LuxTag Being Claimed as the First Patented Blockchain Project in Malaysia
In recent years, the term “blockchain technology” has ceased to seem ghostly and incomprehensible for the majority of people. Fewer and fewer of them perceive blockchain as a scam and mistrust its usage in many sectors of human race development.
Like any other innovations created in the past, blockchain solutions become a dedicated object for patenting. Every year the number of patented products grows in accordance with the increase in the number of structures built on this technology.
According to research conducted by the iam-media, since 2012, applications for patenting solutions based on blockchain technologies are approximately doubled every year. When in 2018, the number of blockchain patents amounted to a little more than 4,500, at the beginning of 2019, this amount already reached 2,350 in the first four months.
It will not be a surprise for us when official statistics at the end of this year provide the world with the recent data, and the number of patents will increase even more.
However, the distribution of blockchain patents on the world map is unequal: China and the USA are the undisputed leaders in the number of patent applications in this sector.
As far as we know, in recent years, Southeast Asia has been extraordinarily active in the blockchain technology environment. In our previous articles, we talked about why specifically Malaysia is one of the best countries for creating a blockchain startup and mentioned four diverse examples of blockchain-based platforms made in Malaysia.
The question arises. How many blockchain patents have already been applied in Malaysia? The number is quite low, as the country is still a very young player in the high technology field.
On the 31st of October 2019, the team of LuxTag, attended the 3rd talk hosted by the FEP department of UKM University. The series of talks aim to develop an objective for the sandbox project of the blockchain implementation within UKM community. During the session, the speaker Mr. Rushdi Abdul Rahim (Senior Vice President of MIGHT) presented on numbers of blockchain-related patents held by applicants from various countries. He then asked the audience for a good guess what they think was the number of registered patents in Malaysia. Twenty?
The answer was one.
On the 28th of November 2018, the LuxTag solution was granted the Australian Innovation P which stems from the provisional US patent application from January 2017. To this moment, LuxTag is the only patented Blockchain innovation project in Malaysia. We are incredibly proud to be pioneers in this field in Malaysia and look forward to the emergence of new patent applications for various blockchain solutions made here.
Nevertheless, despite accommodating conditions for blockchain companies in Malaysia, there are some limitations to take into account. Several factors may make patenting of the blockchain technology complicated in this country. Some of them are directly related to the registration of business in Malaysia.
As already mentioned, Malaysia is a newcomer country in the world of technology development. We expect to see that in the future, the number of officially patented blockchain products in Malaysia will continue to grow, and that will help to secure our country’s permanent spot on the blockchain world map.