August 31, 2018
Very recently, the Canadian Commissioner of Patents issued what appears to be the first Canadian patent related to blockchain technology. While a number of blockchain related patents have issued in other jurisdictions, this patent represents the first of a number of pending Canadian applications relating to blockchain technology to issue.
Canadian Patent No. 2,981,511 was granted to NASDAQ, Inc. and relates to “Systems and Methods of Blockchain Transaction Recordation”. The issuance of a patent for blockchain technology is an exciting and important development in the adoption and commercialization of blockchain technology, both in the FINTECH sector and beyond. Given the scope of the claims, this and other patents that may issue should be considered by all participants seeking to integrate blockchain technology into their existing businesses and seeking to commercialize the myriad of applications of this transformational technology.
While issuance of a patent is both a necessary and significant step in protecting intellectual property, the true test of a patent is whether it withstands scrutiny in litigation. The Goodmans IP Team has developed a keen interest in and knowledge of blockchain technology and its intersection with intellectual property. We are thus extremely excited to monitor the lifecycle of this and other blockchain patents to understand the scope of defendable protection for innovations related to a field that has included a robust open-source environment.