This contest is closed.
The last few years, and even the last few months, have seen major disruptions in technologies influencing banking and payment systems. 2009 saw the advent of open source payment systems such as Bitcoin and innovation has not slowed since then. Systems such as Square, Amazon Mobile Payment, Google Wallet, and most recently Apple Pay have demonstrated the broad potential for innovation in retail banking in Internet era. However the changes have not been restricted to retail banking alone, although those are the most obvious in daily consumer life. Banks patent payment architecture systems and investment banks patent trading algorithms. All of these patents influence the future of the banking industry, but which is the most valuable? Value can be defined as generating profit for the banks themselves or in terms of the degree of disruption to the current system, but value can also be measured in terms of societal benefits.
Please provide a response to the following prompt:
What is the most valuable patent granted in the last 10 years for the banking industry and why?
This is a Public (Open Voting) Contest that gives you, the subject matter expert, the chance to vote and submit your theory on the important topics of today.
The winner of the contest will be determined by a popular vote of all Patexia members. The winner will receive a gift from the team at Patexia.
Submissions are due on: Wednesday, December 3rd, 2014
Voting closes on: Friday, December 12th, 2014
Please make sure that your work is original, prepared by a single author, submitted in English, and has a maximum length of 1,500 words.
The Prize: The winner based on a community vote will receive their choice of a Patexia T-Shirt or a $25 Gift Certificate to Amazon.com. Runners up can request certificates of recognition from Patexia to demonstrate international business experience.
- All work must be original and prepared by a single author
- Maximum of one entry per person allowed
- Maximum length of 1,500 words
- Entries must be in English
- Ideas should be clearly expressed at a college-educated, non-expert level
- All submissions are subject to Patexia's contest legal terms
- Failure to follow these rules may lead to disqualification from the contest