Using cryptocurrencies for on-line purchases has been steadily gaining reputation. Nonetheless, utilizing crypto to pay for items in shops has been sluggish because of the lack of infrastructure that may help crypto transactions. Tangem AG has obtained a patent for know-how that permits crypto transactions over standard POS terminals with out modification of the prevailing infrastructure.
Standard digital fee methods, similar to MasterCard, Visa, and Europay, don’t help cryptocurrency transactions of their default state. In different phrases, a buyer can not merely pay for groceries utilizing a cryptocurrency on the native grocery store’s Level-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 methods. 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 might be applied 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 typical 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 methodology by which a POS terminal can acquire a blockchain transaction signature (authorization) from the client’s {hardware} crypto pockets and transmit this authorization over a traditional digital fee community by embedding vital information into the usual digital messages.
One of many predominant challenges of prosecuting fintech patents is overcoming the subject material eligibility rejections beneath 35 USC 101 in view of the Supreme Court docket determination Alice Corp v. CLS Financial institution, which restricts patentability of sure enterprise strategies. This problem might be even higher in case your patent software is assigned to the USPTO artwork items 3620 or 3680, which look at enterprise methodology patents and are infamous for his or her prosecution problem, with patent grant charges as little as 25% and 30%, respectively. Regardless of being positioned within the artwork unit 3680, ArentFox Schiff patent attorneys had been capable of procure the patent for Tangem, inside six months from the submitting date, with minimal prosecution utilizing well-developed patent drafting methods, similar to emphasizing the invention’s technical facets and enhancements over standard technical requirements.
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