The payment solutions provider Square patented the blockchain technology, which allows for instant transactions with cryptocurrency.
The company has already received approval from the US Patent and Trademark Office (USPTO). For the first time Square introduced the technology back in September 2017.
The essence of the new system lies in the fact that a private blockchain records transactions in real time. This, in turn, allows to carry out crypto-currency transactions with the same speed as electronic payments.
The date of implementation of the blockchain solution for mass use is still unknown.
Note, in June Square received BitLicense - a license that allows you to work with virtual currencies in the state of New York.
In August Square published a report according to which in the second quarter of 2018 the company's revenues from bitcoin sales amounted to $ 37 million.