In a David and Goliath style battle, software company Identitii Limited has recorded a win in its ongoing patent fight against one of the world's top five banks.
The Australian company developed a new method for financial institutions to securely process transactions using blockchain and tokenisation technology and successfully received approval for the US-registered patent, dubbed the '413.
When JP Morgan Chase got wind of the new technology, instead of licensing the patent, the trillion dollar company decided to develop its own computing system and filed a request with the United States Patent and Trademark Office (USPTO) to invalidate Idenitii's registered patent.
