The U.S. Patent System Must Change In The Bitcoin Priced Deflationary Future
Bitcoiners understand that ideas are best built upon in a system that does not restrict innovation.The Price of Yesterday’s Innovation: Applying Insights From Jeff Booth’s “The Price of Tomorrow” To The U.S. Patent System*Special thanks to Jeff Booth for discussing these ideas with the author.In his 2020 book, “The Price of Tomorrow: Why Deflation Is the Key to an Abundant Future,” Jeff Booth describes two opposing forces at the core of our economy: fiat monetary debasement (i.e., money printing) and technological advancement. Monetary debasement is inflationary, as prices rise when more....
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10 new patent publications filed by Bank of America have been published by the U. S. Patent and Trademark Office (USPTO) last week. The bank's patent applications were filed in June, last year. The USPTO has published 10 patent applications filed by Bank of America in relation to cryptocurrencies. The original filing was done in June 2014 and the 10 new applications add to an existing filing for a wire transfer system involving cryptocurrencies by Bank of America, published in September. While the bank's official plans or endeavors with cryptocurrencies are still unknown, the following....
With so much blockchain technology publicly disclosed already, many are wondering, "How can we get a patent on a blockchain system now?" In a previous article, we explored whether Satoshi Nakamoto could have patented bitcoin and whether such a patent would have survived an eligibility challenge. But regardless of whether a viable bitcoin patent exists, both Nakamoto’s 2008 article describing the bitcoin system and the bitcoin network in operation since 2009 qualify as "prior art" against any new attempt to patent a blockchain system. There are a few legal and practical....
VeChain Global Technology has petitioned for a patent with the U.S. federal agency Patent and Trademark Office (USPTO). Filed on April 22nd, 2021, the application seeks to register methods, devices, blockchain nodes, and a system for carbon recording and trading, per the document published by the agency. The patent has been attributed to Jianliang Gu, […]
There are some indications pointing towards Paypal finally introducing official support for Bitcoin and other cryptocurrencies. Paypal has filed a patent for a modular payment system. Although it seems to indicate this will be a hardware device of some sort, there is also a mention of using a virtual currency wallet system. Every time a company files a patent for some new form of payment technology, there seems to a buzz of excitement in the air. In the case of PayPal, their patent application revolved around a modular payment system, which offers some interesting traits. The PayPal....
The Bank of America Tower in New York City. Bank of America has filed a patent with the US Patent & Trademark Office (USPTO) for a system of wire transfers using cryptocurrency. Published 17th September, the patent describes a system in which funds are sent between accounts using cryptocurrency technology. The word "blockchain" or "block chain" does not appear in the patent. Thomas Edward Durbin and James Gregory Ronca, authors of the filing, state: "Enterprises handle a large number of foreign wire transfer requests on a daily basis. As technology advances, foreign transactions have....