Intuit to Win Patent for BTC Payments Thru Text

Company applied for a patent back in 2014, shortly after the launch of the QuickBooks Bitcoin Payments service
09 August 2018   1012

California developer of financial software Intuit received a patent for the technology of bitcoin-transaction transmission using text messages, CoinDesk reports.

A document published by the US Patent and Trademark Office describes a virtual account system in which two users can transfer transactions using mobile phones. The company applied for a patent in 2014, shortly after the launch of the QuickBooks Bitcoin Payments service, which allows small companies to receive money transfers in a cryptocurrency.

The invention relates to a method for processing payment. The method includes receiving, by a payment service from a payer mobile device of a payer, a payment text message comprising a payment amount and an identifier of a payee mobile device.
 

Intuit Patent Filling

There are several ways to validate such a message. One of them requires sending a "password request associated with the user account".

The other uses a "phone call that is automatically reset by the payment service". Such a call serves as confirmation of the intent of the sender and makes it possible to make sure that "the message was not transmitted by mistake and is not spam sent by the device".

Despite the long consideration of the patent application, Intuit continues to develop its payment solutions for the cryptocurrency industry. Earlier, it entered into an agreement with Veem to improve international cryptocurrency payments.

Franck Muller to Create Encrypto Bitcoin Watch

A limited line of watches (up to 500 units of male and female models) priced from $ 10 to $ 60 thousand
23 May 2019   81

The Swiss luxury watch maker Franck Muller, in partnership with the cryptocurrency trading platform Regal Assets, launched Encrypto, the world's first functional bitcoin watch. This is reported by the Coindesk.

The main feature of Encrypto will be the possibility of "deep storage" of Bitcoin. So, along with the watch, customers will receive a USB wallet containing a private key to the wallet, the public key is applied to the watch face.

A limited line of watches (up to 500 units of male and female models) priced from $ 10 to $ 60 thousand is also available in the online store of Franck Muller, as well as in the company store in Dubai. Along with traditional credit card and bank transfer, you can buy them for Bitcoins.

The company also reported that they are considering the possibility of issuing such watches with the support of other leading cryptocurrencies, including Ethereum and XRP.

In the beginning of the year it became known that the Swiss watch manufacturer A. Favre & Fils is developing a handmade mechanical watch with a built-in cryptocurrency wallet.