Identitii Limited is an Australian technology company that has...

Identitii Limited is an Australian technology company that has made significant strides in the field of financial transactions using blockchain and tokenization. Here’s what you need to know about their groundbreaking patent:

1. Patent Details
   • U.S. Patent No. 10,984,413: Issued on April 20, 2021.
   • Innovation: Identitii’s patent covers a system that generates an “enriched data record” from documents related to a financial transaction and adds it to a blockchain.
   • Tokenization: Alongside the enriched data record, a token is also generated and stored in the blockchain. This token serves as a link to the additional transaction details.
   • Real-Time Access: Intermediaries (such as banks) can access these enriched details in real-time through the blockchain¹.
2. JPMorgan’s Challenge
   • JPMorgan Chase Bank initially expressed interest in Identitii’s technology.
   • However, instead of licensing Identitii’s patent, JPMorgan decided to develop its own competing system.
   • 1. • Subsequently, JPMorgan filed a request seeking to invalidate Identitii’s patent through an inter partes review at the United States Patent and Trademark Office (USPTO).
     2. Identitii’s Defense
        • In response, Identitii argued that JPMorgan failed to prove that the '413 patent claims were obvious based on prior art references.
        • The primary reference cited by JPMorgan did not address the same problems as Identitii’s patent.
        • Additionally, neither reference taught or suggested several critical elements of the '413 claims, such as generating an enriched data record and token from documents at an intermediary server.
     3. The Verdict
        • The USPTO is expected to decide whether to institute the inter partes review in the coming months.
        • If the USPTO agrees with Identitii’s arguments, JPMorgan’s challenge would be unsuccessful, allowing Identitii to continue enforcing its patent against competitors developing similar blockchain-based financial transaction technologies.