PTO Grants Intuit Patent for BTC Solution
On the 7th of August, the US Patent and Trademark Office (PTO) released the patent handed in by Intuit, a financial software firm, granting the company permission to create a new method for processing payments made in Bitcoin. The method was explained within the patent and would enable people to seamlessly trade BTC through their smartphones by SMS.
The new proposal would enable computer processors to create digital accounts for the receiving party of BTC in the event that the said person does not possess an account with the paying party’s payment provider like PayPal and others. The digital account would reveal the receivers balance and then display the amount through an SMS.
An additional important feature of the new system is verifying any requests submitted for payments, explained in two different methods. The first entails a confirmed password. The other method would use voicemail confirmation to portray the contents of a text message. The solutions to verification are akin to other verification methods used by many services.
The company has already displayed its interest in BTC. Intuit’s PayByCoin service, a result of a collaboration with BitPay, and international BTC payment company, grants smaller firms utilizing QuickBooks Online to acquire payments from any source with BTC. Any smaller company using this service does not pay any charges or fees not including any costs when mining for Bitcoin.
Despite the fact that the company has just been granted the patent approval, many questions are asked in light of this in regards to the expansion of Intuit, the new system’s merge with the company’s TurboTax service or whether the company is looking to operate on its own as a payment provider. With all of these questions being raised, the company has yet to answer any of them officially.