PayPal, the online payments solution providing company based in America, is seeking a way to boost the speed of cryptocurrency payments, as revealed by a newly filed patent.
Where Paypal has already made a vast impact in the modern technological world and even tech giants like Facebook are utilizing its platform for online transactions, the company is now aiming to narrow the amount of time it takes for virtual currency payments to go through between a consumer and a merchant.
The patent titled “Expedited Virtual Currency Transaction System” has been published by the U.S. Patent and Trademark Office (USPTO). The application explains the method where private keys (strings of characters that represent ownership of cryptocurrency and allow crypto to be traded) are traded between seller and buyer in an anonymous and secure way.
Paypal is aiming to avoid the process of sending a transaction and waiting for it to be included in the next block on the network, hence they have proposed a way to create secondary wallets with their own unique private keys for sellers and buyers. As the filing states,
“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.”
It is still unknown that when this system will be available in the crypto market and which cryptocurrencies will be compatible with that model, however, this is presumed to be the next level after various big players have started adopting SegWits’ Lightning Network, which aims to solve scalability on the Bitcoin blockchain.
It must be noted that PayPal got involved in the blockchain space back in 2014 and it has already made partnerships with Coinbase, GoCoin, and BitPay.
Meanwhile, the government of Pakistan is working on bringing PayPal in the country and the rumors about this, were on the rise last year. However, it is still not clear what steps are taken by the govt to make this happen.