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

Re:Something is wrong with the entire system

[Internetuser1248]

What other industry would you expect this idea to come from? Agriculture?

Sure, the idea is bloody obvious at this stage, why couldn't a farmer come up with it? My father was a builder and he came up with a lot of good ideas outside of his field. Of course he didn't have enough money to patent or market them.

Can someone mod this shill as a troll I have no points atm