nChain Group, the global leader in research and development of blockchain technologies has received a great boost after it secured its first approved patent from the European Patent Office. The company’s mission to enable massive growth and worldwide adoption of the Bitcoin network – focusing on Bitcoin Cash as the true Bitcoin, now has a bright future. This is as a result of the approval which will enable the invention to deploy mainstream services and applications of the Bitcoin Cash (BCH) blockchain, including music and video streaming services and smart contracts.
The nChain’s ambitious research and patent program started approximately two years ago and the patent grant marks a major milestone in the company’s endeavors. With nChain’s portfolio of blockchain patent applications among the largest in the world, the company expects that this will just be a first amongst many more patents to come.
About nChain's Bitcoin Cash Blockchain Patent
According to nChain’s CEO Jimmy Nguyen, the company is determined to deliver maximum benefits of the innovative blockchain technology through Bitcoin Cash which is achievable when the key inventions are open for use and development by all those within the Bitcoin Cash Community.
nChain is continuously building its tools to accelerate the improvement and adoption of the blockchain technology. Therefore, the company has an array of patents filed within the past year alone. Included in the patent portfolio are the “anti-Goxxing” mechanisms- the secure split key technique and the deterministic key generation, seeking to boost business and consumer confidence by ensuring a higher level of digital data security.
Nguyen says the company is committed to using their intellectual property to benefit the Bitcoin Cash community by making key IP assets available for usage on the Bitcoin Cash blockchain for free. This will be enabled by the new nChain Open Bitcoin Cash License that will put Bitcoin Cash in an advantaged position over other blockchains. It will act as an incentive for businesses to operate on the Bitcoin Cash blockchain, which is a representative version of the original Bitcoin vision.
Future Of The Patent
The patent approval is a historical moment for nChain and is expected to set massive and rapid adoption for the Bitcoin Cash blockchain. As the name suggests, the patent- Registry and Automated Management Method for Blockchain-Enforced Smart Contracts- turns out to be useful for digital rights management and auto-renewing contracts common to digital subscription services that use smart contracts on the blockchain. Approval of this patent will be followed by many more.