USPTO Grants Blockchain Patent to Tennessee Based Company

On June 5, the United States Patent Office issued U.S. Patent 9,990,418 to a Tennessee-based company, 2020 IP, LLC. The ‘418 patent covers Blockchain technology in the market research space and was prosecuted by past TBA Intellectual Property Chair A.J. Bahou. This patented method covers novel technology that puts the user in control of his/her data and allows the user to set the value for the user’s data. Although a variety of companies use Blockchain technology to collect data and record secure information, the ‘418 patented technology uses Blockchain to create a revolutionary consumer-led exchange for market research.
 
In the growing field of Blockchain technology, many companies are seeking patent protection on a variety of different applications, including cryptocurrency, supply-chain management, messaging applications, and payment networks. In general, Blockchain technology records data on a decentralized database that is similar to a ledger entry. Once the data is validated, the information is written in a block of data and chained together in a secure way so that it is very difficult to modify any validated information. In addition, since the data is duplicated in various places throughout the decentralized database network, an improper change to any one copy does not impact the other valid copies of the information. You can view the patent here.
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