Smart Contracts Patent Filings on the Rise

You can expect more and more

I previously wrote about smart contracts showing up in patent filings. I wanted to do an update to that post to see how many more filings have shown up.

In the previous post on July 21, 2016, there were seven published patent applications that mention smart contracts. Rerunning the search on March 19, 2017, shows that there are now fifty-six published patent applications that mention smart contracts. This growth in filings is consistent with the rise in the number of patent filings that mention bitcoin, blockchain, and distributed ledgers. Patent filings show maturity in a new technology space, an issue I’ve discussed before, and smart contracts are proving to be no different. The chart below shows the growth on the horizon.

The number of patent filings that mention smart contracts published in 2015 jumps dramatically in 2016. Considering that the Ethereum project went live in late 2015, it is not surprising that we don’t see many filings in 2015. Now that Ethereum has proved itself, and use cases for smart contracts are being tested, there will likely be many more filings that mention smart contracts. Three months in to 2017 we are on track to surpass 2016, and probably see around 80 patent filings that mention smart contracts.