Facebook’s Crypto Libra & Corporate Blockchains: Existential Threats to Bitcoin?

P. H. Madore
Facebook's much-hyped Libra makes a splash, sparking the era of mainstream private cryptocurrencies. | Source: Shutterstock

By CCN Markets: When we think of Facebook entering the crypto space with Libra, we need to consider it holistically. There’s a lot more going on here than some social networking giant splashing around in the crypto space. There’s something much more significant we should think about: the litigation that comes along with major companies.

Libra liabilities: Intellectual Property and Courtrooms

To date, we’ve largely ignored this reality, but the truth is that Facebook and others entering the space brings its own set of challenges. For starters, there will be lawsuits. Somehow, someway, these companies will find themselves in court – with each other and more.

Secondly, there will be intellectual property. Will Craig Wright’s claims play a role in the development of the crypto space, as a result of the many patents he and his companies claim to be filing?

All we can know for sure is that companies don’t operate on an open source model as much as we’d love them to. Facebook may be using open source for its Libra project, but the company can likely concoct several blockchain patents, just as several banks and others have done.

Read the full story on CCN.com.