Tech 9 months ago

Ed Drake

PayPal files cryptocurrency transactions patent

Online payments giant PayPal has filed a patent in the United States for a cryptocurrency transactions system, becoming the latest company to explore the cryptocurrency ecosystem for digital payments.

The patent, filed with the U.S. Patent and Trademark Office, is the first to be presented by the company in relation to cryptocurrencies since 2016, and marks a new direction for how PayPal might integrate cryptocurrency’s technology in future.

According to the details of the filing, the PayPal system would create a secondary cryptocurrency wallet with a secondary private key. Transactions would be facilitated by the primary key, with amounts distributed between subsets of the secondary keys, allowing for more seamless transaction times.

The system is designed to solve the issues around the disparity between transaction initiation and execution, according to PayPal, which cited the example for a 10-minute wait for a SegWit (BTC) transaction.

“In many transaction situations, a 10-minute wait time will be too long for payers and/or payees, and those payers and/or payees will instead choose to perform the transaction using traditional payment methods rather than virtual currency. Issues like this have slowed the adoption of virtual currencies despite their advantages. Thus, there is a need for an expedited virtual currency transaction system,” according to PayPal.

The patent follows on from the last filing, which described a modular payment system compatible with transactions in BTC, Litecoin, and Dogecoin, fuelling rumours at the time of PayPal planning support for cryptocurrency transactions.

However, at present, details of PayPal’s plans for the technology remain largely unknown, and the latest patent application is unlikely to offer clarification on how PayPal intends to deploy its cryptocurrency patents.

The filing becomes the latest in a series of patents filed for cryptocurrency and blockchain systems by major corporations in recent months, with many on their second or subsequent patents for the technology.

Last week, it was revealed that Walmart had filed a patent for a delivery system based on blockchain technology, with Lenovo, General Electric and Mastercard amongst those to have released details of their plans for the technology in recent weeks.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

COMMENT

Add a Comment

lastest news

Developer shows how double spending can occur on Bitcoin SV misses mark

Tech 10 hours ago

Developer shows how double spending can occur on Bitcoin SV misses mark

One of the reasons cryptocurrency hasn’t taken off as an alternative to fiat as quickly as many enthusiasts would like is because there is generally a wait time associated with the transactions. This delay is ...

Read More
Craig Wright explains safety of zero-confirmation transactions

Tech 16 hours ago

Craig Wright explains safety of zero-confirmation transactions

Merchants can accept payments with confidence when engaging in instant transactions, as Bitcoin SV is suited for real-world trade. nChain chief scientist Dr. Craig Wright explained in a blog post that double spend attacks, where ...

Read More
Binance launches sub-accounts to service institutional investors

Tech 18 hours ago

Binance launches sub-accounts to service institutional investors

Binance has announced the launch of a sub-account feature that brings improved managerial control and asset audit tools for institutional account holders. The new feature will allow these account holders to create up to 200 ...

Read More