MUMBAI, India, May 29 -- Intellectual Property India has published a patent application (202641059985 A) filed by V. Purushothama Raju; Mohammad Asim; Bandita Sameer Nikam; Dr. Zia Zehra Zaidi; Dr. M. Priyanghaa; Tanuj Kanti Dey; Mrs. K. Priya; and Dr. M. Shajahan, Bhimavaram, Andhra Pradesh, on May 12, for 'the role of information technology in enhancing the security of digital currencies and its impact on banking systems.'
Inventor(s) include V. Purushothama Raju; Mohammad Asim; Bandita Sameer Nikam; Dr. Zia Zehra Zaidi; Dr. M. Priyanghaa; Tanuj Kanti Dey; Mrs. K. Priya; and Dr. M. Shajahan.
The application for the patent was published on May 29, under issue no. 22/2026.
According to the abstract released by the Intellectual Property India: "The present invention rapid advancement of information technology (IT) has played a pivotal role in shaping the future of digital currencies, enhancing their security, and transforming banking systems globally. This invention explores the integration of advanced IT solutions in securing digital currency transactions, focusing on blockchain technology, encryption techniques, and decentralized systems. By leveraging these IT innovations, digital currencies have become more resilient against cyber threats, fraud, and unauthorized access. The invention also investigates the profound impact of digital currencies on traditional banking structures, highlighting the shift towards decentralized finance (DeFi), the reduction of intermediaries, and the improvement of transaction efficiency. Furthermore, the paper discusses the evolving role of banks in the digital currency ecosystem, from adopting blockchain for secure transactions to offering digital asset management services. The findings underscore the necessity of embracing advanced information technology to ensure the continued growth, security, and integration of digital currencies within global banking systems."
Disclaimer: Curated by HT Syndication.
