PayPal Files New Patent to Eliminate Slow Cryptocurrency Transaction Time
PayPal has filed a patent with the US Patent and Trademark Office (USPTO) to improve the speed of cryptocurrency payments.
The document which was published by the USPTO on March 1 describes a system designed to improve the speed of cryptocurrency payments by shortening the wait times for transactions between consumers and merchants.
Currently, bitcoin transactions take at least 10 minutes to process. A long waiting transaction time which users are finding increasingly uncomfortable. While many cryptocurrencies have attempted to address this concern by shortening block times, users are still subject to higher rates and slower confirmation times when networks become congested.
According to the patent, PayPal is designing a system that will solve the problem of slow transaction times for cryptocurrency trades that have led potential crypto users to “instead choose to perform the transaction using traditional payment methods rather than virtual currency:”
The system would be designed to automatically create multiple secondary wallets with their own private keys which will make confirmation times much faster. The patent states that;
“The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction.”
PayPal is one of the leading fintech companies maximizing the blockchain technology for the improvement of cryptocurrency trading. PayPal’s chief financial officer, John Rainey, spoke positively of Bitcoin becoming a popular payment method in the future during an interview with the Wall Street Journal (WSJ) last Month.
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