Blockchain firm HUMBL has been granted a patent by the United States Patent and Trademark Office (USPTO) for its innovative blockchain-based payments system. The patent, titled “System and Method for Transferring Currency Using Blockchain,” was officially issued on October 15, marking a significant milestone for the company in its pursuit of blockchain solutions for financial transactions.
HUMBL’s Blockchain Payment System
HUMBL’s patented technology is designed to facilitate seamless currency transactions using blockchain, effectively acting as a bridge between digital assets and fiat currencies. The system allows two wallets to conduct transactions without the need for intermediaries, relying solely on blockchain’s digital ledger for security and transparency. According to the company, this technology could enable near-instant global payments, eliminating many of the inefficiencies seen in traditional payment systems.
Patent Approval Process: A Long Journey
Securing this patent was no small feat. HUMBL’s CEO, Brian Foote, noted that the process of obtaining a U.S. blockchain patent was especially challenging for a small business. It took more than four years for the patent to be approved, far exceeding the average pendency time of 26.2 months for U.S. patents.
While there doesn’t seem to be anything particularly complex about the technology itself, the lengthy approval process highlights the regulatory hurdles smaller blockchain companies often face. Foote expressed relief that the process was finally complete but emphasized how difficult it can be for early-stage companies to endure the financial strain and legal complexities associated with patent applications.
Building Government Ties During the Wait
While awaiting patent approval, HUMBL strengthened its position by becoming the official digital asset service provider for Santa Cruz, California, in 2023. This partnership helped bolster the company’s reputation and demonstrated its commitment to integrating blockchain technology into real-world applications.
With its newly issued patent, HUMBL is poised to make significant strides in the blockchain payments sector. However, CEO Brian Foote’s comments reflect the broader challenges faced by small businesses navigating the complexities of patent approval in the evolving cryptocurrency and blockchain landscape.
