Blockchain - you are probably familiar with the term - possibly mainly because of its use in cryptocurrencies. However, the technology is much broader than that and it is actually possible to patent applications of it. This is already happening but the big breakthrough is yet to come. This presents a great opportunity for innovative entrepreneurs.
Blockchain explained simply
Blockchain can be compared to a decentralised digital ledger that is stored on multiple computers at the same time. Whenever any new information is added, all those computers check whether it is correct. If it is, the block of information is added to the chain. Each new block refers to the previous one, creating an unbreakable chain that gives a complete and reliable overview.
The beauty of blockchain is that it contains a kind of automatic verification. At a bank, your balance is stored on one central computer. In the case of blockchain, records like this are stored on several computers and all local copies are exactly the same thanks to the built-in verification. This makes it secure, transparent and widely applicable.
The potential of blockchain
Blockchain has a lot of potential. This includes keeping track of transactions, accounting records or steps in a manufacturing process. There is even a patent on drone flight data captured by means of blockchain technology. In theory, this should make it possible to predict a drone attack.
An example of a blockchain application
Here is an example to illustrate what it can be used for. A large supermarket chain is implementing blockchain to track the origin of their fresh produce. Data from the farmer, transport company, distribution centre, supermarket and possibly the consumer is stored in the blockchain. If something is wrong with the product, it is easy to trace where it came from and where it is now.
Patenten op blockchain
When blockchain became more widely known about six years ago, courtesy of its use in cryptocurrencies, the number of patent applications increased sharply, especially in the United States. In Europe an invention has to be a technical solution to a technical problem in order to be patentable. The fact that blockchain is patentable has been discovered by companies like IBM and Tencent. They have lots of patents on the use of blockchain.
IBM, for example, has a patent on the management of software versions and programmer contributions via a blockchain and OpenAI has a patent which is at the interface of Artifical Intelligence and blockchain. Capturing the learning and decision making process of Artifical Intelligence in a blockchain could make it more transparent and verifiable.
The future of blockchain
Interestingly, the number of patent applications has since dropped quite significantly. This raises the question as to what the future for blockchain is likely to be. Is this the calm before the storm? It is not unusual for this to happen to technological developments. For example, the theory of AI was conceived 70 years ago, but the processing power of computers was not there yet to implement it. It has only taken off in recent years. Blockchain's big breakthrough is also still waiting to happen. Outside the crypto market, there have been lots of pilots but that one convincing application that will persuade everyone is still missing.
The real future of blockchain may lie in applications we are not even able to imagine yet. So for all innovative thinkers out there: here is your opportunity! Who is going to come up with that one application that is going to put blockchain on the map for good? Or maybe the question should be: who is going to be the first to apply for a patent on it? After all, that's what will ultimately make you the owner of the innovation. The technology is ready for patentable applications. Who is going to claim the next major breakthrough?
