Intuit Receives Patent for "Peer-to-Peer Virtual Currency Network" SMS Processing Bitcoin Payment

Intuit has obtained a patent for processing bitcoin payments via SMS. The patent was submitted to the US Patent Office (US Patent Office) on June 13, 2014.

Intuit Receives Patent for "Peer-to-Peer Virtual Currency Network" SMS Processing Bitcoin Payment

The application proposes a system that allows two users to use their mobile phones to complete payments. It will also include a "peer-to-peer virtual currency network" to store funds for users who pay for both parties.

The method includes: receiving a payment service initiated by the payer's mobile device, and at the same time receiving a short message from the payer that contains the payment amount and the payee's mobile device identifier.

The patent lists various ways to complete a transaction after receiving a processing payment request. In the first option, an unanswered voice call will be used to verify the phone. In the second option, a password will be used to access the user account. Once the data is verified, the system will check whether the payer has enough funds to complete the payment. If the payee does not have a virtual account, the system will create a virtual account and then transfer the funds. Finally, the payee will receive an SMS notification.

Intuit cooperated with BitPay in 2014 to launch the Bitcoin Quickbooks PayByCoin service. The example images shown in recent patents also use BitPay user accounts to demonstrate Bitcoin transactions. In addition to cryptocurrency, Intuit has also established an innovation laboratory in San Francisco, focusing on blockchain technology to explore its various uses.

The number of cryptocurrency patents is on the rise

Last month, MasterCard received a patent that describes a method for storing cash and cryptocurrency in an account at the same time. The patent was filed in June 2016, but failed to provide more details. Seth Eisen, senior vice president of MasterCard Communications, explained that patents are meant to protect "the company's intellectual property rights," even if these systems cannot be implemented in the future.

Earlier this year, the "Bitcoin Patent Report" published a list of the 10 companies that applied for the most Bitcoin patents. Bank of America (Bank of America) applied for 45 patents in 5 years, ranking first. Alibaba and IBM ranked fourth and fifth respectively, applying for 36 and 34 patents respectively. MasterCard applied for 21 patents, dropping to eighth place. Considering the number of patents obtained by MasterCard this year, it would be no surprise if it can rank among the top five in 2019.

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