‘The father of financial futures’ Richard Sandor applies for Cryptocurrency hardware patent. Will this invention revolutionize the financial industry?
15 August, AtoZForex – Meet Richard Sandor, a US economist, and businessman. He is known for his work in the field of futures contracts. More specifically, this man is responsible for his input in the organizing the early developments of the financial futures. Currently, Mr. Sandor is looking for a cryptocurrency patent. What do we know about his idea?
Carbon trading founder applies for Cryptocurrency hardware patent
Ex-Chicago Board of Trade chief economist and vice president currently is seeking for a cryptocurrency patent. Back in the 1970s, Mr. Sandor was responsible for the improvement of the financial futures utilization. That time, he has acquired his nickname, “the father of financial futures.” Later, they started calling him “the father of carbon trading.”
Presently, Mr. Sandor is listed as one of the three investors for the “Secure Electronic Storage Devices for Physical Delivery of Digital Currencies When Trading” patent application.
The application is released by the US Patent and Trademark Office on the 10th of August. Mr. Sandor now serves as a Chairman and the CEO of Environmental Financial Products LLC. The entity is also an applicant for the patent.
What is Sandor’s invention about?
The application for the patent is itself a hardware concept for the storage of cryptocurrencies that have a connection to derivatives contracts. Specifically, the application states:
“The invention relates to a method to facilitate the trading of digital currencies, which comprises electronically storing an amount of a digital currency in an electronic storage device or electronic registry.
… and physically storing the storage device or electronic registry in a secure, physical repository that is not publicly accessible with the storage device or electronic registry available for use in subsequent delivery of the digital currency.”
This application emerges as the latest submission concentrating on derivatives with the connection to digital currencies. Moreover, the application for patent follows the news about options exchange CBOE planning to introduce products in this field in the near future.
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