Page 2 - How to Successfully Obtain Blockchain Patents Brochure

1 As shown in the chart, as of January 30, 2021 the number of issued patents that mention smart contracts was 968, but the number of published applications was nearly 4 times as many (3632). The number of issued patents that mention crypto currency was 1178, but the number of published applications was nearly 4 times that (4131).The number of issued patents that mention blockchain was 3166, but the number of published applications was nearly 3 times that (9208).
How to Successfully Obtain Blockchain Patents
As with other rapidly-evolving technologies, the blockchain space is experiencing a frenzy of patent activity. The data shows that there are 3-4 times as many published applications as there are issued patents for these concepts. This trend strongly suggests that the number of blockchain-related patents will surge in the next couple of years.1
Data as of January 30, 2021 at USPTO.gov
Blockchain patents cover a wide range of different types of inventions. Some are at least part financial innovation relating to new aspects of finance and finance- related business models that are enabled by blockchain technology (e.g., decentralized finance or “DEFI”). Some relate to technological innovation and enhancements to blockchain technology. Others relate to applications that leverage blockchain technology.
The legal requirements for being awarded a patent in the United States include that your invention: i) is new and not obvious, i.e. your idea is different enough from the prior art; and ii) claims patent-eligible subject matter. For true innovation in the blockchain space, overcoming the prior art is not the most significant barrier. The more challenging issue is ensuring that the invention is described and claimed in a manner that constitutes patent-eligible subject matter.
Due to the USPTO’s ever-evolving tests for patent-eligible subject matter, it is important to assess the nature of the invention(s), consider the eligibility of that type of invention and ensure a well-thought out strategy for how to draft and claim the invention. As demonstrated by some of the examples below, an idea may be new and sufficiently different than the prior art, but if the patent application is not drafted properly and/or the claims are not structured properly, the patent will be rejected as being ineligible subject matter.
Many patent applications for finance-related innovations are rejected by the USPTO as being an abstract idea or merely a business method implemented on a computer, both of which are deemed to not constitute patent- eligible subject matter under the current USPTO guidance. Incorporating blockchain technology into a
How to Successfully Obtain Blockchain Patents
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