Western Union has patented a system of secure cryptocurrency payments

Home » BLOCKCHAIN » Western Union has patented a system of secure cryptocurrency payments
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$3,965.72
  • ethereumEthereum$147.23
  • rippleXRP$0.320198
  • tetherTether$1.00
  • eosEOS$3.85
  • stellarStellar$0.089763
  • litecoinLitecoin$49.01
  • cardanoCardano$0.045400
  • tronTRON$0.024837
  • moneroMonero$50.67
  • iotaIOTA$0.301626
  • nemNEM$0.043745
  • dashDash$84.08
  • neoNEO$8.73
IBM used blockchain to ship 28 tons of citrus fruits from China to Singapore
On the eve of the Chinese New Year celebration, the technological giant IBM delivered 28 tons of oranges and tangerines from China to Singapore. When issuing a bill of lading confirming the contract of shipment, the blockchain technology was used, reports CoinDesk. IBM experts note that the electronic bill of lading (e-BL) has accelerated administrative […]
2019-02-19 0 13
What Can I Buy with BTC and What Sites Use It?
In the autumn of 2017 cryptocurrency fever triggered a high interest among trade agents in using BTC as payment method both for online and offline commerce. People were thrilled and excited. Searches on Google like “where to pay with bitcoin”, “where to spend bitcoin”, “bitcoin stores” were most frequent those days.  Unfortunately, raising fees for […]
2019-02-18 0 41
The media confirmed the launch date of the test network Telegram Open Network
The Telegram Open Network (TON) blockchain platform, behind which the popular messenger operator stands, is 90% complete, and the launch of the test network is scheduled for the end of March 2019. It is reported by The Block, with reference to the report received by the investors of the project. As the newspaper notes, Telegram […]
2019-02-11 0 16
Media: the cost of the Telegram internal cryptocurrency could reach $ 30 billion
By the end of 2019, the total cost of the internal token Gram of the blockchain project Telegram Open Network (TON) could reach $ 29.5 billion. The Bell reports with reference to the report HASH Crypto Investment Bank. According to the investment company, the target cost of 1 Gram token by the end of 2019 […]
2019-02-07 0 13
© 2017–2018