Recent development trend of blockchain technologies: A patent analysis

Abstract

Blockchain is essential for cryptocurrencies, but its use is not limited to cryptocurrency. Blockchain can be used in a wide range of applications. Recently, many blockchain inventions and applications have been proposed, which have received considerable attention from academics, industry practitioners, and the government. However, few studies have analyzed the development of blockchain technology. In this study, a patent analysis of the U.S. patents of blockchain was conducted. With an analysis of 335 patents awarded, a profile of recent blockchain technology development was obtained. The results indicated that three-quarters of the U.S. blockchain patents were originated in the United States. Half of the awarded U.S. patents are from foreign origin, and the proportion of the blockchain patent originated in the United States is more extensive, which revealed that the United States is a leader in the blockchain technology. Furthermore, 14% of blockchain patents were awarded to IBM, indicating that IBM as a technology giant in the blockchain technology. Additionally, word cloud and N-gram were used to reveal the relevant terms and phrases used in the abstracts of blockchain patents.