The Process of Awarding Blockchain Payment Patents Planned To Speed Up In Singapore

Singapore’s Intellectual Property Office reported an activity to facilitate the patent-conceding process for fintech-related applications, for example, blockchain-based payments.

The FinTech Fast Track activity tries to abbreviate that procedure nearly two years to as little as six months, according to the statement from the office, the program was declared amid the 2018 World Intellectual Property Day on Thursday by Low Yen Ling, a senior Parliamentary Secretary for the Ministry of Trade and Industry and Ministry of Education.

In an effort to explain how an application can fall under the fintech class, the IP office proposed in an informative supplement that a technology that uses blockchain that uses blockchain to encourage keeping cash payments will be qualified.

“The incorporation of blockchain technology to improve the security and efficiency of clearing and settlement across borders for transaction and payment is deemed as a Fintech invention.”

The Office, in addition, requires the blockchain patent candidates to record documents first in Singapore with under 20 warrants in one application keeping in mind the end goal to be qualified for the most optimized plan of an attack action.

The move checks yet another eminent exertion taken by the Singapore government to advance the use of blockchain tech as a feature of its more extensive push for the city-state’s fintech improvement.

At present, the Monetary Authority of Singapore – the true national bank – leads a cross-fringe payment framework idea based on a blockchain platform called Project Ubin, an organization with its Canadian partner.

The new activity comes a long time after the Singapore government launched a blockchain rivalry with government financing in an offer to remunerate and select effective blockchain new businesses.