Intuit Bitcoin Text Transaction Patent
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A patent filed in 2014 in which the technology to process bitcoin payments via text messages is described, has been granted to Intuit, a financial software company.

The technology would permit for 2 people to conclude payments via the smartphone, in addition, a “peer-to-peer virtual currency network” is described where the user's funds can be stored.

‘The method includes receiving, by a payment service from a payer mobile device, a text message of payment consisting of an amount to be paid and an identifier of the payee’s mobile device.’

There are various methods of successfully concluding a transaction after getting the request to process a payment listed in the patent. The first method describes an unanswered call verifying the mobile number. The second method is a password allowing to access the user account. Once the data has been verified and the system has checked that the user has enough funds, the payment is put through. If the payee doesn’t possess a virtual account, a new one will be created by the system to transfer the funds into. A text notification will be sent to the payees to confirm the transaction.

WHY IS THIS IMPORTANT?

  1. More and more companies are filing crypto patents, which can only mean that the field is developing.
  2. This technology will allow bitcoin users to pay another individual more efficiently and without 3rd parties interfering.
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