Finally Square Inc., has won the patent to develop a payments network that allows users to transact in any currency. According public documents, merchants at the point-of-sale (POS) will also be able to receive payments in any currency. This means that cryptocurrency holders can also pay for goods and service in the digital coins.
The documents show that the U.S. Patent & Trademark Office (USPTO) has full trust in the payment system. Filed in September 2017, the approval process over 10 months for the application to receive a positive nod.
The technology overcomes drawbacks
While acknowledging an existing application of the technology, the patent details that Square goes a mile ahead. It says Square improves the application ?in a way that takes advantage of benefits of such transactions while overcoming drawback such as delays in processing.?
Specifically unique about the improvement is that any currency is usable at both ends of a transaction. That is, one can pay in a currency of one?s own liking during a transaction. On the other end, the merchant receives the payment in a currency of his liking. As a result the payment system removes impediments that may burden the smooth flow of business.
The document reads, ?The disclosed technology addresses the need in the art for a payment service capable of accepting a greater diversity of currencies including fiat currencies ? and non-fiat currencies including virtual currencies including cryptocurrencies ? commercial paper ? and securities,? the document explains.?
Further, the patent statement observes that the technology eliminates the mistrust surrounding anonymous transactions. It notes that the technology avails a ?trusted payment service? that is important in a technology where transactions are anonymous.
Most notably, the technology has revealed the belief Square has in Bitcoin. CCN reports that Jack Dorsey, Square CEO, ?believes bitcoin could be the internet?s native currency within a decade”. In a recent earnings call, Dorsey revealed that ?Square?s interest in bitcoin extends beyond just buying and selling.? To Square, Bitcoin is a ?transformational technology? that they want to be part of all the way into the future.