As we have talked about showing you a patent and from some last videos, we have also been showing you different patents related to Ripple and XRP. But for today’s video, you should first know what exactly is a patent and then after the video, you can decide for yourself, where this unique crypto currency stands.
So, by definition, a patent is a government authority or licence conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention. It is the granting of a property right by a sovereign authority to an inventor. This grant provides the inventor exclusive rights to the patented process, design, or invention for a designated period in exchange for a comprehensive disclosure of the invention. They are a form of incorporeal right.
Now what you have to keep in mind here is that a patent provides exclusive rights to that particular company, institution or whatever you can say. No other person or authority has a right over this and only that company can use it.
Now if you had some confusion regarding the previous patents related to XRP, now you know that what they actually meant for XRP. Patent applications are normally handled and approved by government bodies. In the United States, the U.S. Patent and Trademark Office (USPTO), which is part of the Department of Commerce, handles applications and grants approvals.
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