Intuit Gets a Patent for a Bitcoin Text Message Technology
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Answer Intuit Gets a Patent for a Bitcoin Text Message Technology
American software company Intuit has obtained a patent for a method that enables it to process Bitcoin payments via SMS (SMS), and it is reported that it applied for the patent in 2014.
The invention is an integrated application that allows users to send and receive their money through their mobile phones, and also has all methods of verifying payments and is directly linked to the electronic wallet.
What is also new is linking the application to text messages, which happens between the sending and receiving parties, and they are linked to the application and the encryption network.
The patent also clarifies the complete methods for completing transactions and identifies two steps for this:Read:Finnish authorities sell $79 million worth of confiscated bitcoin
– The first stepReceive voice calls to verify that the person with the wallet owns the mobile phone.
– The second stepUsing the password to allow the phone owner to access confidential data, and when making sure that the numbers are entered correctly, the system will search for the amount of money in existence and whether it is sufficient to complete the current transaction or not, in case he does not have the amount that covers the fees, the transaction is rejected, if there is Covers the entire transaction, and the transaction will be completed within a few seconds.
The company also added ways to buy bitcoins in more easy ways and used the patent to certify the quantity purchased and the price sent.
Patents in the cryptocurrency world
Intuit is not the first company to obtain patents in the field of cryptocurrency, as it has been preceded in this way by many companies and people.
MasterCard, the company with the best and largest electronic payment system, obtained a patent last month. The patent was talking about a system that could store cash and digital currencies within one account protected by blockchain technology, and the company explained that this invention will appear to the public soon.Read:Rugby World Cup 2021 Closing: CoinEx Scores Big Moments as Exclusive Cryptocurrency Trading Platform Partner
Also, there are multiple models for the best inventions in the field of bitcoin and cryptocurrency, and the companies’ ranking was as follows:
- Bank of America ranked first in the number of inventions registered in its name, receiving 45 patents.
- China’s Alibaba ranked second with 36 patents.
- IBM ranked third with 34 patents.
It is noteworthy that thousands of companies are looking for inventors and talented people in protection systems and employing them for a very large fee, and all this is due to the keenness of each company to excel and own the best.
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