. 2016 – Dec. 2017) Google data shows that the term “blockchain” increased in search popularity by nearly 10X.
The rise of new applications for blockchain technology have also followed a upward trend and, as a result, the number of blockchain patents has increased significantly as well. According to Fortune, the overall number of granted patents and applications is expected to reach 1,245 in 2018, up from 313 just two years ago. With so much focus on this industry, the blockchain intellectual property landscape is likely to become a battleground, with many organizations vying to create similar technology.
Why Patenting Blockchain is Important
The increased interest and innovation in blockchain technology has led to lively competition. If your company is innovating in the blockchain space there’s a high likelihood that another company is developing technology similar to yours, which could cut into your market share or spark legal issues. Obtaining patents to protect your technology can mitigate the risk of both, leading to a more secure and potentially profitable position for your organization. A burgeoning technology in its nascent stage, like blockchain, presents an opportunity for IP-focused companies to secure a critical place in a growing industry.
Why TurboPatent is the Best Choice for Blockchain Patents
TurboPatent is a technology company that makes use of AI and automation to draft patents more quickly, accurately and efficiently than a traditional law firm. In addition to having domain experts in next-gen technology on staff, our company’s focus on technology matches the values of our clients, enabling us to work at their pace. This is in sharp contrast to the slow pace at which traditional law firms work. Plus, the efficiencies we provide through our use of technology are passed along to customers as flat-fee pricing that provides significant cost savings compared to a law firm.
*Content Provided by FSP LLC, a patent law firm.