U.S.-based payments giant PayPal has filed a patent using the U.S. Patent and Trademark Office (USPTO), published on March 1, to boost the rate of cryptocurrency payments. The patent refers to a “Expedited Virtual Currency Transaction System”, between the use of secondary private keys to shorten wait times for transactions between consumers and merchants.
The patent’s inventors are recorded as Cheng Tian and Sandy Lynn Godsey of San Jose, California, with PayPal Inc. listed as the offender. According to the patent, PayPal is Trying to solve the Issue of slow transaction times for cryptocurrency trades that have led potential crypto consumers to “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 details how the production of secondary pockets using their own keys will make transaction times 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 shortened wait period is due to the reportedly faster process of moving the private keys related to “predefined amounts” of all cryptocurrency which are equivalent to the amount in the transaction.
In late February 2018, PayPal’s chief financial officer John Rainey spoke positively of the chance to get Bitcoin (BTC) to turn into a popular payment system “used every day”.