The application of the technology is expanding from early adopters in cryptocurrency (such as Bitcoin and Ethereum) to any industry requiring record keeping, agreements, transactions or registers.
What is Blockchain?
Blockchain is the evolution of six key technologies combined to interact in a novel way to securely transfer value from one party to another or to record transactions, without an intermediary.
The six key technologies:
- asymmetric encryption (US patent 4,405,829)
- hash functions (Hans Peter Luhn in 1960s)
- Merkle trees (US patent 4,309,569)
- key-value database (Charles Bachman in 1960s)
- P2P communication protocol (Tom Truscott and Jim Ellis in 1979)
- proof of work (Cynthia Dwork and Moni Naor in 1993)
A blockchain has been described as an ‘open ledger of information’ that can be used to record and track transactions, which are exchanged and verified on a peer-to-peer network. Once each transaction or information ‘block’ is validated, it is hashed with a reference to a previous block in the blockchain and the blocks cannot be changed.
How can my Business Benefit?
We expect disruption in the legal, supply chain, government, energy, healthcare, food and beverage, retail, education, infrastructure, entertainment, export, tourism and finance industries.
Blockchain Technology has four core advantages:
- Immutability – it cannot be changed
There are also some disadvantages:
- Lack of standardisation
Watermark Demystifys the World of BlockChain
It is easy to get caught up in the hype of blockchain and to be intimidated by the regulatory changes being applied to this emerging technology.
We work with many businesses to demystify the world of blockchain, manage IP and the IP commercialisation journey. IP lawyers and attorneys have a long history of assisting clients at the coal face of emerging technology and developing regulations, which usually defies law makers and generalists. Given our particular expertise in blockchain technology, we are uniquely positioned to assist. No business needs to pay us to learn their technology whilst we advise.