Singapore will accelerate the review of patent applications on the use of blockchain

The Singapore intellectual property office announced a new initiative to accelerate the process of granting patents for FINTECH-applications, in particular related to the use of the technology of the blockchain.

The program was announced in the framework of the world intellectual property day 2018. According to the Ministry, the initiative FinTech Fast Track will allow to reduce the process of granting patents is about two years to six months. Its representatives also invite applicants to specify in patent applications on the blockchain in less than 20 requirements that would expedite the process of their consideration.

In determining whether an application under the category of Finance, the Ministry proposed to consider the presence of a blockchain that is used to facilitate the implementation of Bank payments.

«The introduction of blockchain technology to improve the safety and efficiency of clearing and international payments is definitely pineham,» – said in a statement.

This step marks another significant effort undertaken by the government of Singapore to facilitate the application of blockchain technology with the aim of developing FINTECH-state.

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