After nearly 1 ½ years, payment processer, Square, has successfully been awarded a patent centered on establishing a ‘cryptocurrency payment network’.
Details of the Patent
The patent, which was initially filed on September 14, 2018, was done so by Square, Inc. While the patent obviously goes into great depth, describing how exactly the proposed payment network will function, the following is a short excerpt summarizing the overall goal.
“Specifically, the present technology permits a first party to pay in any currency, while permitting the second party to be paid in any currency. In this way, the technology provides benefits that remove barriers to transactions that might inhibit international commerce, or commerce with certain types of currency.”
The invention of the technology, described throughout, is attributed to three individuals.
- Christopher Michael Brock
- Brian Grassadonia
- Michael Moring
The Intriguing Part
What makes this particular patent notable for those following the digital securities sector, is the direct reference to securities. It is stated,
“The disclosed technology addresses the need in the art for a payment service capable of accepting a greater diversity of currencies including fiat currencies (US dollars, Euro, Rupee, etc.), and non-fiat currencies including virtual currencies including cryptocurrencies (bitcoin, ether, etc.), commercial paper (loans, contracts, forms, etc.), and securities (stocks, bonds, derivatives, 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.”
While details are scarce on how exactly securities will play into the mix, the potential for them to be seamlessly transferred between parties is surely intriguing.
There are a select few people that have become synonymous with Bitcoin and blockchain in general; Jack Dorsey is one of these.
Throughout the past few years, he has, not only been a vocal proponent of Bitcoin and blockchain technologies, but actually acted on his words. Through payment processing company, Square, in which Dorsey is both the Founder and CEO, the world has seen glimpses of the potential for Bitcoin as it is integrated into their services
Dorsey recently caught the attention of many as he noted that which many have – Africa holds massive potential for the adoption of, and benefitting from, blockchain. This realization has prompted a, soon to be undertaken, 6-month journey to the continent by Dorsey, as he works towards establishing blockchain based solutions to benefit the populace.
Founded in 2009, Square maintains headquarters in San Francisco, California. Above all, Square acts as a tech provider for payment processing solutions. Their rapid rise in popularity over the past decade has seen the company expand beyond U.S. borders into various countries including, but not limited to, Canada and Japan.
CEO, Jack Dorsey, currently oversees company operations.
In Other News
With a rapidly developing sector, many industry players are looking to protect their intellectual property. As such, we have found ourselves, on a variety of occasions, covering these events. The following articles touch on a few patents filed over 2019, in addition to an interesting concept involving a ‘Patent Finance Market’.