PayPal Files Patent For Procedure To Pace Up Cryptocurre… | News

U.S.-based mostly payments large PayPal has submitted a patent with the U.S. Patent and Trademark Office (USPTO), posted on March 1, to enhance the speed of cryptocurrency payments. The patent describes an “Expedited Digital Forex Transaction System”, involving the use of secondary non-public keys to shorten wait occasions for transactions between individuals and merchants.

The patent’s inventors are stated as Cheng Tian and Sandy Lynn Godsey of San Jose, California, with PayPal Inc. stated as the applicant. In accordance to the patent, PayPal is trying to remedy the challenge of slow transaction occasions for cryptocurrency trades that have led prospective crypto people to “as an alternative select to perform the transaction applying common payment solutions somewhat than digital forex:”

Challenges like this have slowed the adoption of digital currencies in spite of their strengths” the patent states.

The patent facts how the creation of secondary wallets with their have non-public keys will make transaction occasions significantly more quickly, “virtually eliminat[ing] the sum of time the payee need to wait to be absolutely sure they will obtain a digital forex payment in a digital forex transaction.” The shortened wait time is thanks to the reportedly more quickly procedure of transferring the non-public keys involved with “predefined amounts” of cryptocurrency that are equal to the sum in the transaction.

In late February 2018, PayPal’s main financial officer John Rainey spoke favorably of the possibility for Bitcoin (BTC) to become a common payment method “utilized just about every day”.