J.P. Morgan Files Patent for Blockchain-Powered Payments

[Artlee87]

http://fortune.com/2018/05/04/jpmorgan-blockhain-patent/
Three hours ago Fortune released this story. I think it's super interesting considering the past outspoken views of Jamie Dimon about BTC being a bubble/fraud. What do you guys think?

[cryptotezi]

It is really great news for the industry. I believe banks who were thinking blockchain technology rigidly, will be cold now and welcome the tech very friendly. And I am expecting a great bump up in the banking channel in coming days.

[Xester]

http://fortune.com/2018/05/04/jpmorgan-blockhain-patent/
Three hours ago Fortune released this story. I think it's super interesting considering the past outspoken views of Jamie Dimon about BTC being a bubble/fraud. What do you guys think?

J.P. Morgans patent is not on bitcoin but rather on the blockchain technology to be used in the banking system. There is no connection between the statement of bitcoin as a bubble and the integration of blockchain system to banks by JP Morgan. As you all know JP Morgan is one of the pushers of the approval of the Federal Reserve he is working hand in hand with the Rothschild and today they are going to  counterattack against cryptocurrency by applying the same technology to the banks.

But since they are going to use the Ethereum platform then its only a matter of time that Ethereum will rise and possibly be the rival of bitcoin in terms of being the king of cryptocurrency.

[vladaziya1]

Because it attracted me and I liked it. After that I began to study the whole structure in detail and analyze it, and then I bought it.

[sindikat]

http://fortune.com/2018/05/04/jpmorgan-blockhain-patent/
Three hours ago Fortune released this story. I think it's super interesting considering the past outspoken views of Jamie Dimon about BTC being a bubble/fraud. What do you guys think?

J.P. Morgans patent is not on bitcoin but rather on the blockchain technology to be used in the banking system. There is no connection between the statement of bitcoin as a bubble and the integration of blockchain system to banks by JP Morgan. As you all know JP Morgan is one of the pushers of the approval of the Federal Reserve he is working hand in hand with the Rothschild and today they are going to  counterattack against cryptocurrency by applying the same technology to the banks.

But since they are going to use the Ethereum platform then its only a matter of time that Ethereum will rise and possibly be the rival of bitcoin in terms of being the king of cryptocurrency.

I do not understand why patents are given for the use of blockchain in the banking system of payments. This technology does not belong to anyone. It should be available for use in any field of human activity. What did Morgan upgrade to be eligible for a patent? Another attempt to subdue all oligarchs.

[BrewMaster]

there is a popular saying among bitcoiners (of course it is a quote from Mahatma Gandhi) that i think is the best answer to this. it goes like this:
First they ignore you, then they laugh at you, then they fight you, then you win.

enough said

[franky1]

nothing new
patent application in october and rejected.. thus nothing has changed.

only thing to take from this is that JPmorgan are involved in their own banker cartell DLT(distributd ledger technology) thus no impact to bitcoin, but shows what we already knew from the hyperledger/enterprice ethereum allience. that the banks want to control their costs and reduce audit costs by moving from old database models to DLT(closed private blockchains)

[First77]

Now world economy is worth some $50,000,000,000,000. Never heard of $10 billion or $100 billion got hacked from banks (present technology)  

Why the need for blockchain ??

[jeffer8035]

it was just a maneuver by jamai dimon below to go away from the platforms and from many bitcoin since its bank one of the most powerful in the world is threatened by bitcoin because it knows that it can not control what a global community has and many Americans are they remember the bubble created by them and they no longer trust the banks that steal their money they are desperate to control our bitcoin because it is a gigantic community that covers the whole world and he only manages one bank and we millions of computers and we have our own bank in ours we do not need you to control our money

[Kprawn]

It is really great news for the industry. I believe banks who were thinking blockchain technology rigidly, will be cold now and welcome the tech very friendly. And I am expecting a great bump up in the banking channel in coming days.

No my friend, you do not want any Blockchain based patent to be awarded to any Banks. They want this for all the wrong reasons

and they will use this to destroy all other cross border payment systems that use the Blockchain. This is just another form of an

attack on Bitcoin and Blockchain based technologies. Luckily for us, Bitcoin is decentralized and virtually unstoppable or they

would have laid claim on all payments with Bitcoin, but they know it will fail, so they are targeting use cases that can be regulated.

[LeGaulois]

Now world economy is worth some $50,000,000,000,000. Never heard of $10 billion or $100 billion got hacked from banks (present technology)  

Why the need for blockchain ??

The blockchain technology can drastically reduce the costs for the banks (in million $ per year per bank) it improves their security. You may have never heard about a bank hacked, but for example, the American banks are targeted daily with DDOS et al, you just don't see it in the news. Take a look at what happened to SWIFT as well. We can imagine using the blockchain to make a bank transfer from SEPA to SWIFT and vice versa. We can also think about the uses of smart contracts.
The bank of America own over 50 blockchain related patents so there are surely some uses to do with it.

[butka]

What I don't really understand is what part of blockchain technology they are actually patenting.

I mean, after all, it's all open source. And not just any kind of random open source code.

It's a code that is being perfected every day by the best possible developers one can have.

They cannot possibly begin to pay to produce better code with all their billions.