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San Diego, CA, Oct. 16, 2024 (GLOBE NEWSWIRE) -- HUMBL, Inc. (OTC: HMBL) is pleased to announce the issuance of U.S. Patent No. 12,118,613 by the United States Patent and Trademark Office (USPTO) for the "System and Method for Transferring Currency Using Blockchain." This patent was formally issued by the USPTO on October 15, 2024.
As more traditional assets and currencies become tokenized on blockchain, the potential industry applications for this patent include, but are not limited to: digital wallets, digital asset exchanges, traditional stock exchanges, traditional banks, financial services and brokerages, global remittance and payment providers, transfer agents, foreign exchange, credit card services, government services and more.
The patent abstract is as follows: A financial services system that utilizes a user device and a blockchain with a blockchain ledger. The system includes a host database with a non-transitory computer-readable medium and a host controller that executes the code. The host controller enables communication between a first digital wallet on the user device and either a local currency account or a digital currency account to initiate a deposit. This deposit is assigned a transaction ID, which is recorded on the blockchain ledger and includes a deposit currency value. The method for transferring currency involves enabling communication between the first digital wallet and either a local currency account or a digital currency account with a host controller of the host database, assigning a transaction ID to the deposit, and recording the transaction ID that includes a deposit currency value on the blockchain ledger.
“While these have been some long years spent getting this patent issued, we are appreciative of the USPTO in terms of their thorough and transparent review, which we believe resulted in a comprehensive and fair outcome,” said Brian Foote, CEO of HUMBL. “Staying in the U.S. to do our work in blockchain has, admittedly, been a very challenging process. However, we believe strongly in the thoughtful advancement of this technology in our country; as well as the improved access, costs, speeds, security and visibility that our blockchain currency transfer system can bring to consumers, corporations, capital markets and governments at scale.”
A provisional patent application was first filed on January 7, 2020, and the earliest publication date was July 8, 2021. The lead author of the patent is HUMBL CEO, Brian McLaren Foote, with co-author contributions from Adam Wolfe and Jeff Hinshaw. To read in more detail about the patent, please visit: Bibliographic Data - Application - Patent Center - USPTO.