Friday, August 12, 2022

Patenting Fintech: ArentFox Schiff Obtained Patent for Safe Crypto Pockets and Cryptocurrency Cost Protocol | ArentFox Schiff

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Using cryptocurrencies for on-line purchases has been steadily gaining recognition. Nonetheless, utilizing crypto to pay for items in shops has been sluggish because of the lack of infrastructure that may assist crypto transactions. Tangem AG has obtained a patent for expertise that permits crypto transactions over standard POS terminals with out modification of the prevailing infrastructure.

Typical digital fee techniques, similar to MasterCard, Visa, and Europay, don’t assist cryptocurrency transactions of their default state. In different phrases, a buyer can not merely pay for groceries utilizing a cryptocurrency on the native grocery store’s Level-of-Sale (POS) terminal. To deal with this deficiency, Tangem, a Swiss fintech pioneer, has developed and patented a safe cryptocurrency {hardware} pockets and related cryptocurrency transaction authorization protocol suitable with the standard digital fee techniques. Thus, a vendor doesn’t need to buy a separate POS terminal configured particularly for cryptocurrency transactions.

Tangem’s US Patent No. 11,315,113 describes a safe crypto pockets, which could be carried out as a smartcard or smartphone app, that shops prospects’ personal cryptographic keys to crypto funds. The pockets is configured to work together with a standard POS terminal utilizing a regular single-tap contactless method or an insert-your-card contact method made with a chip and PIN financial institution card. The patent additionally describes a novel blockchain transaction authorization technique by which a POS terminal can receive a blockchain transaction signature (authorization) from the client’s {hardware} crypto pockets and transmit this authorization over a standard digital fee community by embedding vital information into the usual digital messages.

One of many major challenges of prosecuting fintech patents is overcoming the subject material eligibility rejections beneath 35 USC 101 in view of the Supreme Courtroom determination Alice Corp v. CLS Financial institution, which restricts patentability of sure enterprise strategies. This problem could be even better in case your patent software is assigned to the USPTO artwork models 3620 or 3680, which study enterprise technique patents and are infamous for his or her prosecution issue, with patent grant charges as little as 25% and 30%, respectively. Regardless of being positioned within the artwork unit 3680, ArentFox Schiff patent attorneys had been in a position to procure the patent for Tangem, inside six months from the submitting date, with minimal prosecution utilizing well-developed patent drafting methods, similar to emphasizing the invention’s technical elements and enhancements over standard technical requirements.

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