How are you everyone?Today I will discuss with you about cryptocurrency and intellectual property. I am young and my experience is very little so please forgive me if there are any mistake.
As cryptocurrencies gain traction, some of their creators are learning hard lessons in the world of intellectual property protection. Just how can crypto be secured?
Cryptocurrency (Crypto) is a type of digital currency that is unregulated and runs on blockchain technology. Some of the more popular cryptos are Bitcoin, Litecoin, Ethereum, Ethereum Classic, Dogecoin, Dash, Ripple, DESO and SafeMoon.
Using cryptography, transactions are secured using crypto and asset transfers are verified. Blockchain also helps secure crypto by preventing the rise of counterfeiters.
If so, what kind of intellectual property protection does cryptocurrency require?
"While an individual currency on an established blockchain like Ethereum or Bitcoin is 'close to unhackable,' their surrounding IP remains vulnerable to infringement," said John M. Mulcahy, a partner at Finnegan, Henderson, Farabo, Garrett & Donner in Washington.
"Brand names surrounding different types of cryptocurrencies and innovative ways of creating or using cryptocurrencies should be guaranteed the same IP protection as other protectable trademarks and patents," said Eugene Low, partner at Hogan Lovells in Hong Kong.
)
[Source](https://www.pexels.com/photo/hand-holding-android-smartphone-displaying-data-7567441/)
The number of patent applications filed before the United States Patent and Trademark Office (USPTO) involving "bitcoin" or "cryptocurrency" has steadily increased over the past decade. The number of applications in 2018 more than doubled compared to 2017. Technology startups and established financial institutions and information technology companies such as Bank of America, Goldman Sachs, Microsoft and Intel are filing these applications. Some of these are for technologies that make crypto transactions more secure, to combine different cryptocurrencies, provide reward points for cryptocurrency transactions, and other innovative ways to use blockchain.
Other jurisdictions, including China, are also posting an increase in the number of patents granted in cryptocurrencies.
"Considering the absence of laws and regulations at the moment, it can be said that cryptocurrencies also require IP protection as the market for cryptocurrencies/Non-Fungible Tokens (NFTs) is in the billions and growing every day," said Shashi Ojha, RNA, Technology in Gurugram. and Managing Associate of IP Attorneys.
As for the first category, Giltinan said: “As much as we want to see widespread adoption and use of cryptocurrency, this piece of technology is more likely to spread if not protected by patents. Being 'open source' makes it easy for companies and individuals to implement their own piece of distributed ledger and accept cryptocurrency in their own wallets and exchanges without fear of patent infringement. Its innovation in the crypto industry as it allows others to build on blockchain designs that have come before."
Today's discussion ends here. I hope you find it interesting and able to understand. Share your thoughts on today's topic. Wishes and blessings to all.
