Bitcoin Creator Craig Wright Files 70+ Blockchain Patents in the UK
Self-proclaimed Bitcoin creator Craig Wright (pictured right) claims he is partnering with Calvin Ayre to file parents relating to the digital currency which revolutionized anonymous online payments. Craig Wright’s patents also target the underlying technology behind Bitcoin” Blockchain.
For those who may not know, Craig Wright is the Australian computer scientist who claimed in 2016 to be Satoshi Nakamoto, the mysterious founder of bitcoin. Bitcoin was created as a potential crypto-currency in 2009, in response to the Global Recession and the inability for many people to obtain credit.
Who Is Satoshi Nakamoto?
Over the years, Satoshi Nakamoto has maintained such a veil of secrecy and anonymity, that many people are skeptical of anyone claiming to be the bitcoin founder. Many analysts believe bitcoin was created with contributions by many programmers, and so “Satoshi Nakamoto” is many people.
Calvin Ayre, of course, is the famed founder of Bodog Entertainment. Calvin Ayre sold Bodog a decade ago, though the gaming news website, CalvinAyre.com, remains a significant presence in the global online and mobile gambling community. The Canadian billionaire continues to make contributions to online gaming, and few contributions would be so groundbreaking as new advancements in crypto-currency payments.
70+ Patent Applications Filed in UK
Craig Wright has filed more than 70 blockchain patent applications in the United Kingdom for digital currency technology. Wright also told the Japan Times that he plans to file many more patents over the coming weeks and months.
While he necessarily was somewhat canny with the patents he was filing, Craig Wright said that some of the patents have to do with improved Wi-Fi security. Other patents have to do with branch-offs from the bitcoin model, such as the storage of medical documents online. The patent filings reflect Craig Wright’s undisputed deep knowledge of how the blockchain technology works — and how bitcoin works.
Number of Blockchain Patents in 2016
Filing 70+ patents represents a huge amount of innovation. In 2016, 63 different blockchain-related patents were filed by all sources around the globe last year. This year, 27 blockchain-related patent filings have been lodged. According to Thomson Innovation, that paperwork mostly was filed by credit card companies, multinational corporations, and chipmakers.
The impact of such filings could be huge. Many technologists believe advanced blockchain technology would circumvent the need for the big financial intermediaries which have dominated international finance in the past few generations. Whether the work is that revolutionary or not, new blockchain tech is certain to challenge traditional payment systems, if not the companies which use those systems.
Banks Investing in Blockchain Technology
Over the past couple of years, several major banks have begun investing large sums of money in blockchain R&D, because they believe the technology could revolutionize payment systems altogether. The banks believe new payment systems would be more efficient, so it would cut costs to the financial institutions involved.
Transactions processed by mainstream financial service companies like PayPal, Visa, or MasterCard run through banks. To process payments, the banks need named accounts and verification systems based on those account numbers.
Why Bitcoin Payments Are Better
Bitcoin is different. Using the blockchain technology, bitcoin sends direct payments which are both secure and anonymous. When a payment is sent, a unique code is created that only the person on the other end can open. The encryption is airtight and the unattached to an account, maintaining the payer’s and the recipient’s privacy. Those who use blockchain-style technology in online gambling know that bitcoin payments are instantaneous, while credit cards and web wallets require several days to verify.
Blockchain has another important trait: it can defy governmental authorities trying to enforce state, national, and international laws. Bitcoin is used in many different transactions worldwide, but it is a favorite of many online and mobile gambling sites. Gamblers like bitcoin, because it allows them to disguise their identity and transactions.
The Rise and Fall of Silk Road
In the past, that anonymity was overrated. The Silk Road website combined bitcoin payments with deep web domains (using Tor software) to create an anonymous community for selling drugs online. Legal, semi-legal, and illegal drugs were sold through Silk Road, which was referred to as the “Amazon of drugs”. Eventually, though, the FBI and DEA tracked down the owner of Silk Road and prosecuted him. Bitcoin users became a little more cautious with their online transactions.
Craig Wright, Calvin Ayre, and Blockchain
New innovations to blockchain/bitcoin might make crypto-currency payments more secure and anonymous. Thus, the collaboration between Craig Wright and Calvin Ayre might usher in the next generation of secure payments.
It should be noted that most payments processed online using bitcoin are legal. Nothing inherent in bitcoin is illegal. In fact, after a few years of skepticism, banks and financial institutions are starting to embrace bitcoin as a legitimate and improved way to make payments.