Bank of America Wins Patent for Crypto Exchange System

Crypto Exchange

As cryptocurrencies like Bitcoin continue to rapidly rise in value, countries around the world are beginning to take the cryptocurrency more seriously. In the United States, the second largest bank in the nation, Bank of America, has just won a patent for a crypto exchange system, which they intend to develop for corporate clients. The system would theoretically be able to easily convert one digital currency into another while establishing the exchange rate between those two currencies based on external data.

The patent states that:

Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to exchange currencies and cryptocurrencies.

The proposed system — which is, at present, only a patent and not yet a fully realized system — has three facets: the customer’s account, and the two businesses running the system. Like money in a traditional checking account, the customer would store their cryptocurrency in an account. The second account would hold currency to be sold, and the third would contain the currency the customer is converting to.

Going Digital

Making cryptocurrency so readily accessible and convertible could truly change the nature of crypto transactions. While currencies like Bitcoin are rapidly rising in value, there are some that fear the currency isn’t inherently valuable. Additionally, it’s not yet a widely accepted currency, so at the moment uses outside of online transactions and investment are somewhat limited.

Technology that simplifies the conversion of digital currencies will make them not only easier to use but ideally will further legitimize cryptocurrencies in general.

Of course, not everyone supports the mainstream adoption and incorporation of crypto by big banks. Then there are places like Catalonia setting interesting precedents for cryptocurrency use — the region is considering adopting crypto instead of a central bank. Whether or not you agree with the increasing presence of crypto, Bank of America’s latest move shows that it’s not going away anytime soon.

The post Bank of America Wins Patent for Crypto Exchange System appeared first on Futurism.


Samsung Applies for Palm-Reading Password Reminder Patent

In lieu of an advanced facial recognition platform, Samsung is apparently working on something else: biometric palm-reading.

A recent Samsung patent application details a system of scanning a user’s unique palm features as a means of identification. Interestingly, the system as explained in the patent application isn’t meant to be used to unlock a device. Instead, it’s portrayed as a way to help users get access to a forgotten password.

In addition to identifying — and presumably authenticating — a user’s unique palm lines through a camera view, the system would also display certain fragments of a user’s forgotten password and hid them within the distinct patterns on their hands. It won’t show a complete password, but show display enough of a hint for a user to guess.

It’s not clear if the password hint abilities would be limited to a user’s device passcode, or if it could be applied to saved passwords in a browser. The latter would, of course, be a lot more useful in a practical sense.

Even though the patent application uses the method specifically for forgotten password help, there’s always the possibility that it could be used for more traditional authentication purposes — like unlocking a device or authenticating a user’s identity for Samsung Pay. On that note, Samsung would need to implement some type of depth-sensing technology to thwart spoofing.

It’s an interesting method, and unusual considering most biometric systems rely on fingerprint or facial recognition. But, since it’s just a patent application, there’s no guarantee that the platform will end up on the Galaxy S9 or a future Samsung device. If it does, it’ll join the litany of security features on Samsung handsets, including fingerprint, iris and facial recognition as well as the stock Android PIN and pattern passcode options.

The Korean phone maker may be a few years off from developing a facial recognition system as advanced as Face ID, but this patent suggests the company is still striving to one-up Apple.

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Samsung patent files reveal palm scanning feature to remember password hints

Samsung among the many security features it packs on flagships and premium mid-range phones, it also looking into palm scanning to display password hints and remember them according to the patents it filed. This feature lets users who constantly forget passwords with a hint for their password. The 42-page patent file which was  filed in Korea states … Continue reading “Samsung patent files reveal palm scanning feature to remember password hints”
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BlackBerry to pay Nokia $137 million after losing dispute over payments owed under patent license contract

As far as patent disputes go, BlackBerry vs. Nokia is a sad undercard between two fallen heavyweights whose combined market share remains part of the dismal “Other” category in most reports. Nevertheless, Round 1 of this match is going to Nokia, thanks to an arbitration court ruling that has awarded the Finnish company $ 137 million to resolve a contract dispute related to payments it said BlackBerry owed under a patent license contract signed in 2012.

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BlackBerry to pay Nokia $ 137 million after losing dispute over payments owed under patent license contract was written by the awesome team at Android Police.

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Another New Apple Patent Hints a Foldable iPhone Is Coming

The era of foldable smartphones may soon be upon us. If you need evidence of that, Apple recently filed yet another patent dedicated to the concept.

The patent, 20170336831, details an “electronic device (that) may have a flexible portion that allows (it) to be folded” and describes flexible displays with touch sensors and components that can bend when “being opened and closed like a book.” The patent was filed in September 2016, and was published by the U.S. Patent & Trademark Office on Nov. 23.

Notably, the patent published this month is only the latest of several that describe similar technologies — specifically foldable displays and devices with flip phone-like characteristics. In November 2016, Apple was granted a patent that details internal smartphone components that could bend without disrupting or damaging them. The company was granted a similar patent, describing a display that could “fold-out” or “fold-in,” in January.

Foldable iPhone 8 Concept Image

Similarly, according to Korean media sources, display manufacturer LG has been working with phonemakers to develop flexible OLED technology that could make a true foldable smartphone — without hinges — possible. The most recent rumor we’ve heard out of Korea about the tech surfaced on Oct. 11, suggesting that there the companies are still working on the technology.

Foldable phones and flip phones, of course, had their heyday in the ‘90s and ‘00s, but are seeing a resurgence — particularly in Asia, which is the largest smartphone market in the world, CNN reported. Several high-end flip smartphones that have debuted this year include the ZTE Axon M and Samsung’s SM-W2018.

While not all of the patents Apple applies for end up being used in a mass market product, the uptick in foldable display technology patents could hint at Cupertino’s future plans. Or, at the very least, they suggest that Apple is exploring the new form factor for a possible device. Whether that device ever sees the light of day, however, remains to be seen.

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