Square Inc. Wins Innovative Crypto Patent Amid President Trump's Accusations of CEO

San Francisco-based company Square Inc. has won a new patent that will allow merchants to accept all forms of cryptocurrency payment, a victory that could impact mass utilization of digital assets.

The mobile-payment processing company filed the patent in September 2017, after being approved by the U.S. Patent and Trademark Office to move forward with plans to create a new payment system that will process cryptocurrency, including Bitcoin, at the same speed as credit card transactions.

"The disclosed technology addresses the need in the art for a payment service capable of accepting a greater diversity of currenciesincluding virtual currencies including cryptocurrenciesthan a traditional payment system in a transaction between a customer and a merchant, and specifically for a payment service to solve or ameliorate problems germane to transactions with such currencies. Specifically, the payment service described herein can facilitate real-time transactions, allowing a customer to pay in any currency of their choice, while the merchant can receive payment in a currency of their choice."

Jack Dorsey, CEO of Square Inc. and co-founder of Twitter, made a statement in March regarding the future of cryptocurrency.

To be effective, he said new technologies would need to be implemented to blockchain, which would increase the speed of the transactions at a lower cost.

The patent remains to be seen as a conceptual stage for Square Inc., and utilization of the advancements could go either way.

To reach the ultimate goal, several obstacles need to be overcome, such as proof-of-stake latency incited by the transactions.

The reported plan to solve this issue also shows Square Inc. creating its own blockchain that will record real-time transactions from the devices using Square technology.

This allows the private PoS system to track payments before they encounter the public blockchain.

Another option for bypassing slow processing times can be approached by paying the network directly, which would eliminate the need for transactions to be written into a blockchain.