The filing of a provisional patent for an electronic cryptocurrency management system was recently announced by the Connecticut-based technology company NXT-ID Inc, which specialises in biometric technologies. The company will also be looking to launch a new smart wallet having gained the public funding it required following a recent public offering.
The idea behind the new system from NXT-ID is to provide users with a standardised method of managing all payments including cryptocurrency like bitcoin which could potentially push the digital currency even further into mainstream use as it would make easier to use and this would make it far more popular with the general public.
As well as allowing users to manage various different types of regular accounts it will also allow users to manage a range of cryptocurrency accounts including bitcoin. Users should be able to send and receive bitcoins with this technology as well as access currency exchanges and initiate transfers between different accounts. Using this new smart wallet device will not only allow users to make purchases online but also allow them to make payment in regular high street shops and it does this by downloading an abbreviated blockchain which it stores on the device and then synchronises intelligently whenever transactions and balance requests are made.
Its first push into making cryptocurrency wallets that are more user friendly is the Wocket® which is smart wallet that has been designed to replace the need for carrying around lots of different debit and credit card in a regular wallet whilst at the same time helping to protect a users’ identity. This device could move bitcoin and various other cryptocurrencies further into the mainstream by using the abbreviated blockchain stored on the device to validate any transactions made allowing users to make purchases in shops in much the same way as the traditional debit and credit cards.
The chief technology officer for NXT-ID, David Tunnell advised “What’s unique about this patent is that it introduces what we believe is the first payment experience that makes crypto-currency uniform across all payment transactions and payment methods, which is a chief inhibitor to wide scale acceptance of crypto-currencies like Bitcoin.”
He went on to add “With this technology, a common smart wallet platform can be used by an individual to manage not only all of their conventional financial accounts (e.g. debit cards, check cards, credit cards, etc.), loyalty cards, membership cards and the like, but also provide for the secure management of a multiple alternative currency accounts, thereby facilitating the real-time use of one or more crypto-currencies as a method of payment, receiving crypto-currency payments, and crypto-currency exchange. This technology also enables Bitcoin to be used across multiple payment mediums including magnetic stripe, NFC, and other emerging payment methods.”
NTX-ID has announced that all the net proceeds gained from its recent public funding effort will go towards its marketing activities and as working capital for its key product the Wocket smart wallet.
Gino Pereira, NXT-ID’s CEO advised in a statement “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.”