Blockchain technology company HUMBL has successfully obtained a patent for a blockchain-based currency trading system from the United States Patent and Trademark Office (USPTO). The patent, which was officially granted on October 15th, covers the company’s innovative “blockchain-based currency transfer system and method.” This approval represents a significant step forward for HUMBL, which has been developing the system for several years.
While HUMBL is not the first company to receive a patent in the blockchain space, the lengthy approval process highlights the regulatory challenges that small and medium-sized businesses in the blockchain and crypto space continue to face. This patent approval highlights how time-consuming it can be to navigate complex intellectual property laws, especially in a rapidly evolving industry like blockchain.
Blockchain-based digital currency bridge
HUMBL’s newly patented technology is designed to function as a system that facilitates currency transfers using blockchain. The technology aims to act as a bridge between digital currencies and traditional fiat currencies, enabling seamless transactions between users anywhere in the world. The system allows two parties to execute transactions between digital wallets without the need for an intermediary, using blockchain as the sole infrastructure to verify and secure transfers.
According to details provided by HUMBL, this payment system has the potential to revolutionize the interaction between digital and fiat currencies, offering users a more efficient and transparent way to send money around the world. Such a system could significantly reduce the friction associated with currency conversion and cross-border transactions by eliminating the need for third-party intermediaries.
Regulatory challenges and extended approval times
Despite the seemingly simple nature of this technology, the approval process for HUMBL’s patent took more than four years to complete. The long wait times for approval highlight one of the key regulatory barriers faced by early-stage companies in the blockchain industry. According to HUMBL’s filing, there was nothing unusual about the system that would explain why it took so long for the patent to be granted. However, the extensive regulatory landscape for blockchain and cryptocurrency technology may be contributing to the delay.
The USPTO’s average “pendency” period (the time between filing a patent application and receiving a decision) is approximately 26.2 months. However, HUMBL’s experience significantly exceeded this timeline and raised questions about the efficiency of the regulatory process, especially for blockchain startups seeking to innovate in a fast-paced environment.
During the waiting period, HUMBL successfully established strategic partnerships to strengthen its market position. In 2023, the company became the official digital asset service provider for the City of Santa Cruz, California. This partnership helped HUMBL maintain visibility and relevance in the blockchain space while awaiting patent approval. The relationship with Santa Cruz also demonstrates the company’s ability to develop strong relationships with government agencies, which could be a key element of the company’s long-term growth strategy.
CEO comments on the patent process and its impact
Following the patent approval, HUMBL CEO Brian Foote expressed a mixture of relief and concern about the challenges associated with protecting intellectual property in the blockchain industry. He noted that while the company appreciates the patent approval, the lengthy process is a major hurdle for small and medium-sized companies like HUMBL. He highlighted the financial burden of navigating a lengthy approval process, particularly in terms of litigation costs and time spent meeting regulatory requirements.
Foote also suggested that such delays could have a stifling impact on innovation, as small and medium-sized enterprises may struggle to continue operating while awaiting key approvals. . The sheer length of time and associated costs could prevent other emerging blockchain companies from obtaining patents or developing breakthrough technology, potentially slowing the pace of innovation in the field.
Looking to the future: possibilities for growth and innovation
With this patent, HUMBL is in a position to leverage the newly protected blockchain payment technology to expand its services in the digital currency space. The company’s systems have the potential to streamline global transactions and make it easier for individuals and businesses to interact across borders. As more industries explore the capabilities of blockchain, HUMBL’s technology could become a valuable tool for increasing financial transparency and reducing the complexity of currency transfers.
This patent approval also highlights the importance of regulatory adaptability in a fast-growing field like blockchain. As startups like HUMBL continue to push the boundaries of digital finance, the regulatory environment must also evolve to better accommodate the unique challenges posed by blockchain technology.
