Tag Archives: MasterCard

Bank of America is granted (another) blockchain-type patent

Bank of America was granted last week a patent on a “cryptocurrency transformation system” that comprises a platform to manage exchange rates between various currencies, transfer requests, and customer accounts.

The timing could not be better. The price of a bitcoin as of December 12 is $17,756.96, up from $1,000 on January, and the premium on cryptocurrency and blockchain patents is sure to rise, too.

“Enterprises may handle a large number of financial transactions on a daily basis,” reported ETHnews, citing the bank’s patent. “As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to exchange currencies and cryptocurrencies.”

Blockchain-type Patents 

It is interesting to note that inventors from four different states are shown on the patent –  Georgia, Colorado, Florida and North Carolina, BofA’s home state. This may give some indication of the seriousness which it is taking the patent.

Top Assignees

According to an article in IP Watchdog, the four top assignees in the blockchain/cryptocurrency area are Bank of America, Mastercard, Paypal and CapitalOne, all financial entities. They followed by technology-based businesses IBM, Microsoft, Amazon and Apple.

Both groups appear to be pursuing leverage.

It is estimated that the Bank of America has filed more than 20 blockchain patents over the past four or five years. Its interest is unclear, but it may well simply want to prevent patent disputes by holding key patents.

For a copy of the new patent, issued on December 5, go here.

 

Image source: uponarriving.com; ipwatchdog.com

Bitcoin prices dive: 58 bitcoin facts that will amuse and enlighten

It has been a decade since the appearance of bitcoin, the alternative or cryptocurrency based on a blockchain, a “decentralized” network or shared ledger that facilitates transparency. 

The currency’s pricing gyrations have been nothing short of a roller coaster ride, with bitcoins trading in 2017 as low as $750 and as high as $5,000.

Bitcoin is down from its September 2 high of $5,000 “on speculation,” reports Coindesk, “that the Chinese government is launching a crackdown on [bitcoin] exchanges.” Some others are blaming JP Morgan CEO Jamie Dimon’s scathing attack on bitcoin for the meltdown in the prices seen on September 13.

Business Insider says that as of last September 7 bitcoin is up 355% for 2017 (for the current price, go here).  More recently, it has hit a three-week low, and some believe it appears to be hurtling toward correction at around $3,000.

Hyped & Misunderstood

“No term at present is more hyped or misunderstood than blockchain,” reports FORTUNE. “A blockchain is a kind of ledger, a table that businesses use to track credits and debits… [It is] a definitive record of who owns what, when.“tp

“Properly applied, a blockchain can help assure data integrity, maintain auditable records, and even, in its latest iterations, render financial contracts into programmable software… Even if participants don’t trust one another, they can rely on the shared ledger through the transaction dance of their software.”

Goldman Sachs, Bank of America and MasterCard are among the most frequent recipients of blockchain patents. As reported in IP CloseUp, patent publications and grants are on the rise.

But despite price volatility, or perhaps because of it, bitcoin continues to attract converts. Among those who accept transactions with them are Microsoft, PayPal, Fortune magazine, Intuit, Amazon, Home Depot, Target and more than 100 companies.

Bitcoin is not blockchain, but the currency made possible by a blockchain platform or “shared ledger that underlies it. This is said to allow for transparency without any one party controlling clearing or profiting unfairly.

Bitcoin = Blockchain 1.0

Bitcoin is one manifestation of the blockchain ecosystem. It is an example of what a blockchain can do, but it is just the beginning. Blockchain 1.0, if you will. Industries as diverse as energy, healthcare and law are already using variations on blockchain technology.

The attraction of bitcoin is many-fold. Most important, it is highly private if not totally anonymous and eliminates the cost of middle-man and confusion from lack of transparency. 16.4 million bitcoins have been minted; after 21 million no new coins will be created. Once all coins have been mined value from the system, it has been said, will be derived from transaction fees (kind of like shares of stock).

For a bitcoin primer go here.

For those of you interested in the history of the bitcoin and early blockchain era, the following infographic – “10 Years of the World with Bitcoin – 58 Insane Facts” – from BitcoinPlay will enlighten as well as amuse. Source urls can be found at the bottom of the image.

 

Image source: bitcoinplay.net; bitcoin.com

 

Financial patent eligibility and quality will be featured at Financial Services IP Summit, 7/22-23 in NYC

Legal executives from the leading banks and financial institutions, patent attorneys, outside counsel, prosecutors, judges and lawmakers will gather in New York July 22-23 to learn and discuss strategies after Supreme Court rulings on patent eligibility and decisions from the Patent Trial and Appeal Board.

The 12th Annual “Patents for Financial Services Summit” will examine such topics as:

  • The Supreme Court’s Alice Corp. v. CLS Bank International in light of future prosecution and litigation Patent reform, legislation, and recent changes in PTAB proceedings.
  • Best practices to fight patent “trolls”
  • Recent court cases such as Ultramercial V. Hulu, Teva v. Sandoz, Commil USA LLC v. Cisco Systems Inc.
  • How best to improve patent quality and drive innovation

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Speakers include executives from JP Morgan Chase, MasterCard, Visa, Wells Fargo, Morgan Stanley, The Clearing House Payments Company, SAP and Google.

Brody Berman Associates is a first-time partner and supporting organization of the Patents for Financial Services Summit, and IP CloseUp is a media partner. Your intrepid eye on IP, Bruce Berman, will be there, so stop by and say hello.

For the full program, including agenda and speakers, go here; to register go here.

-IP CloseUp readers receive $200 of of the registration fee if they mention promo code: IPC2XX.

Image source: worldcongress.com


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