California-based enterprise and monetary software program firm Intuit has been awarded a patent for processing bitcoin funds through textual content message.
The patent, published by the united statesPatent and Trademark Workplace (USPTO) on Tuesday, particulars how a system of digital accounts might allow two customers to switch funds utilizing cellphones. The corporate first filed the patent in 2014, shortly after it launched its QuickBooks Bitcoin Payments service, a bitcoin transaction processor which small companies might use to simply accept bitcoin in lieu of fiat currencies.
As the appliance states:
“The invention pertains to a technique for processing fee. The tactic consists of receiving, by a fee service from a payer cell gadget of a payer, a fee textual content message comprising a fee quantity and an identifier of a payee cell gadget.”
It goes on to clarify that validation of a fee textual content message could be performed in numerous other ways.
One requires sending by “a password request related to an account of the person” in an effort to course of fee. One other takes under consideration the usage of voicemail as additional validation by sending by “a voice cellphone name [that] is mechanically disconnected by the fee service with out answering.”
Such unanswered voice calls would act as affirmation of all credible fee texts aimed toward distinguishing from the potential risk of “random message or spam message despatched by a machine.”
The corporate has lengthy been wanting into bettering entry to bitcoin fee processors. Whereas it launched QuickBooks in 2014, the corporate continued creating its fee platform, most just lately partnering with payment provider Veem to allow worldwide cryptocurrency funds.
Picture through Shutterstock
The chief in blockchain information, CoinDesk is a media outlet that strives for the best journalistic requirements and abides by a strict set of editorial policies. CoinDesk is an impartial working subsidiary of Digital Foreign money Group, which invests in cryptocurrencies and blockchain startups.