Western Union has patented a system of secure cryptocurrency payments

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2018-07-07
Western Union has patented a system of secure cryptocurrency payments

Hikmet Ersek

Payment giant Western Union received a patent, which provides a secure management system for transactions with cryptocurrencies. The system presented by Western Union guarantees the confirmation of transactions with the help of biometric verification in the form of scanning fingerprints, the retina of the eye or the voice of the user.

The technology was developed for electronic networks. But the document notes that in some cases, the system of transfers can be suitable for cryptocurrency systems, such as Bitcoin, Litecoin or Peercoin.

According to the patent application, the wire transfer network can be configured to work with different types of currencies, including cryptocurrencies and other exchange services (for example, credit cards, gift cards or certificates, a system of user points, etc.), between client devices or external systems in different areas, regions or jurisdictions.

It is noteworthy that the application does not mention any mention of Ripple (XRP) crypto currency, which is called specially created for the money transfer industry, such as Western Union.

This does not mean that Western Union does not look closely at XRP. Let’s remind, earlier the company has confirmed partnership with the blocking start-up Ripple in San Francisco for trial integration XRP in the transactions. However, later Western Union CEO Hikmet Ersek said that he “was not impressed with the results of the test.”

CRYPTOCURRENCIES
  • bitcoinBitcoin$5,090.85
  • ethereumEthereum$165.66
  • rippleXRP$0.329114
  • tetherTether$1.00
  • eosEOS$5.37
  • stellarStellar$0.115548
  • litecoinLitecoin$79.78
  • cardanoCardano$0.084908
  • tronTRON$0.026741
  • moneroMonero$68.40
  • iotaIOTA$0.320101
  • nemNEM$0.066096
  • dashDash$121.27
  • neoNEO$11.41
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