Western Union targets patent for crypto transaction security

Posted 06 July, 2018

One of the leading payment services – Western Union – reportedly patented the protection system for cryptocurrencies transactions.

According to the document released by the U.S. Patent and Trademark Office, the system boosts the security of the payments – all transactions are to be confirmed via biometrical verification (fingerprint, iris scanning or voice verification).

The applied technology is said to be designed for general electronic networks, though it may fit cryptocurrency transactions, like Bitcoin, Litecoin or Peercoin.

As the patent application reads, the e-payments network can be adjusted for different currencies (in particular, cryptos) as well as other exchange services (credits, gift certificates, user points system) between clients' devices or external systems located in different regions.

According to the reports, the document does not contain anything about Ripple. Notably, this coin was rumoured to be dedicated to money transfers sector, like  Western Union service.

However, it was reported earlier, that the company confirmed a partnership with Ripple project for pilot XRP integration. At the same time, later the CEO of Western Union expressed his disappointment with the results.

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