Over the years, cryptocurrencies have certainly been increasing in popularity. This is mainly because of the many market gaps the cryptocurrencies have made it possible to bridge. Holders of cryptocurrencies are now no longer tied to any government. They can also perform direct transactions and are still able to maintain the trust and stability of fiat currencies. Currently, the existing technology supports payments using cryptocurrencies, and improvements to these transactions are coming to light on a daily basis. They also take advantage of the benefits of these transactions and ensure they’ve overcome the major drawbacks – like delays in processing. The following patent, if true, may improve things even more.
What A Patent Is
From the Wikipedia description, “A patent is a set of exclusive rights granted by the sovereign state or intergovernmental organization to an inventor or assignee for a limited period of time in exchange for detailed public disclosure of an invention”.
In this case, an invention is described as a solution to a specific technological problem. This problem can either be a product or a process.
Square Inc Claims
There are quite a number of claims by Square Inc. while filing for the patent. We’ll mention a few basic ones to not bore you with the over-an-hour read. They claim:
- A way to settle a point of sale transactions between customers and the merchants, where the customer uses cryptocurrency for payments and the merchant still receives fiat currency. This method determines quite a number of things. It determines the merchant has selected to receive payment in fiat currency. It also enables sorting of the point of sale transaction.
- Almost similar to the first claim, here Square Inc. claimed ownership of a system. The system is for setting a point of the sale of the transaction between a customer and a merchant. This actually does help by ensuring that the merchant still gets to receive fiat currency, even when the customers pay via cryptocurrencies.
- One or more computer-readable, non-transitory storage media for setting a point of the sale transaction between a customer and a merchant. In this claim, they explain that the customers provide cryptocurrencies while the merchant receives fiat currency.
The above claims aren’t in the arranged order and not in complete description according to the filings of Square Inc. We mentioned only the most notable and impactful claims. If this goes as well as they claim, we’ll soon experience a number of changes in the crypto world.
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