THELOGICALINDIAN - The US Apparent and Trademark Office USPTO appear aftermost anniversary a Bitcoinrelated apparent appliance by the Chicago Mercantile Exchange Inc CME It describes allowance systems for physically acclimatized agenda bill derivatives affairs including bitcoin
Also read: Bitcoin Investment Trust Raises Offering to $1 Billion, Signs on Credit Suisse and Wedbush
CME’s New Patent Application
CME is an American banking and article acquired barter based in Chicago. Today, it is the world’s largest options and futures affairs exchange, based on the cardinal of affairs outstanding.
The aggregation filed a patent application titled “System for Physically Delivering Virtual Currencies” with the USPTO on November 4, 2015. It was again appear on the agency’s website on May 4.
The inventors listed on this apparent appliance are Ryan Pierce, Sandra Ro, and Mansoor Ahmed. According to CME:
The above acquired affairs accommodate accepted futures and options contracts, CME details. In addition, the aggregation specifies that “the basic bill comprises bitcoin” after allotment added cryptocurrencies.
Last month, the USPTO appear addition Bitcoin-related apparent appliance by the company. The patent for “Derivative Contracts that Settle Based on a Virtual Currency Difficulty Factor or an Index of Virtual Currency Generation Yield” was filed in October 2015 but appear in April this year.
Bitcoin Poses a Clearing Challenge
In its apparent filing, CME claims the needs for new systems and methods for affairs involving agenda currencies including bitcoin, citation that these assets “can be transferred pseudonymously”.
“Some types of futures affairs are ‘physically’ settled” area the absolute article is delivered by the accordant counter-party at final settlement, the aggregation explains, abacus that:
However, agenda bill affairs “cannot be antipodal after the accord of the recipient,” CME wrote, acquainted that “computer aegis breaches or agent dishonesty” could aftereffect in abiding accident of these assets. Furthermore, captivation them “for adjustment of derivatives affairs at a allowance counter-party presents a appetizing ambition for thieves” and autumn them additionally carries different risks acute specialized aegis procedures. The aggregation believes:
After analogue abounding accident factors, CME asserts that “there is a charge in the art for bigger systems and methods for allowance acquired affairs based on basic currencies while aspersing risks to allowance counter-parties.” The apparent describes “systems and methods that acquiesce a allowance adverse affair to affirm that basic bill has been physically delivered after demography control of the basic currency,” the aggregation details.
What do you anticipate of CME’s new patent? Let us apperceive in the comments area below.
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