The patent was filed to the US Patent Office on June 13, 2014.
The application explained a system that would allow two users to complete their payments using their mobile phones. It would also include a peer-to-peer virtual currency network, which would store the funds of both the users. 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 of a payee.
The patent listed various ways to complete a transaction upon receiving a request for processing a payment. In the first option, an unanswered voice call will be used to verify the mobile phone. In the second option, a password will be used to access the user account. Once the data is verified, the system will check whether the payer has enough funds to complete the payment. In case, the payee doesn’t have a virtual account, the system will create one and then transfer the funds. In the end, the payee will be notified with a text message.
Earlier this year, The Bitcoin Patent Report published a list of the top 10 companies that had filed the majority of the Bitcoin patents. Bank of America secured first place with 45 patents filed within 5 years. Ali Baba and IBM were fourth and fifth in the list, with 36 and 34 patents filed by each company.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now