How to Protect Your Blockchain Idea & Stand Out From the Crowd
Let’s face it: a lot of blockchain startups are hard to differentiate. Many of their ideas are similar, they all have a sleek-looking logo, and they have too few customers--and not enough investor dollars. While startups fight over investor dollars, bigger players (Walmart and Amazon, to name a few) are filing blockchain patents to protect their ideas.
A few years ago, there was a blockchain patent filing frenzy--which means there are hundreds of patents that were filed, but not yet published. What does that mean for blockchain startups? The standard for proving your innovation is now higher--and investors are looking to fund startups that have proven innovations (especially considering the blockchain hype that swept up startups in the recent years and left investors skeptical).
The best way to prove your innovation to investors is to protect your idea through intellectual property protection. In our upcoming webinar, Dr. D’vorah Graeser, Founder of KISSPatent, will provide vital information on protecting your blockchain idea. Register for our webinar on May 21st at 11:00 EDT to learn how to rise above your blockchain competitors.
In this blogpost, we’ll give you an overview of the current trends in blockchain and how patents can help secure your position as a leader in blockchain. We’ll take an in-depth look at blockchain trends and patent strategy during our upcoming webinar.
An attitude change towards blockchain…
So far, blockchain has still not won the hearts and minds of the everyday consumer. While some of consumer skepticism is due to misunderstanding (no, not all blockchain inventions are cryptocurrency), it is clear that the world is still waiting for blockchain’s breakout moment. Upcoming world events such as the Tokyo Olympics in 2020 could be the global catalyst for a change in attitude. Japan’s Prime Minister has stated that his goal is for 40% of Japan’s payments to be cashless by 2025--and what better place to test cashless payments than at the Olympics, where global attendees will be able to understand the use of blockchain in financial transactions.
Despite leaps and bounds in technological progress, 4 out of 5 US consumers still think that cash will still remain relevant in the future--but this year could be the year when blockchain startups bring their innovations to market, and begin integrating blockchain in a way that’s understandable to consumers and enterprises. That skepticism has even extended to the Blockchain Economic Forum in Davos, where we witnessed Tim Draper and Nouriel Roubini battle over the the future of cryptocurrency and blockchain.
One of the main points of contention against blockchain-powered currencies is the question of cybersecurity. As a recent Mintel Report on Financial Payment Trends captured, consumers expressed their apprehension towards cryptocurrency because “cryptos can be hacked.” Therefore, blockchain startups working in tandem with cybersecurity technology will likely be the center of attention in years to come.
This year is a critical turning point for blockchain’s adoption in the mainstream, as more blockchain-powered products are introduced into the market. However, in a crowded marketplace, the question remains: will your blockchain product be unique enough to stand out in a crowded marketplace? Patents are one way to show investors that you’re different--and block competitors looking to bring the same idea to consumers.
A whole new world of investment products…
Blockchain is, of course, more than cryptocurrency products--but we still haven’t seen innovation around investment products until recently. Of all the stakeholders in blockchain, banks and investors are the most risk-averse--and slowed down by regulators--which is why we’re seeing innovation in investment products in 2019, rather than at the start of blockchain’s popularity.
One example of new blockchain investment products is Blockchain ETF, launched by Harvest Portfolios Group. It’s Canada’s first blockchain ETF and it attempts to emulate the performance of the Blockchain Technologies Index. Because bitcoin ETFs are on hold for the time being, blockchain ETFs have replaced them. They’re not only trending in Canada, but becoming popular across the world.
A Blockchain ETF even launched on the London Stock Exchange. The ETF is a specialized product that targets companies with the potential to have “real earnings” from blockchain. It’s often difficult to isolate blockchain earnings--and often times, those earnings are not accurately built into traditional share prices.
The technology that powers these ETFs could even be patent-worthy! Tune into our webinar to find out what exactly is and isn’t patentable in the world of blockchain.
The tech world loves good collaboration, and blockchain is no exception…
The newest innovations that we’re seeing in blockchain break down tech silos to collaborate across different areas, from artificial intelligence (AI) to the internet of things (IoT). When blockchain is combined, it makes the product that much more powerful.
For example, a fitness program in Dubai is combining AI and blockchain to provide personalized fitness recommendations and team up users with potential coaches in the network. The blockchain aspect of the app allows athletes to feel secure when accessing an entire eco-system of personal trainers and fitness centers.
AI isn’t the only area of tech with which blockchain is collaborating. According to Forbes Magazine, the use of blockchain technology in IoT doubled in 2018, as a way to secure the massive amount of data collected by these devices. It’s likely that we’ll see IoT and blockchain collaborations continue as data security concerns are front and center in consumers’ (and investors’) minds.
Larger companies will look to smaller startups with the technological know-how to increase their innovation potential as these cross-technological collaborations continue. That’s a great sign for blockchain startups looking to either bring a product to market or eventually be acquired.
Whether you’re an already-established blockchain company or a smaller startup, patents can offer a way for you to prove your value to the market and to investors.
That’s why we encourage you to sign up for our webinar “How to Protect Your Blockchain Idea” on May 21st at 11:00 EDT with Patsnap, where D’vorah Graeser, Founder of KISSPatent, will share more information on protecting blockchain innovations and offer her insight into the world of blockchain patents.
It’s a can’t-miss for any blockchain startup looking to gain traction!
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