CEO Jimmy Nguyen says the key IP assets invented by nChain will be free for use within the Bitcoin Cash community.
nChain, one of the leading development teams for Bitcoin Cash, has secured its first approved patent granted by the European Patent Office (EPO) today. The invention, led by nChain chief scientist Dr. Craig S. Wright, will enable the deployment of mainstream services and applications on the Bitcoin Cash (BCH) blockchain—video and music streaming services, and other applications requiring data transfer.
The method, “Registry and Automated Management Method for Blockchain-Enforced Smart Contracts,” as its title implies, comes in very handy for digital rights management and auto-renewing contracts, and is poised to set rapid, massive merchant adoption for the Bitcoin Cash blockchain. nChain CEO Jimmy Nguyen says the patent approval is a historical moment for the company, one that will be followed by many more.
“This first patent grant by the European Patent Office marks a major milestone in nChain’s ambitious research and patent program, which started approximately two years ago. We expect this will be the first of many more patents to come, as our portfolio of blockchain patent applications is among the largest – if not the largest – in the world.”
This isn’t the first and only patent nChain has filed within the past year. The company has been continuously building up its arsenal of tools to accelerate development and adoption for blockchain technology. Just last year, they released a set of “anti-Goxxing” mechanisms called deterministic key generation and the secure split key technique, which would enforce a higher level of security for any digital data and ultimately help blockchain technology gain business and consumer confidence.
Nguyen says they are determined to deliver the benefits of blockchain technology through Bitcoin Cash, and to do so, he says the company’s key inventions will be open for all to use and develop within the Bitcoin Cash community.
“While we are building enterprise value through our patent portfolio, nChain is committed to using our intellectual property to benefit the Bitcoin Cash community. We intend to make key IP assets available for free usage only on the Bitcoin Cash blockchain – through our new ‘nChain Open Bitcoin Cash License.’ This will give Bitcoin Cash significant advantages over other blockchains, and will incentivize businesses to operate on the BCH blockchain, which represents the original vision of Bitcoin,” Nguyen said.