Bitcoin Now Accepted! Square Wins Patent for Cryptocurrency Payment Network
Computerized installments firm Square has won a patent for an installment organize that enables traders to acknowledge installments in any money, including bitcoin or another digital money.
Open reports distributed on Aug. 21 demonstrate that the U.S. Patent and Trademark Office (USPTO) has affirmed Square’s application to patent a framework that enables shippers to acknowledge digital forms of money nearby regular installment techniques and trade out their cash of decision. The San Francisco-based firm initially petitioned for the patent in Sept. 2017.
Square would not be the main installment processor to enable vendors to acknowledge installments in digital money that are naturally changed over into nearby cash. BitPay, for example, has been preparing bitcoin installments since 2011.
Be that as it may, Square as of now has colossal market infiltration, so adding digital money installments to its present POS framework would enable a huge number of shippers to acknowledge bitcoin without having to locally available to another installment processor or physically change over cryptographic money stores into fiat.
Eminently, the patent additionally subtle elements a procedure that permits the POS framework wipe out idleness in digital money exchanges, guaranteeing that even bitcoin exchanges (regularly censured for their slower affirmation times) can be endorsed at generally indistinguishable speed from a charge card exchange.
The installment administration will achieve this by keeping up a private blockchain that records exchanges from Square-oversaw wallets progressively, enabling the POS framework to recognize the changed adjusts before the exchanges are composed to the general population blockchain. As indicated by the patent, this does not totally dispose of the danger of twofold spend assaults, however it exchanges that hazard from the vendor to the installment benefit.
The patent additionally takes note of that exchange inactivity could be dispensed with by having client reserves custodied by the installment organize itself, enabling Square to just refresh its interior record as opposed to composing any exchanges to the blockchain.