Tech giant IBM has been awarded a patent for the development of a “self-aware token” designed to record events of an offline transaction.
A patent is an exclusive right granted to an inventor in exchange for the disclosure of the invention, offered by a sovereign state or intergovernmental organization. A patent is a form of intellectual property and is granted only for some period of time. Patented technology is protected against it being duplicated for the commercial use of other entities other then its inventor. Being an important part of many businesses, technological and fintech patents are strongly protected. Still, there is room for further development. For example, blockchain patents can help with validating data about the invention and in proving the time of its establishment. Blockchain network for patents, alongside networks for storing other crucial data, such as health information or renting contracts, are an important field of study and are in the process of development.
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