Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: admin on August 30, 2018, 08:52:55 PM
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The Patent is supposed to protect innovation, but the rich and powerful use it to block competition,
Twitter CEO, who happens to be Square CEO as well, have secured a patent that grants his company the possibility to have a payment network that allows merchants to accept payments in any currency, including bitcoin or another cryptocurrency.
This is so basic, payment companies wise, that it should be common sense and not require a patent at all, and thus not be granted a patent.
But securing a patent guarantees that Square can block all other companies from even trying.
Square Wins Patent for Crypto Payment Network
Public documents published on Aug. 21 show that the U.S. Patent & Trademark Office (USPTO) has approved Square’s application to patent a system that allows merchants to accept cryptocurrencies alongside conventional payment methods and cash out in their currency of choice. The San Francisco-based firm first filed for the patent in Sept. 2017.
From the patent:
“The disclosed technology addresses the need in the art for a payment service capable of accepting a greater diversity of currencies…including virtual currencies including cryptocurrencies (bitcoin, ether, etc.)…than a traditional payment system in a transaction between a customer and a merchant, and specifically for a payment service to solve or ameliorate problems germane to transactions with such currencies. Specifically, the payment service described herein can facilitate real-time (or substantially real-time) transactions, allowing a customer to pay in any currency of their choice, while the merchant can receive payment in a currency of their choice.”
https://www.ccn.com/bitcoin-accepted-everywhere-square-wins-patent-for-cryptocurrency-payment-network/amp/