The blockchain, as underlying technology of Bitcoins, has implications that reach far beyond the original intent as virtual currency. In this paper, we investigate how blockchain technology can be encompassed in the innovation process and bring huge benefits to the patent system as well as copyrights, trade secrecy, defensive publications, and open innovation. We further explore the institutional support for the technology necessary for a successful implementation, in form of legislations and governmental projects. We find out that numerous authorities have started voting favorable legislations and recognizing the technology as a valid public ledger. Ultimately, we confirm our findings by interviewing three actors involved in the innovation process.
Keywords: Bitcoin, Blockchain, Intellectual property, Legislation, Innovation