Humbl Secures Patent For Blockchain Currency Transfer System

According to Cointelegraph, blockchain firm HUMBL has announced that the United States Patent and Trademark Office (USPTO) has formally issued a patent for the company’s blockchain technology. The patent, titled 'System and Method for Transferring Currency Using Blockchain,' was issued on October 15. The newly patented technology is described as a blockchain-based currency transaction system that functions as a digital-to-fiat bridge, allowing transactions between any two wallets globally without intermediaries beyond the digital ledger. The approval process for this patent took over four years, highlighting the regulatory challenges faced by small businesses in the blockchain and cryptocurrency sectors. The USPTO website indicates that the average time between applying for a patent and receiving final issuance or disapproval is 26.2 months. During the waiting period, HUMBL strengthened its government ties by becoming the official digital asset service provider for the city of Santa Cruz, California, in 2023. HUMBL CEO Brian Foote expressed relief and gratitude for the patent approval but also highlighted the difficulties faced by small businesses during the lengthy process. He noted that the extended timeframe for patent approval can be challenging for early-stage companies due to the legal costs and time involved.