The use of cryptocurrencies for on-line purchases has been steadily gaining recognition. However, utilizing crypto to pay for items in shops has been gradual as a result of lack of infrastructure that may assist crypto transactions. Tangem AG has obtained a patent for know-how that permits crypto transactions over typical POS terminals with out modification of the prevailing infrastructure.
Conventional digital fee programs, akin to MasterCard, Visa, and Europay, don’t assist cryptocurrency transactions of their default state. In different phrases, a buyer can’t merely pay for groceries utilizing a cryptocurrency on the native grocery store’s Point-of-Sale (POS) terminal. To handle this deficiency, Tangem, a Swiss fintech pioneer, has developed and patented a safe cryptocurrency {hardware} pockets and related cryptocurrency transaction authorization protocol suitable with the traditional digital fee programs. Thus, a vendor doesn’t need to buy a separate POS terminal configured particularly for cryptocurrency transactions.
Tangem’s US Patent No. 11,315,113 describes a safe crypto pockets, which will be carried out as a smartcard or smartphone app, that shops prospects’ non-public cryptographic keys to crypto funds. The pockets is configured to work together with a traditional POS terminal utilizing a normal single-tap contactless method or an insert-your-card contact method made with a chip and PIN financial institution card. The patent additionally describes a novel blockchain transaction authorization technique by which a POS terminal can get hold of a blockchain transaction signature (authorization) from the shopper’s {hardware} crypto pockets and transmit this authorization over a traditional digital fee community by embedding essential knowledge into the usual digital messages.
One of the primary challenges of prosecuting fintech patents is overcoming the subject material eligibility rejections below 35 USC 101 in view of the Supreme Court choice Alice Corp v. CLS Bank, which restricts patentability of sure enterprise strategies. This problem will be even larger in case your patent utility is assigned to the USPTO artwork items 3620 or 3680, which look at enterprise technique patents and are infamous for their prosecution issue, with patent grant charges as little as 25% and 30%, respectively. Despite being positioned within the artwork unit 3680, ArentFox Schiff patent attorneys had been in a position to procure the patent for Tangem, inside six months from the submitting date, with minimal prosecution utilizing well-developed patent drafting methods, akin to emphasizing the invention’s technical facets and enhancements over typical technical requirements.
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