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Author Topic: Comments on the GS SETLcoin patent  (Read 95 times)
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July 18, 2017, 05:13:37 AM

I've scanned the GS patent on it's settlement coin a little. I don't see it as a big deal. Apparently a point is to automate the lower the cost of handling securities trades.

Here are some of the meta issues that obscure a patent lock on crypto.

1) Their patent is a US patent only. To have more control, they would have to file patents in every separate patent jurisdiction. Europe, China, Russia etc etc. International patents are a headache and other national patent offices are certainly not bound by the way the USPTO handled the filing. To avoid this patent, what happens if you use an exchange that's in a foreign jurisdiction?

2) Prior art. If someone else in some sort of publication has previously communicated elements of the GS patent even in a foreign language, this is considered prior art. Parts or all of the patent could be invalidated if it overlaps with anything previously published in any language.

3) Obviousness. If something is obvious to someone schooled in the "art", not patentable.

There is another problem with the GS patent which is typical of business types and that is to take an existing process and mush some new technology to try to improve it. This is opposed to starting out with a blank sheet of paper and doing a redesign from scratch. I don't understand how you couldn't handle stock settlement with some sort of etherium smart contract.

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