Paypal files patent to speed boost cryptocurrency transactions.
Shrikar Parashar Posted On March 6, 2018 One of the biggest worldwide online payments company based out of US , Paypal Inc has filed a patent with U.S. Patent and Trademark Office (USPTO), to speed up cryptocurrency transactions. According to the the Patent which states: “Expedited Virtual Currency Transaction System”, involving the use of secondary private keys to shorten wait times for transactions between consumers and merchants.
As per The filing description:
“The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency 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,” PayPal said in the filing. “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.”
The submission is a notable one, coming years after PayPal announced partnerships with several bitcoin payment processors that allowed merchants to accept the cryptocurrency through the company’s Payments Hub starting in 2014.
With solutions like this and others such as segwit (which is being adopted by many exchanges and lightning network (which is under development) the scalability issue of bitcoin can finally be solved leading to very low transaction fees and faster transactions which will lead to mass adoption of this technology.
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