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Intuit Awarded Patent For Bitcoin Processing Method

The US Patent and Trademark Office lately granted the monetary device corporate a patent to create a bitcoin cost processing gadget.

On Tuesday, the United States Patent and Trademark Office printed a patent submitted by means of Intuit Inc. that permits the corporate to expand a unique process for processing bitcoin transactions. The procedure described within the patent would necessarily permit people to change bitcoin on their cell gadgets by means of textual content message.

The proposed gadget would additionally use a pc processor to determine a digital account for the bitcoin recipient if that specific does now not have an account with the payer’s cost provider supplier, equivalent to PayPal, Square, or Heartland Payment Systems. The digital account would show the recipient’s cost stability, and the gadget would notify them of that quantity thru a textual content message.

Another main side of the discovery is validation of cost requests, which the patent describes by the use of two examples. One means could be thru password affirmation. Another would use a voicemail gadget to compare an “unanswered voice name to the identifier of the cell instrument this is extracted from the textual content message.” These validation strategies seem very similar to different products and services’ authentication methods, equivalent to textual content message verification when logging into cell banking apps.

Intuit has already demonstrated its passion in bitcoin. For instance, the corporate’s PayByCoin provider, which is enabled thru a partnership with world bitcoin cost provider supplier BitPay, permits small companies that use QuickBooks Online (the web model of the company’s accounting device) to simply accept bitcoin bills. Apart from the price of mining bitcoin, there are not any charges for small companies the usage of the provider – or for his or her consumers.

Although Intuit has most effective lately gained this patent, it raises the query: What does this imply for the corporate shifting ahead? Will this procedure be built-in with the company’s tax device, TurboTax (in all probability to trace bitcoin transactions for taxation functions)? Or does the monetary device massive wish to ruin into the cost provider supplier house with its personal self-contained gadget, with out depending upon intermediaries equivalent to BitPay? The jury remains to be out – Intuit has now not published any plans for this challenge as of press.

Various gamers within the monetary realm have additionally implemented for (and gained) patents to experiment with cryptocurrency and blockchain era, together with Bank of America, Wells Fargo, and Mastercard.

Daniel Putney is a full-time creator for ETHNews. He gained his bachelor’s stage in English writing from the University of Nevada, Reno, the place he additionally studied journalism and queer idea. In his loose time, he writes poetry, performs the piano, and fangirls over fictional characters. He lives along with his spouse, 3 canines, and two cats in the midst of nowhere, Nevada.

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