The emerging Web3 technology has sparked a flurry of patent filings among some of the biggest companies in the world. Web3 is an umbrella term for the decentralized internet, where blockchain technology is used to create more secure, private, and interoperable online experiences.
Many companies are seeking to protect their intellectual property in this rapidly growing space. Here are five companies that have filed Web3 or NFT (non-fungible token) patents:
## 1. Fidelity
Fidelity, the financial services giant, has filed a patent for a system that uses blockchain technology to verify and authenticate academic credentials. This would enable educational institutions to securely issue digital diplomas that can be easily verified by employers, reducing the risk of fraud.
## 2. Formula 1
Formula 1, the world’s premier motorsports organization, has filed a patent for a system that uses blockchain technology to create a “digital passport” for race cars. This would allow for more efficient tracking of a car’s performance and maintenance history, as well as enabling fans to have access to exclusive content and experiences.
## 3. Western Union
Western Union, the global money transfer company, has filed a series of patents related to the use of blockchain technology in cross-border payments. One system would use smart contracts to automate the settlement and reconciliation of transactions, while another would use blockchain to create a decentralized database of customer information.
## 4. Mastercard
Mastercard, the payments giant, has filed a patent for a system that uses blockchain technology to enable faster and more secure payments between different currencies. This would allow for more efficient and cost-effective cross-border transactions, which are currently slow and expensive due to the need for intermediaries.
## 5. IBM
IBM, the technology giant, has filed a patent for a system that uses blockchain technology to create a decentralized platform for digital rights management. This would enable content creators to securely and transparently manage ownership and usage rights for their digital creations, such as music, video, and artwork.
As the Web3 landscape continues to evolve, it will be interesting to see how these and other companies leverage their intellectual property to gain a competitive edge. In the meantime, patent filings provide a glimpse into the kinds of Web3 innovations that are in the works, and showcase how blockchain technology is being applied to a wide range of industries and use cases.
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According to https://blockworks.co/news/web3-patents-companies-filing
The material in this article is written on the basis of another article.