Bitcoin patent application

With Bitcoin and alternative coins, such as Ethereum, Ripple, and Cardano, experiencing volatile price swings, cryptocurrencies have rapidly become mainstream and widely discussed, with many seeking to find ways to profit from the new technologies propelling their creation and adoption. As the price of Bitcoin skyrocketed 32, percent from under four hundred dollars at the beginning of to over thirteen thousand dollars by the end of , the number of cryptocurrency and blockchain patent applications filed at the United States Patents and Trademark Office USPTO nearly doubled. Indeed, that number may be even greater considering some applicants choose not to publish their pending applications. The same search also shows that companies, universities, and individual inventors alike are racing to obtain patent protection in this area.

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WATCH RELATED VIDEO: Microsoft Files Patent For Crypto Mining System Using Body Activity Data

Is It possible to patent Bitcoin? Lyle D. Solomon reports

While cryptocurrency mining is automated, it's also a major energy hog. Research in the journal Joule estimates that Bitcoin mining generates Now, Microsoft thinks it has a solution: using your brainwaves to mine bitcoin. The concept, as outlined in a March 26 patent application , sounds pretty strange, but it's really just a way to replace the involved computation work that usually verifies Bitcoin transactions, for example.

Crypto mining is decentralized because no single server handles all of the transactions. Instead, cryptocurrency relies on blockchain technology. We're specifically talking about proof-of-work, which is the consensus algorithm blockchain depends on to confirm transactions.

Let's say you send your friend a digital token. Behind the scenes, "miners"—essentially a network of computers—compete against each other to complete the transaction, which results in a reward. To mine crypto, like Bitcoin, the computers must solve some sort of mathematical puzzle, and whichever miner does it first finishes the transaction. In the process, these competing computers consume loads of electricity, which explains some of Microsoft's motivation.

As the company describes in the patent application, while a person watches an advertisement or conducts some other simple internet task, sensors can monitor their brain activity. Because these actions are largely unconscious work, they aren't massively draining to the person. Each cognitive task would be assigned a pattern of numbers, depending on how much effort was put in. If that string matches the target, it's considered a proof-of-work, and the transaction may be completed.

Using the brainwaves as a stand-in would take some light effort on the part of the human involved, but would save massively on electricity. The idea is still controversial—who are the people wearing these nodes on their heads to mine bitcoin, anyway? And it's not difficult to imagine a nightmare scenario like the unethical work conditions forced on outsourced Facebook moderators.

But remember: Companies like Microsoft often come up with these patent applications as a way to ensure competitive edge in the future, just in case another firm wants to work on something similar.

There's a really good chance this concept could all amount to absolutely nothing, or at least Microsoft may not actively pursue it until way down the road. It's more or less an insurance policy. Type keyword s to search. Today's Top Stories. Why Challenger Conspiracy Theories Persist. The 8 Best Tire Chains. Microsoft has filed a patent application for a system that uses brainwaves to mine cryptocurrencies. The ledgers that track bitcoin transactions look for a "proof-of-work" that confirms a computer has mined the currency.

Microsoft's idea is to replace that underlying computation with the brainwaves that we produce while watching an advertisement; it would be unconscious, potentially ever-saving work. More Microsoft News. This content is created and maintained by a third party, and imported onto this page to help users provide their email addresses. You may be able to find more information about this and similar content at piano. Advertisement - Continue Reading Below.

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Patenting Blockchain Technology

Because the most common association with Blockchain is the cryptocurrency Bitcoin, Bitcoin and Blockchain are sometimes used interchangeably. However, such an understanding does not recognize the significance of the technology. Ether and Bitcoin are merely different forms of implementation of their underlying Blockchain technology, while the potential of the technology goes way beyond cryptocurrencies. Key elements of a blockchain are data blocks which are cryptographically secured and linked to each other.

US anti-patent group seeks a London court declaration that Australian computer scientist is not 'Satoshi Nakamoto'.


Our Privacy Policy has changed. A legal action that seeks to shoot down a computer scientist's assertion that he is the originator of the Bitcoin digital coin system - and therefore worth tens of billions of pounds - looks set for court after a High Court ruling in London. The case is brought by the US-based Crypto Open Patent Alliance against Dr Craig Wright, an Australian computer scientist resident in Britain, who since has claimed to be the the pseudonymous individual 'Satoshi Nakamoto' who created Bitcoin in The alliance, which was set up to keep cryptocurrency technology free from patents, is seeking a declaration that Wright is not the author of the Bitcoin white paper , despite Wright's assertion of copyright. It alleges that four pieces of documentary evidence produced by Wright to support his claim are not what they seem. The case is part of an ongoing wave of litigation concerning Wright's claim to be Nakamoto. In October, a London court paved the way for a libel action brought by Wright against a critical podcaster. Meanwhile in Florida, a jury earlier this month ruled in a dispute between Wright and the estate of his one-time collaborator David Kleiman over the ownership of 1. The admissibility of evidence from the Kleiman litigation was a key issue in the latest hearing. The crypto alliance said that it would call a 'a number of findings' in which judges made adverse findings about Wright's credibility.

Quantum Blockchain Technologies files 'breakthrough patent application' for Bitcoin mining booster

bitcoin patent application

BOTS, Inc. San Juan, Puerto Rico, Oct. The patent application is directed to a novel method for distributing crypto dividends to the shareholders of publicly traded companies that are designed to allow blockchain-based crypto-dividend distributions. The BTZI Team expects that this newly developed system and method will open up the window to a brand-new way to reward shareholders. In addition, BTZI believes that this innovative method could revolutionize ways of distribution of profits by a corporation to its shareholders.

Blockchain , one of the most notable new technologies of our time, has triggered a paradigm shift in the way in which the world conceives of financial transactions and digital identities. Its rapid growth, and its speculated value, have made it attractive to investors and companies who see its infinite potential.

Goldman Sachs Secures Patent for Crypto Settlement System

The hype surrounding cryptocurrencies has been growing over the past few years. Not only have they risen in terms of scope, but companies and countries have started to become more accepting of it. And with this impressive growth, various fintech companies are moving towards patenting their technologies. But since cryptocurrencies are such a new market, it does beg the question, is it even possible to patent technologies like Bitcoin? The answer to this question is not simple, nor is it direct.

Blockchain patents : current situation and outlook

Filed March 2, , a. A computer scientist and an online gambling fugitive have joined forces in a land grab for intellectual property related to bitcoin and blockchain. Craig Wright, the Australian computer scientist who made the Satoshi claim, has the backing of Calvin Ayre, a wealthy Canadian entrepreneur, according to people close to Wright and documents reviewed by Reuters. Ayre has been indicted in the United States on charges of running online gambling operations that are illegal in many U. The patents range from the storage of medical documents to WiFi security, and reflect Wright's deep knowledge of how bitcoin and blockchain work. Their total compares with 63 blockchain-related patents filed globally last year and 27 so far this year by multinationals from credit card companies to chipmakers, according to Thomson Innovation.

22 Patents were identified using a keyword search for “cryptocurrency,” “crypto-currency,” or “blockchain” in the US Patent Office Full-text patent application.

Microsoft Files Patent Application for Crypto Mining System Powered by Human Activity

JPMorgan chief executive Jamie Dimon is not a fan of Bitcoin because "a lot of it is being used for illicit purposes". Speaking at the World Economic Forum in Davos, the Wall Street supremo said the virtual currency is a "terrible store of money" and questioned its legal status over allegations that it is used to fund illegal activities. His comments come after the bank filed a US patent application for a computerised payment system, which would allow users to make anonymous transactions, similar to the cryptocurrency. Dimon, 57, also warned that Bitcoin faces major regulatory hurdles going forward and drew an interesting comparison between the banking industry and the virtual currency.

Patent trolls are circling crypto. A Square lawyer wants to defend it.

A system and methods directed to crypto coins based on kinetic energy produced by human movement, allowing decentralized distribution of the cryptocurrencies. The decentralized system and methods operates with a very low or no consumption of current, and may further harvest kinetic energy, saving electrical power such as electricity power, battery power and the like. The present invention relates to the field of blockchain technology and cryptocurrency. More specifically, the invention is directed to a decentralized distribution of cryptocurrency based on kinetic energy of a user.

Quantum said that ASIC UltraBoost optimises Bitcoin mining by eliminating redundant computation in a key part of the algorithm, resulting in faster and more efficient mining.

EPO holds first major conference on blockchain

Kirupa Pushparaj leads an industry group that's taken on controversial bitcoin figure Craig Wright. Square's Kirupa Pushparaj is defending the nascent cryptocurrency industry against patent trolls. Square CEO Jack Dorsey's affinity for cryptocurrency is no secret: His Twitter bio reads just " bitcoin," he's hired engineers to work on open-source crypto projects and Square's Cash App is making a mint on bitcoin trading. But one of the most powerful figures working at Square to make cryptocurrency mainstream is a much lower-profile lawyer, Kirupa Pushparaj. In his day job as deputy general counsel, he oversees Square's intellectual property portfolio and legal operations. It's an independent nonprofit with a board made up of six people from member companies and three from the crypto and open-source worlds. There's more and more at stake every day.

Blockchain technology is gradually gaining precedence, which is evident by the fact that the Blockchain technology is gradually gaining precedence, which is evident by the fact that the global blockchain market is likely to grow from USD 4. In such a scenario, it becomes vital to understand the nuances of this technology and the patent trends associated with it to help businesses leverage opportunities. The following article explains blockchain technology, bitcoin mining and market insights pertaining to the technology, as well as blockchain energy consumption-related patents trends. Blockchain is a distributed public ledger for recording transactions that have occurred in the business network.

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