Blockchain

Report: The Blockchain & Cryptocurrency Patent Overview

MEDICIVP of Strategic Partnerships

To capture the massive growth of blockchain and DLT patents over the last several years, Let’s Talk Payments has partnered with Carneros Bay to release a complete analysis of the blockchain and cryptocurrencies patents market.

Ever since the anonymous drop of Bitcoin’s whitepaper and open source code in 2009, its underlying distributed ledger technology (DLT) has seen a significant mainstream interest. Ethereum is notably one of the most popular large-scale implementations of Blockchain which are inspired by the Bitcoin whitepaper. The potential benefits of blockchain and DLT weren't lost on global financial services firms. Banks, consulting companies, and other financial institutions quickly revved up their R&D efforts, created consortiums, and continue to invest in DLT and cryptocurrencies. The result? A massive surge in blockchain patents.

The report references patents identified from a search of patents recorded from January 1, 2008 to August 28, 2017. A preliminary search found over 2,600 related patents, which, when filtered and reviewed by industry experts, identified just over 1,600 relevant patents worthy of attention from industry players.

The report helps identify discernible patterns of patent activity across companies, technologies and regions across the globe.  The top patent assignees are a mix of technology, finance and communication-related companies. It highlights the cross-industry reach of cryptocurrency, electronic transactions and distributed ledger technologies.  Top filers include technology companies (Coinbase, Coinplug, IBM and others), financial institutions (TD Bank, Bank of America, Fidelity and others), payment providers (Mastercard) and social media sites (Facebook) along with unusual assignees (Arkeytyp IP, Wal-Mart, AT&T). Some of the interesting trends show that filings are shifting away from the US to the rest of the world along with an increased focus on specific use cases and applications as opposed to core technology filings. This type of filing pattern tends to emerge when the core technologies are more mature and defined thus allowing for specific uses cases to be established.

Report: The Blockchain & Cryptocurrency Patent Overview

We’re excited to see what other insights you can extract from this report. Contact patrick@letstalkpayments.com if you’d like to share insights from the report on Let’s Talk Payments or speak with Carneros Bay.

Note: Given that filings have an 18-month publication blackout from date of filing the data for 2016 is incomplete and will be until mid-2018.

About Carneros Bay: Carneros Bay is a FinTech innovation studio that develops and drives adoption of new technologies in partnership and in collaboration with our partner banks and other financial services companies. The team has vast experience working at large FI’s, venture backed startups and within corporate and private VC. This report was generated by Carneros Bay’s Fintech IP division which is entirely dedicated to creating deep dive reporting and forward looking predictive analytics for its FinTech focuses clients. Carneros Bay is based in San Francisco CA. For more information, please visit: www.carnerosbay.com or contact Jonathan Hromi, Head of Analytics: jonathan@carnerosbay.com.

Patrick Rivenbark

MEDICIVP of Strategic Partnerships

Patrick is building and strengthening partnerships for MEDICI, FinTech’s Global Knowledge Network. MEDICI enables collaborative innovation within FinTech’s complex ecosystem of banks, financial services providers, startups, investors, and innovations programs