Mobile Payment Company ‘Square’ Awarded Patent For Real-Time Crypto Point-of-Sale Transactions
Mobile Payment Company ‘Square’ Awarded Patent For Real-Time Crypto Point-of-Sale Transactions
January 23, 2020
Mobile Payment Company ‘Square’ Awarded Patent For Real-Time Crypto Point-of-Sale Transactions
Mobile Payment Company ‘Square’ Awarded Patent For Real-Time Crypto Point-of-Sale Transactions
January 23, 2020

Square, a financial services and mobile payment company, thinks that it has found a way to turn fiat into crypto in real-time point-of-sale transactions. 

On January 21, it has been reported that the United States Patent Office awarded Square a patent for a technology that the team argues cracks a present barrier in merchant transactions: 

“All cryptocurrencies face the same drawback in that they are not widely accepted. Presently, cryptocurrencies, like bitcoin, are not accepted by most retail merchants, or even by most online merchants.”

However, the team cited a number of drawbacks to current crypto spending, as transactions take a while to process. Minor advances still defy practical timeframes, like buying a hypothetical cup of coffee in a transaction that the blockchain could take hours to record.

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The anonymity of cryptocurrencies exposes merchants to possible criminal activity, like money laundering. There’s also the pure money angle, as the fluctuation of crypto exchange rates poses a financial risk to business owners. 

For instance, if a consumer purchase that cup of coffee, the technology would receive a request for payment in the consumer’s asset-of-choice while using a privacy coin, and approve it for the merchant to get full value in their asset-of-choice, all in real-time. 

Thus, on January 21, Square announced the start of a Lightning Development Kit (LDK) on its blog. Larger than a node, LDK would customize experiences for wallet and application developments, including an API, language bindings and demo apps.

Source: cointelegraph.com


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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