Payment solutions are becoming popular amongst both consumers and businesses. They offer a more convenient method to send or receive money from one party to another. Additionally, new technologies are being integrated into payment solutions, such as blockchain and cryptocurrency. As technology continues to advance, industry leaders are reshaping the payments industry with innovative and convenient solutions.
As a result, the integration of cryptocurrency and blockchain technology is becoming prominent in the digital payment industry. According to Infoholic Research, the global cryptocurrency and blockchain market is projected to reach $42.16 billion by 2022. The market is gaining traction thanks to the widespread acceptance of the technology. Specifically, players in sectors like BFSI, retail, media, healthcare, and others are adopting cryptocurrency as a form of payment. Cryptocurrencies offer a faster, more secure payment process, which has made it highly attractive to businesses that deal with large volume of payment transactions.
“I can anticipate the day when every store will accept payment in a cryptocurrency,” says Stephen Pair, Chief Executive Officer and Co-Founder of BitPay. “It became clear that payment systems and traditional currencies were ripe for disruption by technology, the same way that email disrupted the US Post Office.”
In addition to these developments, Glance Technologies has announced that it has filed a provisional patent application for methods, systems, and techniques for cryptographic token transfers. This application covers new technology intended to lower the costs and improve the speed and efficiency of cryptocurrency transactions. It is also meant to facilitate conversion between cryptocurrencies whose transactions are recorded on different blockchains and to store information of different sensitivity levels on permissioned blockchains, which can be useful when privacy is important.
Desmond Griffin, CEO of Glance, says, “Some of the current barriers to adopting cryptocurrencies for everyday payments are high costs per transaction for small value transactions, slow speed of execution when trying to pay in real time, and potential disclosure of more information than may be desired from a user. This patent application proposes various technological solutions that can be used to solve these problems. The aim for Glance is to make cryptocurrency payments practical for day-to-day payment situations.”
Glance believes that blockchain and cryptocurrencies are fundamentally transformative technologies, providing significant opportunities for the early pioneers in this space. In addition to facilitating cryptocurrency transactions, the technology described in this patent application is applicable to the Glance Coin loyalty reward token that will allow Glance merchants to reward and provide deals and incentives to customers.