by Joseph Young
NXT-ID, a biometric authentication company that is focused on the growing mobile and ecommerce market, has filed an interesting patent for an “Electronic Cryptocurrency Management Method and System.”
This patent outlines a few methods that could be used to advance Bitcoin into the consumer market, without hurting businesses, while also making the transition process for all those who are interested in ease and simplicity.
To put things better into perspective, the technology allows institutions to manage multiple financial accounts and facilitate operations such as money transfers, currency exchanges, and payment processing, but also the ability to keep track of transactions. This process is made possible with the help of an abbreviated Blockchain network, which can be intelligently synchronised with all transactions from a local smart wallet, the Wocket. This form of the abbreviated Blockchain would allow shops to accept and process transactions from both traditional accounts, as well as Bitcoin. Their Wocket would further simplify this, by putting both Bitcoin and other currencies into the hands of their users.
Gino Pereira, the CEO of NXT-ID, states, “We continue to build out our patent and IP portfolio as the payment industry evolves. This technology is another important step of how we intend to build the payment solution of the future.”
The NXT patent has managed to introduce the first platform that manages to make both cryptocurrency and traditional payments uniform across transactions. Their wallet can also be used to hold and protect your credit and debit cards, IDs, memberships, medical information, insurance, passwords and more.
This combined sort of utility will also further facilitate their patent, once it’s turned into an actual project, while also mitigating consumer risks which are often associated with mobile computing.
Should the NXT-ID plans succeed, the combination of payment processing utility and the Wocket’s convenience for everyday user could be an important step toward Bitcoin adoption.