Intuit Lands Patent for Bitcoin Transactions Using Text Message
The patent, which was filed with the U.S. Patent Office on June 13, 2014, describes technologies that facilitate the transfer of Bitcoin directly between two mobile devices. This would include the creation of a peer-to-peer network that would functionally work to store the funds of each user, even allowing those without established Bitcoin wallets to receive funds via instantly created accounts on the network.
The method includes receiving, by a payment service from a payer mobile device of a payer, a payment text message comprising a payment amount and an identifier of a payee mobile device of a payee.
There is no indication at this time as to whether Intuit’s patent could negatively affect current projects focused on text-based transactions across other cryptocurrencies, as the language found within the patent is fairly broad.
For instance, lite.im, a product by Zulu Republic, plans to introduce LTC to a broader audience by enabling users to transact across mobile devices, without the need for internet access. lite.im is already available as a proof of concept on the popular messaging app Telegram.
Intuit has already begun to establish itself within the cryptocurrency space, as it previously launched PayByCoin, which allows its users to include a bitcoin payment option within digital invoices.
Intuit’s share price has been on an absolute tear over the last year, rising over 52% from $138 to $211.