US Software Giant Intuit Awarded Patent for Processing Bitcoin Payments via SMS
This feature is aimed for more convenience and profound permeation of crypto in public use.
Earlier this week, one of the largest software companies in the U.S. Intuit received a patent that will allow SMS transactions with Bitcoin. This feature is aimed for more convenience and profound permeation of crypto in public use.
The patent was filed by the company back in 2014, just in time with BitPay and Intuit’s QuickBooks partnership leading to creation of PayByCoin. The latter allowed BTC payments for invoices for the project’s business clients. Now, Intuit is on its way to enable Bitcoin operations via text messages.
According to the patent, customers will be able to receive and pay BTC to other users in the system. In order to pay, user would simply need to specify a payment amount and the recipient’s ID. The system will figure out the balance to know if the payer is capable to perform a specified transaction.
The operation of Intuit’s invention will be based on virtual accounts created for each transaction, but some other approaches may be used to validate them. For example, it could be a receiving of text message followed by a simple voice call “within a pre-determined time period,” with the only requirement to pick it up. That could be one of the ways to identify the valid mobile device. Another option could be a password system managed via SMS.
This solution is a good option for unbanked nations where fast internet or expensive hardware could be a problem. Thus, a text-managed cryptocurrency processing is very beneficial for a comprehensive crypto adoption.
Intuit is only one of many mobile companies incohort of blockchain supporters. Recently, popular mobile brand HTC revealed plans forintroduction of a smartphone withbuilt-in crypto wallet and mining capabilities. The smartphone would employ Ethereum-based game CryptoKitties that, reportedly, would reward players with coins. The release date is slated later this year.
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