The usage of cryptocurrencies for on-line purchases has been steadily gaining recognition. Nonetheless, utilizing crypto to pay for items in shops has been sluggish because of the lack of infrastructure that may assist crypto transactions. Tangem AG has obtained a patent for expertise that permits crypto transactions over typical POS terminals with out modification of the prevailing infrastructure.

Standard digital fee programs, resembling MasterCard, Visa, and Europay, don’t assist cryptocurrency transactions of their default state. In different phrases, a buyer can’t 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 fee programs. Thus, a vendor doesn’t need to buy a separate POS terminal configured particularly for cryptocurrency transactions.

Tangem’s US Patent No. 11,315,113 describes a safe crypto pockets, which may be carried out as a smartcard or smartphone app, that shops clients’ non-public cryptographic keys to crypto funds. The pockets is configured to work together with a traditional POS terminal utilizing a regular single-tap contactless strategy or an insert-your-card contact strategy 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 receive a blockchain transaction signature (authorization) from the client’s {hardware} crypto pockets and transmit this authorization over a traditional digital fee community by embedding mandatory information into the usual digital messages.

One of many foremost challenges of prosecuting fintech patents is overcoming the subject material eligibility rejections below 35 USC 101 in view of the Supreme Court docket determination Alice Corp v. CLS Financial institution, which restricts patentability of sure enterprise strategies. This problem may be even higher in case your patent utility is assigned to the USPTO artwork models 3620 or 3680, which look at 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, resembling emphasizing the invention’s technical features and enhancements over typical technical requirements.

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