Intuit Earns The Patent for Processing a Bitcoin Transaction via SMS
Intuit, a U.S. based software company has been awarded a patent for processing Bitcoin Transaction via text message. Filed in 2014, the patent outlines a system that enables a user to transfer Bitcoin funds vis SMS on their cellphone.
According to a filing published by the U.S. Patent and Trademark Office (USPTO) by the U.S. Patent and Trademark Office (USPTO) on August 7:
“The invention […] includes receiving, by a payment service from a payer mobile device of a payer, a payment text message comprising a payment amount and an identifier of a payee mobile device of a payee, validating the payment text message based at least on a payer balance of a virtual payer account maintained by the payment service for the payer.”
The patent further describes the interaction between virtual accounts created to run the system smoothly and the different possible approaches to validating transactions. One such approach is – “receiving an unanswered voice call within a predetermined time period,” after receiving a text message, validating the mobile device that is extracted from that message. Another method involves a password system managed via SMS and the virtual accounts associated with each mobile device identifier.
For several years, the plan to use cellphones directly for crypto adoption has been a viable plan idea. This can be the key to bring financial inclusion through cryptocurrencies to the unbanked populations of countries where access to the internet or expensive computer hardware limits the crypto transactions by people. Exploring the foray Electronics giant HTC recently announced a new range of smartphones with a native crypto wallet and support for Ethereum-based decentralized application (DApp) games.
The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.