New York, USA: Based in the US, PayPal is one of the most prominent online payment system worldwide. Lately, Paypal Inc. has filed a patent with U.S. Patent and Trademark Office for fast tracking cryptocurrency transactions. According to this patent, expedited virtual currency transaction system will help reduce the wait time for crypto transactions among merchants and consumers. This system will transfer private keys outside of the blockchain for speeding up operations. Such solutions have hailed by the likes of Microsoft as a solution to fast track cryptocurrency.
The Current Disclosure
In the current disclosure, the systems and methods will practically reduce the amount of time the payee must wait to ensure that they will receive a virtual currency payment in a virtual currency transaction. A transfer is done to the payee private keys included in the wallets, associated with predefined amounts equivalent to payment amount identified in the virtual currency transaction.
In most of the transactions, a 10-minute wait time sometimes seems too long to the payers and hence, they choose to perform the transaction using traditional payment method rather than choosing a virtual currency. Therefore, despite the advantages, such issues have slowed down the adoption of crypto assets. This makes expedited virtual currency transaction system, a must.
The Notable Submission by PayPal
After PayPal announced its partnership with several bitcoin payment processors, in 2014, which allowed merchants to accept the cryptocurrency through company’s payment hub, the company’s latest submission came as a notable one. With such solutions and others like SegWit, the scalability issue of Bitcoin will be solved without any problems, thus leading to low transaction fees and faster transactions resulting in the mass adoption of this technology.
The issue of transaction time has plagued Bitcoin. To boost the speed of the crypto transactions, this patent news by PayPal might prove positive for adoption.