Apple iWatch: More Fact Than Fiction

NEW YORK ( TheStreet) -- If Apple ( AAPL) does indeed build an iWatch, a recent patent hints at possible iPhone integration.

First spotted by AppleInsider, Apple was recently granted a patent by the U.S. Patent and Trademark Office for two-way communication of location data between a portable media device and an accessory. Here's a look at the original patent describing the technology.

What's interesting about this patent is that it allows for media to be transferred between devices using GPS data with a separate accessory. It's also interesting to note that the patent shows that you don't need a GPS receiver to push location information to the device. Right now, Apple only builds iOS devices with GPS technology in them, but that could change in the future.

There's mention of an iWatch in the patent, but reading between the lines, you can envisage an iPhone and iWatch being synced through GPS. For example, a phone call could come in and you could answer it via the watch, as opposed to the phone. The same would work for any data, such as messages, Web browsing and the like.

Apple iWatch Draws Heavy Interest

As worries increase about Apple's seeming lack of innovation, an iWatch couldn't come at a better time. It could also mean big business for the tech giant. Morgan Stanley analyst Katy Huberty believes a smart watch by Apple would have advantages over other smart watches in the market, most notably Nike's ( NKE) SportWatch. Huberty believes the watch could be worth as much as $10 billion to $15 billion in annual revenue for Apple, assuming a $200 price point.

Apple could not be immediately reached for comment for this story.

Shares of Apple were slightly lower in Tuesday trading, down 0.61% to $440.08.

-- Written by Chris Ciaccia in New York

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