Using cryptocurrencies for on-line purchases has been steadily gaining reputation. Nevertheless, utilizing crypto to pay for items in shops has been sluggish as a result of lack of infrastructure that may help crypto transactions. Tangem AG has obtained a patent for know-how that allows crypto transactions over typical POS terminals with out modification of the prevailing infrastructure.
Typical digital cost methods, reminiscent of 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 cost methods. Thus, a vendor doesn’t should 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 applied as a smartcard or smartphone app, that shops clients’ personal cryptographic keys to crypto funds. The pockets is configured to work together with a traditional 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 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 cost community by embedding mandatory knowledge into the usual digital messages.
One of many foremost challenges of prosecuting fintech patents is overcoming the subject material eligibility rejections beneath 35 USC 101 in view of the Supreme Courtroom choice Alice Corp v. CLS Financial institution, which restricts patentability of sure enterprise strategies. This problem will be even higher in case your patent utility is assigned to the USPTO artwork items 3620 or 3680, which study enterprise technique patents and are infamous for his or her prosecution issue, 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 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, reminiscent of emphasizing the invention’s technical features and enhancements over typical technical requirements.
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