14 Years Ago JP Morgan Patented Bitcoin-Like Payment System - Top US World News | Susanne Posel Daily Headlines and Research

14 Years Ago JP Morgan Patented Bitcoin-Like Payment System - Top US World News | Susanne Posel Daily Headlines and Research:

Denis O’Leary, on behalf of JPMorgan Chase Bank, has filed a patent for a Bitcoin-like payment system that will allow customers to use a digital wallet and transfer funds to anyone anonymously.

This patent is a renewal of the original filed in 1999; 14 years ago.

This means that the patent pre-dates the surge in Bitcoin and the inception of cryptocurrencies.

The JPM Internet Pay Anyone Account (IPAA) moves money anonymously “with the recipient of the credit having no way to determine from where the credit originated.”

The transfer of money is done without processing fees and would replace wire transfer corporations such as Western Union.

The application states: “While new Internet payment mechanisms have been rapidly emerging, consumers and merchants have been happily conducting a growing volume of commerce using basic credit card functionality. None of the emerging efforts to date have gotten more than a toehold in the market place and momentum continues to build in favor of credit cards.”