JPMorgan's (JPM) Aim to Patent Bitcoin Alternative Isn't Looking Good

Looks like JPMorgan's (NYSE: JPM) effort to establish an alternative to virtual currency Bitcoin is falling on deaf ears.

JPMorgan was said to seek a U.S. patent for an alternative virtual currency. Reports have the bank filing an application on August 5, 2013, for an electronic mobile payment system. The filing was for U.S. Patent # 20,130,317,984 (the ‘984 application).

Howver, M-CAM, Inc. has pointed out recently what a spectacular failure JPMorgan's effort has been.

According to M-CAM, Inc., JPMorgan made 175 claims as of October 18th, 2013, for the '984 patent, all of which were rejected. The firm reports: After the initial 154 claims were abruptly cancelled, JPMorgan’s attorney submitted 20 additional claims which the examiner, Jagdish Patel, issued non-final rejections for all 20 of the new claims in October 2013 ... The last 20 claims were rejected for non-patentability and indefiniteness under Title 35 United States Code (U.S.C.) Sections 101 and 112.

M-CAM, Inc. also noted that the claims might have been rejected due to the On Sale Bar rule under 35 U.S. C. Section 102(b). For those unfamiliar with patent law, that refers to an invention no longer being patentable if it has been on sale for a year or more.

For the full M-CAM report, click here.

Shares of JPMorgan are up in early trading, while bitcoin appears to be lower at $764.

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