PayPal, the U. S. -based payment industry giant PayPal, has registered a patent with the U. S. Patent and Trademark Office (USPTO), released on March 1, to increase the speed of payments in cryptocurrency. The patent describes an ” Expedited virtual currency transaction system “, which uses secondary private keys to reduce waiting times for transactions between consumers and merchants.
The inventors of the patent are Cheng Tian and Sandy Lynn Godsey of San Jose, California, and PayPal Inc. is the patent applicant. According to the patent, PayPal is seeking to solve the problem of slow transaction times for cryptocurrency transactions, which has led potential cryptocurrency users to
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“instead choose to perform the transaction using traditional payment methods rather than virtual currency:”
“Issues like this have slowed the adoption of virtual currencies despite their advantages” the patent states.
The patent explains in detail how the creation of secondary portfolios with their own private keys will make the transaction much faster,“practically eliminat[ing] the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction.”
The shorter waiting time is due to the supposedly faster process of transferring private keys associated with the “predefined amounts” of cryptocurrency that are equivalent to the transaction amount.
At the end of February 2018, PayPal’s Chief Financial Officer, John Rainey, spoke favourably of the possibility for Bitcoin (BTC) to become a popular payment method “used every day”.
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