Blockchain technology enables networking from people to people, which thereby facilitates keeping a record of accomplishment of all monetary activities and implementing other similar valuable techniques. In contrast, it allows information and data to be transferred safely by using its blockchain technology and cryptography methods. Interestingly, this technology will reduce the chance of hacking if applied properly. It ensures consistency in decentralized structures by consolidating data into a single ledger in comparison to a centralized system.

This paper focusses on the patenting of blockchain technology and cryptocurrencies in India due to its additional benefits and increasing popularity in the recent years but there remains still some confusion among the innovators. Patenting it at a large scale would create difficulties and bits of challenges. Most of the large companies and corporates have started their investment of blockchain technology in various practice areas such as in real estate, pharmaceuticals, supply chain management, e-commerce etc.

Top companies of US and China have been on a rise in patenting blockchain technology. China is the leading country in filing patents (around 62%) whereas US is the leading country in getting its maximum patents being granted for this technology. Interestingly, due to its rising demand in the recent years' countries like India, UK and South Korea have shown an increase in the percentage of filing patents in blockchain technology.

But maximum of them fail to fulfill the conditions laid down in filing the patents. Section 3(k) of the Patents Act, 1970 acts as an obstruction as it excludes "a mathematical or business method or a computer program per se or algorithms" from getting patented. This is considered one of the most crucial barriers for cryptocurrencies and blockchain.

Introduction
Patent applications for blockchain innovation have been quickly expanding in all nooks and corners. Many individuals partner blockchain with cryptographic money, however the innovation is more like a safe and straightforward computerized record that fills in as the establishment for patentable thoughts. At present, each huge tech business is taking a gander at how they could apply blockchain innovation to their specific industry, and partnerships like IBM are getting many licenses to situate themselves as blockchain innovators.

This paper means to investigate the basic difficulties looked by pioneers in protecting digital currencies and blockchain innovation inside the Indian legitimate structure. By looking at the ongoing regulations, administrative climate, and explicit contextual investigations, we try to give an extensive comprehension of the obstructions and arrangements. Through this examination, we mean to add to the continuous talk on how Indian patent regulation can adjust to oblige and encourage advancement in the quickly developing field of blockchain innovation and cryptographic forms of money even more likely.

Current scenario in India
The latest patent awards of the Indian Patent Office seem to show that computerized related developments are patentable under section 3(k) of the Patents Act, 1970 assuming they give a specialized answer for a specialized issue by giving a down to earth application or a better specialized effect of the fundamental programming.

The High Court of Delhi, while deciphering the word on account of Telefonaktiebolaget Lm Ericsson v. Intex Advances (2015), decided that "any development which incorporates a specialized commitment or makes a specialized difference and isn't exclusively a PC program fundamentally" is patentable. Yet again this translation was maintained by the single adjudicator of the Delhi High Court in Ferid Allani versus Association of India and Ors. (2019), wherein it was held "On the off chance that the development shows a "specialized impact" or a "specialized commitment? It is patentable despite its very well founded on a computerized program.

As per the NASSCOM report, many states in India have started their investments in blockchain with the total exceeding USD 20 billion in value. These types of investments are on a rise with the advent of technology especially after India faced the demonetization stage. The need for cashless activities and online presence has become quite prevalent in India since the past few years. Hence the emergence of rapid growth of blockchain innovations will help in shaping a prominent digital culture in India.

But despite its advantages, it is still facing issues in getting itself patented. There is a lack of efforts from the Indian government sides and even it is unable to comply with the international rules and regulations which makes it unfit for the Indian market.

Critical challenges faced
Despite its demand in patenting, it is facing challenges in the Indian industries because of the developing nature of both legal and technological environment. Blockchain technology with its unique features poses many challenges and acts as a hindrance in meeting the criterions of patenting. In addition to that, the patent structure of India, which is more inclined towards additional substantial advancements, faces difficulties with theoretical and algorithmic nature of blockchain creations. The rapid growth in technology and the requirement of specific assessment ability further confuses the process of patenting the blockchain advancements in India.

Lack of implementation:
The Indian Government somehow lacks the motivation to regulate and comply with the basic rules of implementing the blockchain technology. Once this process is adopted it will clearly show a fast growth in the Indian markets.

High costs:
The applications for blockchain can only be tested and used for cryptocurrencies. The banks are responsible for hiring blockchain specialists to achieve a large-scale PoC (Proof of Concept) success. But, hiring blockchain innovators involves a lot of expenses which in turn makes the adoption process complex. (https://www.mapsofindia.com/my-india/india/blockchain-technology-adoption-in-india-prospects-and-challenges).

Opens gateway for money laundering:
With the advent of cryptocurrencies in India, it will open new gateways for money laundering and many such illegal activities. Due to their decentralized nature, higher authorities are facing a lot of difficulties in coming to a particular decision. Thereby, the participants compromised facilities will give an advantage to the offenders of misusing those customers online who are less likely to be tech-savvy. Therefore, these transactions of cryptocurrencies will give an opportunity to the criminal offenders to exploit illegal activities which will be harmful for the country.

Scalability:
It becomes quite challenging for several blockchains to provide support to everyone at the same time. As a result of the substantial number of customers, Bitcoins and Ethereum often experience high exchange fees and a good exchange rate system. Albeit this, thorough research has provoked about making these two blockchain framework- Bitcoin and Ethereum more corresponding and the conversation around the suggestions seems to be especially different.

Due to the wide reception this technology can cause worries too about its flexibility. BCH, a method was created to address Bitcoin's current emerging issues especially the exchange expenses and the versatility factor. On the other hand, IOTA offers greatest benefit in comparison to other digital currencies as zero exchange charges, and this also provides a seamless adaptability, unlike the remaining cryptos where there are facing issues with scaling measures. Hence, their scalability, information security, and its classification are some of the difficulties that need to be addressed soon. Addressing these concerns would make blockchain technology a super key element for EVs.

Conclusion
In conclusion, the patentability of blockchain innovation and cryptocurrencies will create hurdles, mainly because of the theoretical approach of these advances, uncertainty in regulation, authorization hardships, and administrative vulnerability. Tending to these difficulties requires a diverse methodology, including legitimate changes, industry joint effort, and instructive drives. By making a steadier and clearer environment for patenting, India can cultivate development and keep up with its seriousness in the quickly advancing field of blockchain and cryptographic money innovation.