EBAY Filed Two Crypto Patents - Essay Example

The American multinational and e- commerce company, eBay had filed two crypto currency- related patent applications.

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The applications were published last week by the US Patent and Trademark Office, which were submitted on 18th April of last year.

The applications titled ‘Distributed Crypto Currency Unauthorized Transfer Monitoring System’ and ‘Distributed Crypto Currency Reputation System’ were actually filed by the employees of Paypal (at that time eBay was owned by Paypal) and Max Metral was listed as inventor. After his company, Fig Card was attained by Paypal, he joined the PayPal mobile.

The application reads, “Distribution crypto currency systems and methods include receiving a payer public key that is associated with a current transaction between a payer and a payee.

It is determined whether the payer public key is included in a plurality of previous transaction public keys that are each associated with a respective unauthorized crypto currency transfer as a result of a previous transaction.

In response to determining the payer public key is included in the plurality of previous transaction public keys, a message is sent to the payee to not proceed with the current transaction.

In response to determining that the payer public key is not included in the plurality of previous transaction public keys, a message is sent to the payee to proceed with current transaction.”

The application attempts to explain the “plurality” which is the number of ways reputation can manifest itself through a comprehensive number of combinations of different concepts by making use of this technology.

Primarily, it seems to appear in a way such that the application tries to develop of any and every implementation that reputation might be used in tandem to a crypto currency.

The application also provides examples on how the “reputation markers” would be created and also demands a time warp feature which will enable issuing markers retroactively.

According to the application, the “Distributed Crypto Currency Unauthorized Transfer Monitoring System” is a blacklist.

The application further reads, “Public keys may then become blacklisted such that when a current transaction between a payer and a payee is performed, the payer public key that is associated with the current transaction may be sent to the system provider and if the system provider determines that the payer public key is blacklisted, the current transaction may be stopped and/or the payee may be informed not to proceed with the transaction.”

The filings of eBay were published after USPTO published the application of Coinbase for nine bitcoin- related products and 21 Inc’s filing for a digital currency mining circuitry patent.