Electronics Giant Bosch Files Patent for a Digital Payment System Based on IOTA

    • Bosch digital payment system to use the core of IOTA, the distributed database “Tangle”
    • This solution the company says means “the creation of a single cryptocurrency system that offers a wide range of functional features”
    • This cryptocurrency system would also mean reasonable transfer costs and no interruption in global payments

    IOTA partner Bosch has filed a patent regarding, “Method and device for operating a digital payment system,” which also includes a device, a computer program, and a storage medium.

    The application relates to an electronic method for cryptographically secure transfers of cryptocurrency. It also includes a wallet program for implementing a client node of the cryptocurrency and a central root certification authority to serve as evidence for the authority of the public server key and the authorization of the transaction server.

    Leveraging IOTA’s Tangle

    The German multinational engineering and technology company further mentions in its application that this invention will be based on the distributed database “Tangle,” which forms the core of the cryptocurrency IOTA.

    IOTA’s protocol Tangle is different from blockchain in the way that it does not use “blocks” and is built upon a directed acyclic graph (DAG). In DAG, different types of transactions run on different chains in the network at the same time.

    IOTA is the 22nd largest cryptocurrency which is up over 50% to date in 2020 and currently trades at $0.245.

    Back in 2018, IOTA partnered with the electronics giant to launch the new device for IoT data collection.

    This crypto system means reasonable transfer costs

    Similar to the blockchain, none of the IOTA tokens will be issued twice and account balances can’t be manipulated by a possible attacker, assumes the application about the IOTA cryptocurrency.

    The advantage of this solution Bosch mentions is “the creation of a single cryptocurrency system that offers a wide range of functional features,” and a single software error or attack cannot endanger the entire system meaning no interruption in global payments.

    If any double-spending or “fake coins” were to circulate as a result of an error or attack on the tangle, the memories of the other Tangles will no longer accept transfers from the tangle in question as soon as they recognize the double-spending.

    “With this cryptocurrency system, worldwide payment transactions could be processed at reasonable transfer costs,” reads the application.

    The company explains that for a single currency system, they can use different and interdependent tangles parallelly. The dependency between the tangles then keeps the value of the coins stable. Parallel angles also mean it would be easier to introduce new technologies without the participation of all users if individuals did not see any advantages in the technology in question.

    Additionally, the coins can be “conveniently transferred from one Tangle to another and have the same stable value in each Tangle.”

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Bitwise Plans To Target Retail Investors With Its Crypto Index Fund

    Bitwise has revealed that plans are underway to allow the retail market to participate in its large-cap index service. According to CoinDesk, Bitwise is working...

    Binance's Educational Platform Opens Up Government Approved Office in Shanghai

    Binance, one of the most popular crypto exchanges in the crypto-verse which also has many subsidiaries including Binance Academy (a blockchain and crypto-centred educational...

    XRP Trying to Retrace Months of Underperformance But Remains in a “Corrective” Structure

    XRP is up 12.5% but could still jump another 23%, A clean break above $0.21 would be “very bullish” Ripple granted an exemption...

    23k BTC on CME Futures and 50k BTC in Options Expiring Today

    Bitcoin is currently down 0.05% in the past 24 hours trading around $6,640 after hitting $6,872 last night, yet again rejected at $7,000 level....

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.