On one hand there are tons of people running around talking about how cryptocurrency is a revolution that will change the world forever.
On the other hand, the usual suspects are doing their best to stake their claim in this potentially lucrative field.
Take J.P. Morgan, the warm and cuddly international banking behemoth. They want a piece of the pie in what could is already a multi-billion dollar business.
Their recent attempt to patent a proprietary system called Web Cash has been declined.
Here’s a link to the patent filing.
The summary of the invention states:
The present invention represents a new paradigm for effectuating electronic payments that leverages existing platforms, conventional payment infrastructures and currently available web-based technology to enable e-commerce in both the virtual and physical marketplace. The concept provides a safe, sound, and secure method that allows users (consumers) to shop on the Internet, pay bills, and pay anyone virtually anywhere, all without the consumer having to share account number information with the payee. Merchants receive immediate payment confirmation through the Electronic Funds Transfer (EFT) network so they can ship their product with confidence that the payment has already been received. The present invention further enables small dollar financial transactions, allows for the creation of “web cash” as well as provides facilities for customer service and record-keeping.
The concept of ‘web cash‘ should seem very familiar to you if you’re a fan of cryptocurrency.
J.P. Morgan was declined for this same patent late last year before but will continue to submit until they get approval for at least a portion of their plan. Some crypto purists may be concerned by unavoidable moves like this. Realists understand that companies will do their best to patent whatever technology they can as they rush into the altcoin sector.
This proves just how large the potential market is in their minds. Obviously they won’t be able to stay in business if millions of people switch to other payment systems so they are hedging their bets by creating their own technology. With their marketing prowess, it will introduce a vast market to the magic of cryptocurrency.
This is one more sign that alternative cryptocurrencies are here to stay. As multinational companies get in the game it will change the scope and the feel of the landscape, but it will also help growth take on an exponential flavor.
Companies like J.P. Morgan believe in centralization and control. It’s part of their DNA. Seeing how huge multinationals co-exist with the current bunch in the altcoin space is going to be very interesting indeed.
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