AMAZON.COM, INC. Over the past decade, the Fintech world has experienced an unprecedented surge in innovation. From payment apps to blockchain-based solutions, Fintech inventions transform how people manage, invest, and transact their assets.
Patents have fuelled the growth of Fintech. Patents play a vital role not only in protecting key intellectual property (IP) but also in encouraging innovation. Inventors have the confidence to invest in research and development (R&D) knowing that their ideas are safe and, most of all, legally protected. Investors also have confidence that their investment in patented technology will be protected.
In this article, we'll spotlight the wide range of innovation and IP across the Fintech world.
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Quantum computing, which uses principles of quantum physics to solve complex problems faster than today's supercomputers, holds both opportunities and risks. With quantum computing on the rise, modern technologies are vulnerable to hackers using quantum technologies. Deloitte estimated that over 4 million BTC (about 25% of all Bitcoins) are vulnerable to a quantum attack.
Due to this quantum hacking risk in a post-quantum world, many companies need to improve the security measures of their Fintech by making them 'quantum-proof'. Quantum-proof Fintech is like having an extra secure lock on your digital money.
As of early 2021,
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The explosive growth of the Internet led to new types of payment system and payment providers, particularly based around the use of digital wallets. A key company in this field is
4. Fintech and Biometric security
With the rise in new forms of payment and the ease of making transactions electronically, security has become ever more important to protect both consumers and financial institutions. Biometric security - in which user biometric data is used for authentication of the user - has become ever more important, and has developed from reading of fingerprints into many other technologies. For example,
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A summary of the patent manual on Tianyancha, reveals how the above technology works. When users submit a payment verification request, a camera on the user terminal captures their palm image and cross-checks it with their biometrics record.
Benefits include enhanced security and convenience.
5. Metaverse: Non-Fungible Tokens (NFTs)
The metaverse is a virtual reality space where people can interact and engage with digital environments. NFTs are unique digital assets that use blockchain technology to verify ownership and authenticity. They are cryptographic keys that cannot be deleted, copied, or destroyed. Every NFT contains a digital signature, which makes each one unique.
In the context of the metaverse, NFTs can represent ownership of virtual items or experiences, enabling users to buy, sell, and trade unique digital goods within this digital realm.
The increasing prevalence of NFTs in everyday life has also encouraged all kinds of other companies to develop and protect in the FinTech space. US patent number US 11736284 B2 by
Fintech Patents: Pioneering Innovations For The Future
While these are five Fintech patents, many inventions have transformed the industry. Fintech inventions continue to reshape the financial landscape, making it more accessible, secure, and convenient for consumers and businesses. As the industry develops, we can expect to see more patents that push the boundaries of what Fintech can achieve. These innovations will not only change the way we handle money but also open doors to new possibilities in Fintech.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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