Claimed Bitcoin Creator Is Trying to Patent Blockchain

Executive Brief

After the controversy of his claim to be mysterious Bitcoin creator Satoshi Nakamura, Craig Wright has become the story again as an article covering the behind the scenes events that led up to the initial interview where he made the claim has been published. In it is revealed that Wright has been trying to patent various key aspects of both digital currencies and blockchain. This year alone a company associated with wright have applied for over 50 UK patents related to aspects of the technology, this could be potentially harmful to the entire industry.

Read the full story below. 

Earlier this year Australian businessman Craig White made the bold claim to be the creator of Bitcoin, to this point known only as the mythical Satoshi Nakamoto. While initially promising various forms of proof of that identity at the time in interviews with both the BBC and The Economist, when pushed these turned out to be less forthcoming, and the validity of his claim remains in question.

However, the story has not ended, still maintaining his claim, Craig White has moved on to legal aspects of Bitcoin, and Journalist Andrew O’Hagan who has written a fine article detailing the behind the scenes workings in the run up to those interviews has turned out to be quite revealing. Amid talk of past meetings with various digital currency pioneers a running theme has been Craig Wright’s attempts to patent aspects of blockchain technology.

Using a partnership with money exchange app creator nTrust, Wright proposed a deal that would see the filing of several patents for specific details of Blockchain and digital currency, using a new company, nCrypt, as the vehicle. The deal seemed to focus on the value of such patents and selling quickly, and for big profit, appeared to be the aim.

However, such a patent filing required absolute proof of his identity as Satoshi Nakamoto, and as this failed to materialize, nTrust reportedly pulled out of the deal. However, Reuters news agency has just published a news report that suggests these patents have not gone away. Indeed, a UK based company associated with Wright, EITC Holdings Ltd, has submitted a total of over 50 different patent applications in the UK, all related to blockchain technology and digital currencies.

Whatever opinion anyone holds about Wright’s claim to be the creator of Bitcoin, the moves for patents have to be cause for concern. The possibility of patenting the building blocks of digital currency, and selling off to the highest bidder, the entire industry could be held to ransom by such patent owners.

Author: Thomas Moore

Thomas Moore is a writer and researcher with a love for the eclectic, family and the world we inhabit. He spends his spare time photographing the varied wildlife that surrounds us daily and contemplating why Firefly never made it past season one.

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