With the new blockchain industry growing, the rise of filing patents has become a seemingly necessary step for people starting new projects, with entrepreneurs and developers worried about patent trolls locking them out of their own ideas.
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A Vast Array of Patents Surround Blockchain Technology
Over the past couple years, filing patents has become a norm within the cryptocurrency and blockchain landscape. Legacy banks in particular have filed several blockchain-related patent. Bank of America, for example, has filed roughly 20 patents related to blockchain technology.
Cryptocurrency-based companies have also taken the patent initiative, such as Coinbase and BitGo. Even the notorious Craig Wright — who claimed to be Satoshi Nakamoto — has reportedly filed for over fifty blockchain patents.
The Electronic Frontier Foundation has reported that patent trolling in the software industry has increased significantly. In the Bitcoin and blockchain space, the organization has given credit to Blockstream for committing to patent non-aggression. Just recently, Blockstream made headlines for announcing their defensive patent strategy, pledging to allow the use of software they create without fear of litigation.