Numerous developments are taking place in the fintech space. Some of these ventures lead to patent filings that may transform the world of finance fairly soon.
The examples below are just a few options to keep an eye on. Innovation in the fintech sector is still heating up. A lot can change between now and five years from today.
Blockchain Patents Galore
It is no secret how various companies are looking at blockchain technology. Distributed ledgers can have major consequences for the fintech industry. Even banks are filing patents regarding this technology. The use of distributed ledgers can unlock tremendous potential, given enough time.
Noteworthy applications have been filed by JPMorgan Chase, Mastercard, and Bank of America. This latter institution is in the process of building a blockchain-based wallet for financial purposes. How successful these ventures turn out to be, is a different matter altogether. Competing with open source solutions that have been around for multiple years will be challenging.
Square Eyes Real-time Transfers
In the banking sector, real-time payments are only now gaining traction. However, several fintech companies are eyeing this space as well. Square, one of the most popular players in the industry, has filed a patent for real-time transfers. This is achieved through the use of different assets.
The goal by Square is to extend this functionality to different customers. It won’t apply to just users of the mobile app. Merchants can also benefit from this payment solution. Eventually, the company aims to let clients sue any currency. The recipient will be paid in whatever currency they prefer. An ambitious goal, but one that certainly be attained.
Finding innovative solutions for payments can be done in many different ways. Amazon has a very interesting idea. While it is ambitious in every way, customers see the benefits as well. The patent filed by the company focuses on palm-print transactions and payments.
More specifically, customers will be able to shop by waving their hand. It is certainly the technology of the future, but one that provides numerous benefits too. It will require the rollout of handprint-supporting point of sale devices. Additionally, all payment data will go through Amazon’s cloud. Not necessarily a favorable option, but certainly a good example of fintech innovation.