In the final quarter of 2023, nChain emerged as the leader in filing patent applications for blockchain technology, according to a report from GlobalData, despite an overall decline in blockchain-related patent filings—dropping to 1,523 from 2,955 in the preceding quarter. The report, titled “Technology: Patents Trends Q4 2023,” provides detailed analysis on patenting trends, strategic moves by key players, and regional focuses within the sector for the past three years.
During the period from October to December 2023, nChain submitted 77 applications related to blockchain, following their 114 applications in the third quarter. This activity secured nChain’s position at the top of GlobalData’s rankings, significantly outpacing the second-place Bank of America, which filed 39 applications. IBM and Tencent followed, with 34 and 32 filings respectively.
The report also highlighted that the United States led globally in blockchain intellectual property (IP) applications, accounting for 58% of the total in the technology sector. China and the United Kingdom followed with 8% and 2%, respectively, with nChain likely contributing a major portion of the U.K.’s share.
nChain’s Growing Influence and Accessibility Efforts
nChain boasts over 3,900 patents and applications in its portfolio, with more than 1,090 patents granted. The company facilitates a licensing program for developers, offering over 480 licenses that span both blockchain and other technologies.
To enhance accessibility to its IP, nChain launched a “Knowledge Base” in early 2023, aiding potential developers in finding relevant IP through use cases, keywords, patent families, and user-friendly descriptions.
Recognition from LexisNexis and Forbes
An independent evaluation by LexisNexis in March 2022 placed nChain among its Global Top 100 innovators, a distinction based on the Patent Asset Index that evaluates the size and quality of patent portfolios.
Forbes also acknowledged nChain’s significant contributions to blockchain technology in an article titled “Satoshi or Not, Here He Comes,” highlighting the impact of patents awarded to the company and its former Chief Scientist, Dr. Craig Wright, on the blockchain industry, irrespective of debates over Wright’s claim to having invented Bitcoin.
nChain, BSV, and the Industry’s Reluctance to Acknowledge
Despite the industry’s hesitation to recognize nChain and BSV, Forbes noted the extensive and valuable patent library of nChain makes it an undeniable force as blockchain technology becomes more mainstream. The reluctance to acknowledge BSV and its associated projects seems increasingly untenable, as evidenced by a recent event where COPA member Block was compelled by a USPTO examiner to reference a Wright-owned patent in its own application for smart contract conditions, highlighting the unavoidable influence of nChain’s IP in the blockchain domain.
