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Credits team has made an analysis of the current patent and other intellectual property issues related to blockchain and cryptocurrency technologies and decided to protect the company’s blockchain developments.
According to the patent research conducted by Credits patent experts (Fig. 1, 2), at the moment more than 1,500 patent applications have been filed in total all over the world. Moreover, over the past 2 years (since 2016), large companies from various industries has been enlarging their patent portfolio in the specialized areas of blockchain use.
“We have carefully examined all the pros and cons of patent prosecution within the blockchain environment and decided to proceed with it. Credits is focused on protecting the developments that allow reaching the unique speed of 1,000,000 transactions per second, namely the transport protocol, consensus protocol and storage. Patent prosecution will allow to protect disruptive Credits technology from fraudulent use by third business parties. Yet it will still keep the technologies open and accessible to the whole world of individuals aiming to utilise blockchain”, explains Credits CEO & Founder Igor Chugunov.
Over the past several months the company’s patent experts have been working through the international filing process. Credits applied for three patents with the Patent Cooperation Treaty (PCT) that have all been successfully filed for consideration. PCT is an international treaty with 152 Contracting States. PCT makes it possible to seek patent protection for an invention simultaneously in a large number of countries by filing a single international patent application instead of filing several separate national or regional patent applications. Patents take 18 months to become publicly available.
You can view the timeline for the application process in the following link.
What patents were filed by Credits?
- Group collaborative decision-making by decentralized network nodes
Filed: September 19, 2018
Application number: PCT/GB2018/052673
- Method and system for transaction processing in decentralized Network by Network Nodes in Collaborative Decision-Making
Filed: September 27, 2018
Application number: PCT/GB2018/052755
- Parallel pool formation under decision-making by decentralized network nodes
Filed: October 21, 2018
Application number: PCT/GB2018/053152
Credits will continue to deliver updates on its patent filing status. It will be a significant milestone for the company and the community once the patents are granted.