The usage of cryptocurrencies for on-line purchases has been steadily gaining recognition. Nevertheless, utilizing crypto to pay for items in shops has been gradual because of the lack of infrastructure that may help crypto transactions. Tangem AG has obtained a patent for know-how that allows crypto transactions over standard POS terminals with out modification of the present infrastructure.
Typical digital cost methods, resembling 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 deal with this deficiency, Tangem, a Swiss fintech pioneer, has developed and patented a safe cryptocurrency {hardware} pockets and related cryptocurrency transaction authorization protocol appropriate with the traditional digital cost 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 may be carried out as a smartcard or smartphone app, that shops clients’ non-public cryptographic keys to crypto funds. The pockets is configured to work together with a standard POS terminal utilizing an ordinary 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 receive a blockchain transaction signature (authorization) from the client’s {hardware} crypto pockets and transmit this authorization over a standard digital cost community by embedding mandatory information into the usual digital messages.
One of many foremost challenges of prosecuting fintech patents is overcoming the subject material eligibility rejections underneath 35 USC 101 in view of the Supreme Court docket resolution Alice Corp v. CLS Financial institution, which restricts patentability of sure enterprise strategies. This problem may be even higher in case your patent software is assigned to the USPTO artwork models 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 have been capable of procure the patent for Tangem, inside six months from the submitting date, with minimal prosecution utilizing well-developed patent drafting methods, resembling emphasizing the invention’s technical points and enhancements over standard technical requirements.
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