Square is an American payment company working on new payment options (including cryptocurrencies).
After many months of work, the company obtained a patent from the United States Patent and Trademark Office (USPTO) for the use of cryptocurrencies in daily payments and conversion to fiat currencies.
Square will create a payment network that will accept payments in any currency and will be used by cooperating companies, including restaurants or cafes. In particular, the patent describes a process that allows eliminating delays in cryptocurrency transactions.
The application was first submitted in September 2017. The process is based on the fact that all companies cooperating with Square can accept cryptocurrencies in addition to other types of payments. Traditional payment transactions can be realized within seconds, which means that consumers require the same from cryptocurrencies. The company claims that the patent will accelerate the implementation of cryptocurrency transactions and will encourage more people to delve into the world of virtual currencies.
Elimination of delays
The new payment system is going to eliminate delays in cryptocurrency transactions. As claimed by the developers, even transactions with Bitcoins can be approved at roughly the same speed as a payment card transaction. The company will accomplish this through a private blockchain that records transactions from portfolios managed in the Square system in real time. This will enable the POS system to identify changed balances before transactions are written to the blockchain.
As you can read in the patent:
“The present technology provides a payment service for providing financial transactions between a customer and merchant wherein the customer can pay in any currency and the merchant can be paid in any currency. Furthermore, the present technology supports payment using cryptocurrency, while improving such transactions in a way that takes advantage of benefits of such transactions while overcoming drawbacks such as delays in processing.”
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Last modified: August 31, 2018
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