30s Summary

Blockchain company HUMBL has been granted a US patent for currency transfer technology. The system acts as a bridge between digital and fiat money using blockchain tech, allowing transactions between two digital wallets without any intermediary requirement. The tech took over four years to get approved by the United States Patent and Trademark Office, highlighting the regulatory issues small businesses in the blockchain and crypto sector often face. CEO Brian Foote spoke on the lengths of this process, suggesting it could hinder early-stage companies.

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So, the blockchain company known as HUMBL just got their hands on a patent from the United States Patent and Trademark Office (USPTO). This patent has been granted for their unique blockchain tech.

The patent, acquired on October 15, is all about a system they’ve made for swapping currency using blockchain. Look, this isn’t the first company to get a US patent for something related to blockchain, but with this one, the journey it took to get approved really shines a light on the regulatory problems smaller businesses in the blockchain and crypto sectors face.

What exactly is HUMBL’s new patented tech? Basically, it’s a blockchain-based system for transferring money. The info we have suggests it’s a kind of bridge between digital and fiat money that runs on blockchain tech. Basically, it’s a payment system that lets pretty much any two digital wallets in the world have a transaction without needing anyone or anything apart from the digital ledger itself.

The road to patent approval wasn’t exactly a short one for HUMBL – the tech took over four years to get approved. From what we’ve gathered from their application documents, there doesn’t seem to be anything particularly groundbreaking about their tech that would have caused them to wait so long for approval.

According to the USPTO website, the whole waiting time – or “pendency” – usually averages at around 26.2 months. You can see just how traditional “pendency” looks in a US patent application request.

Apart from waiting, HUMBL took the chance to strengthen its ties with the government. The company became Santa Cruz’s (in California) official digital asset service provider in 2023.

With the end of their long wait, HUMBL CEO, Brian Foote, seemed both relieved and grateful. But he also pointed out that the process can be tough on smaller companies, saying, “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.”

Source: Cointelegraph