The Winklevoss twins have been tied to the face of Bitcoin since 2013 when they attempted to create Bitcoin payment processor called BitInstant. They were also one of the first major proponents of cryptocurrency ETFs, however their attempt may have been made too soon. Regulators denied their project BitFund last year, but others, such as the The Chicago Board Options Exchange, has explicity urged the SEC to take a second look at cryptocurrencies.
The most notable working operations the Winklevoss Twins are involved with are cryptocurrency exchange Gemini, founded in 2015, and investment fund Winklevoss Capital Management, formed in 2012. Their pursuit of patents may hint at a new route to establishing cryptocurrencies as ETFs.
In light of major developments for the exchange Coinbase to incorporate institutional money, the patents could also be used as competitive advantage. The most recent patent is for a, “System, method, and program product for processing secure transactions within a cloud computing system”
This is not an uncommon interest among major corporations in the United States. Overall, only China based companies have applied for more patents that American companies. Other notable Blockchain technology related technology patents are from Bank of America, IBM and Ford Motor Company.
By designating patents, the Winklevoss twin’s position their organizations in the most advantageous position to assist in creating the relationship between the current Blockchain space and government regulation. Patents generally last for 20 years, but with the rapid evolution of technology it would seem irrelevant to hope for something to last even half of that time. Patents will likely energize even more creative solutions to the inefficiencies of current technologies.
The Blockchain space is fueled by open-source development. The instant tweaks, advancements and creative change adapts constantly to the desires of the majority. In order for these technologies to be utilized by government, regulation will be needed. But a government cannot accept using open-source software.
By: BGN Editorial Staff