PayPal’s Patent Aims To Speed Up Crypto Payments
A worldwide online payment framework, PayPal has filed for a patent to enhance the speed of crypto payment. On March 1, the application was published by US Patent and Trademark Office that runs with “Expedited Virtual Currency Transaction System”. In the application, a method has been detailed where private keys are swapped from a purchaser to a seller in the background.
The target here is to diminish the measure of time taken in a payment to go from a client to the merchant while avoiding the time-consuming process of sending a specific transaction and after waiting for it to be included to the following block on the network.
According to the application, “the present disclosure include systems and methods for providing expedited virtual currency transactions through the use of private keys”. Subsequently, to eliminate with the mining confirmation, PayPal has proposed a way where secondary wallets will be made that will have their own particular private keys for both purchasers and sellers. These private keys would be transferred by the framework relating to the measure of a specific digital currency.
“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.”
It’s not the first occasion when that PayPal has included the digital currency market. In 2014, PayPal has declared a few of its associations with the bitcoin payment processors, for example, Coinbase, BitPay, and GoCoin, that fundamentally enables the merchants to acknowledge PayPal to BTC payments for digital goods through the payment hub of the company. In addition, its co-founder, Peter Thiel has invested a decent arrangement of cash in bitcoin through his another co-founded VC firm, Founders Fund.
The payment giant additionally made a step towards the crypto adoption through its Braintree unit for making PayPal bitcoin transaction process simpler. It is a mobile payment provider that enables the merchants to acknowledge bitcoins.
PayPal has a colossal adoption what with being accessible in 26 currencies and around 193 markets around the world. Having in excess of 140 million active registered accounts, PayPal can possibly bring the bitcoin market nearer to the new clients and business while propelling the development and real-life integration of digital currency market.
