On 11th July, nChain, a global leader in research and development of blockchain technologies, announced that they have acquired 3 new patents for the ‘Digital Rights Management using Blockchain’. The patents were issued by the European Patent Office.
According to the announcement, all the three patents focus on ‘enforcing digital rights through blockchain technology’. The inventors of the patented technologies are Craig Wright, the self-proclaimed Satoshi Nakamoto and the Founder of nChain, and Savanah Stephane, the former Director of Scientific Research at nChain. The three patents are:
- A method and system for verifying integrity of a digital asset using a distributed hash table and a peer-to-peer distributed ledger.
- A method and system for verifying ownership of a digital asset using a distributed hash table and a peer-to-peer distributed ledger
- A method and system for verifying ownership of a digital asset using a distributed hash table and a peer-to-peer distributed ledger.
Digital Rights Management is a marketplace which connects producers directly to the consumers and ensures that they are rewarded for their creativity. To facilitate this opportunity with the use of blockchain technology, the patents were invented.
The first patent makes use of the standard Bitcoin Cash [BCH] transaction along with an additional metadata. The metadata will include a reference to an entry within an external distributed hash table. In the table, the signature of the digital asset, added to the signature of the distributed hash table must align with the signature of the blockchain transaction to validate the integrity of the asset.
The second patent adds another set of cryptographic operations on top of the first invention to validate the ownership of the digital asset. The third patent is a logical extension of the second invention and is a computer software which checks the rights of the user to access the asset.
Thomas Rodriquez, a Blockchain Advocate says:
“I checked your company out recently, and I think you have a great thing going. You seem to be on the right track. Now, I understand and appreciate the straightforward attitude you have with the statements you make on here.”
Jeremiah Markus, a Twitterati says:
“Congratulations! I pity those that don’t understand the necessity of intellectual property.”
Patrick Daoust, another Twitterati says:
“Great news for BCH supporters”