Western Union Files Secure Cryptocurrency Network Transfer System Patent
A new patent from Western Union has been recently filed by the U. S. Patent and Trademark Office this week. The company has envisioned a system that will use the blockchain to manage recurring transfer notifications and secure payments with cryptos.
This method was created to improve the security of transactions and the firm applied for it on December 2016. The system proposes to use biometric verification system that will ensure the identity of the person making the transactions. This can be done via a fingerprint scan or a user voice sample or retinal scan.
The system has been designed to accommodate different types of technologies and networks. The transactions, according to the document, can be made via electronic transfer by cryptos like Bitcoin, Litecoin or other tokens.
According to the patent, there are a lot of embodiments that this new technology can take. It can support centralized and decentralized systems for international transfers in many means of exchange.
Western Union Will Not Use Ripple
It is important to notice that the documents do not speak about Ripple, which is a cryptocurrency that, according to its creators, is tailor-made for money transfers (being already used by some international banks) and that could be used by the company in this project.
The company already had a partnership with Ripple recently, but the CEO of the company. Hikmet Ersek, has told the media that he is not impressed by the early trials that were made. According to him, the company is often criticized for not being efficient, but he definitely did not see efficiency while conducting early tests with Ripple.
According to him, it is still too expensive to use Ripple.