Blockchain is a shared structure, having immutable ledger for recording transactions, tracking assets and building trust through several databases, known as chains, in a network connected through peer-to-peer nodes.
All network participants in the blockchain have access to the distributed ledger and its immutable record of transactions. As it is a shared ledger, it is public that can be inspected by anyone. Transactions are recorded only once, eliminating the duplication of effort.
Cryptocurrency is just one of the many applications of Blockchain technology. Other major applications include Smart Contracts, Cloud Storage, Supply-Chain Communications & Proof-of-Provenance, Electronic Voting among others. ·
The use of Blockchain technology is neither barred nor regulated. It is a peer-to-peer network consisting of computers, known as nodes, which employs algorithms to validate the transaction and the user’s status. Getting a patent on it is similar to getting a software patent based on an abstract idea/algorithm. Further, Section 3(k) of the India Patents Act 1970 describes that ‘there is no patent on the invention of any mathematical or business method or the computer programme or algorithms. Therefore, applications that depend on the basic features of blockchain can be developed without anybody’s permission