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- Bitcoin and Ethereum occupy the first places as the most referenced cryptocurrencies with patents by companies.
- Newcomers like IOTA and Polkadot have also attracted the attention of numerous companies.
There are numerous companies around the world that refer to cryptocurrencies in their patents. As a survey of IOTA archives now shows, Bitcoin ranks first as the largest and most popular cryptocurrency at the point of the ranking of the most popular cryptocurrencies and their mention in patents. However, there are other promising projects that have even been cited a hundred times due to their vast potential.
Bitcoin and Ethereum at the top
Among other things, IOTA Archive investigated the sheer amount of patent references. The analyst concluded that Bitcoin was mentioned 8,806 times in the number of patent families, followed by Ethereum (4,530x), Litecoin (785x), Ripple (725x), EOS (325x) and IOTA (245x).
Adoption on the way? Companies have a different view on what’s valuable to them than cryptocurrency investors
Judging by the patents safeguarding their inventions, companies don’t seem to care about cryptocurrencies, with very few exceptions
Same data as before, different angle: pic.twitter.com/r7cwjNXFAr
– IOTA archive (@_iotaarchive) November 4, 2020
Furthermore, IOTA Archive has also studied the relationship between the number of patent references and the number of days since the start of the respective cryptocurrency. The result comes to the conclusion that Bitcoin is the undisputed leader, followed by Ethereum, Polkadot, Litecoin, Ripple, EOS and IOTA.
If the ranking on the right side is significantly larger than the one on the left side (see Tweet below), this indicates that companies are increasingly interested in the technology of the respective cryptocurrency. This is the case with Ethereum, Polkadot, IOTA, and the Bitcoin Lightning Network, among others.
Does “age” have an influence on how often cryptocurrencies are mentioned in patents?
If the position on the right is higher than on the left, age is apparently not the reason, but corporate interest has increased
A lower degree to the right suggests the opposite: lower interest in business pic.twitter.com/URwtS92k3X
– IOTA archive (@_iotaarchive) November 5, 2020
As for the patents on Bitcoin, the analyst also notes that they are “less and less specific in relation to the role of Bitcoin”. While Bitcoin was previously almost always mentioned in all DLT-related patents, the number of DLT-related patents that do not mention Bitcoin is growing rapidly, the analysis says. According to IOTA archives, Litecoin-related patents are also dropping dramatically:
The amount of LTC mentions in patents is highly regressive. Incorporated entities that mention LTC in patents usually refer to it only once, suggesting that LTC is not an integral part of the invention, but rather a reference to e.g. “Other cryptocurrencies”.
Although the absolute number of XRP-based patents is relatively high, there is “no trend” specifically related to XRP:
While there are many patents mentioning XRP, there doesn’t seem to be any trend for patented inventions becoming more specific towards XRP. Looking at the cumulative and cumulative amount, it appears rather that the patents mentioning XRP are becoming less specific to it.
However, the figures and results for IOTA and Ethereum are much more positive. According to the analyst, the patents related to IOTA are “quite specific, especially when compared to other cryptocurrencies”. Furthermore, “Furthermore, the specificity of patents relative to IOTA as indicated by the mention count clearly increases over time.”
As for Ethereum, the analysis finds that the most recent patents show a clear trend of increasing the absolute number of citations. Patents filed by incorporated entities are clearly becoming more specific to Ethereum over time, suggesting an increased importance of ETH’s role in patented inventions ”.
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