JPMorgan Files Patent Application On 'Bitcoin Killer'

Velcroman1 writes "Banking giant JPMorgan Chase has filed a patent application for an electronic commerce system that sounds remarkably like Bitcoin — but never mentions the controversial, Internet-only currency. The patent application was filed in early August but made publicly available only at the end of November; it describes a 'method and system for processing Internet payments using the electronic funds transfer network.' The system would allow people to pay bills anonymously over the Internet through an electronic transfer of funds — just like Bitcoin. It would allow for micropayments without processing fees — just like bitcoin. And it could kill off wire transfers through companies like Western Union — just like Bitcoin. There are 18,126 words in the patent application. 'Bitcoin' is not one of them."

Comments

Maybe the Patent Office will notice

[eclectus]

Maybe the patent office will notice a bit of prior art? One can hope, right?

Re:Maybe the Patent Office will notice

[Cryacin]

But think of the levels of trust! SURELY, you would trust a treasured name in industry, over a rag tag bunch of pirates who choose to remain anonymous, right? Anyone would trust these guys with their money.

Re:Maybe the Patent Office will notice

[DrPBacon]

I'd trust Natalie Portman with my money.

If you patent prior art, I feel bad for you son.

[gandhi_2]

It's got 18 thousand word, but a 'bit' ain't one.