Blockchain Patent Race Is on, but Hurdles Await

A wide array of corporations, including Alphabet Inc.'s Google and Bank of America, are lining up to enter a potentially lucrative club: one that allows them to own patents on blockchain technology.

But getting past the patent office’s velvet rope won’t be easy.

Blockchain inventions -- from digital currencies to super-fast, secure trading systems -- often cover software and financial service-related technologies. The U.S. Patent and Trademark Office has a track record of leaving applicants out in the cold if they seek patents for presenting other types of software or financial services inventions that are too abstract or obvious.

“Especially ...