As a seasoned crypto investor with a keen eye for blockchain technology and its applications, I find myself both impressed and dismayed by HUMBL’s recent patent approval for their blockchain-based currency transaction system. On one hand, it’s exciting to see innovative solutions like this receiving the recognition they deserve from established institutions like the USPTO. However, the four-year wait for patent approval is a stark reminder of the regulatory challenges faced by small businesses in the crypto sphere.
Just now, the blockchain company HUMBL revealed that the U.S. Patent and Trademark Office (USPTO) has officially granted a patent for their innovative blockchain technology.
The patent, titled “System and Method for Transferring Currency Using Blockchain,” was granted on October 15th to HUMBL. In simpler terms, the patent is about a system and method designed for transferring money using blockchain technology, which HUMBL received approval for on that date.
Despite not being the pioneer in acquiring a U.S. patent for blockchain innovation, the duration leading up to its approval underscores one of the regulatory hurdles often encountered by smaller entities operating within the blockchain and cryptocurrency sectors.
Patent approval
It seems that HUMBL has recently been granted a patent for a new technology, which appears to be a digital currency transaction system built on blockchain technology. Essentially, this system could act as a bridge between digital and traditional (fiat) currencies, allowing for seamless transactions in both directions.
With this payment system, as explained, it’s possible for almost any pair of digital wallets worldwide to conduct transactions directly, without requiring any third-party intermediaries other than the digital ledger.
As reported by HUMBL, the patent was finally granted after more than four years of waiting. Upon initial review of the application materials, it seems that there’s nothing particularly remarkable or exceptional about the technology described in the patent, which might explain its prolonged approval process.
According to the United States Patent and Trademark Office’s (USPTO) data, the typical duration from submitting a patent application to its final approval or rejection is approximately 26.2 months.
While waiting, as per CryptoMoon’s report, HUMBL strengthened its connections with the government by serving as the official digital asset service provider for the city of Santa Cruz, California, in 2023.
After the prolonged anticipation, Brian Foote, Head of HUMBL, expressed both relief and gratitude in an article published in relevant press communications, following the wait.
However, he also described the process as potentially chilling for small businesses:
“While these have been some long years spent getting this patent issued … [the length of the process] makes it hard for an early-stage company to stay afloat during that amount of years, legal costs and time spent responding.”
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2024-10-17 22:38