PayPal files patent for fast cryptocurrency transaction system. According to the patent, the US payments giant is aiming to solve the problem of slow transaction times for the cryptocurrency trades.
6 March, AtoZForex – The US payments service provider PayPal has filed a patent with the US Patent and Trademark Office (USPTO). The patent has been published on the 1st of March and is aiming to speed up the cryptocurrency payments.
PayPal Files Patent for Fast Cryptocurrency Transaction System
The PayPal patent outlines an “Expedited Virtual Currency Transaction System”. The system is involving the use of secondary private keys to cut the waiting times for transactions between consumers and merchants.
The inventors of the patent are Cheng Tian and Sandy Lynn Godsey of San Jose, California. PayPal is listed as an applicant. According to the patent, the US payments giant is aiming to solve the problem of slow transaction times for the cryptocurrency trades.
The patent indicates that the slow transaction times have caused the potential crypto users to “instead choose to perform the transaction using traditional payment methods rather than virtual currency.”
In addition, the patent states:
“Issues like this have slowed the adoption of virtual currencies despite their advantages.”
How will PayPal’s Fast virtual transaction system work?
Furthermore, the patent describes the way how the creation of secondary wallets with their own private keys will help the situation. The document claims the development will make transactions much faster, “practically eliminat the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction.”
The decreased waiting time will be achieved thanks to the reportedly faster process of transferring the private keys that are associated with “predefined amounts” of cryptocurrency. These are equal to the amount in the transaction.
In February of the current year, PayPal CFO has shared his Bitcoin payments outlook. The CFO of PayPal has made it clear that he strongly believes that Bitcoin can have a future as a popular option for payments. He has also stated that PayPal was one of the first companies to accept Bitcoin on the Braintree platform.
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