According to the U.S. patent and trademark office, according to CCN documents released on Thursday, Western Union (Western Union) in December 2016, applied for a new patent, tried to design a method to improve the safety of electronic payment, including managing recurring transfer notice and pay to protect the safety of network encryption currency.
The document specifically states that in some implementations, the electronic money transfer network may be a cryptocurrency network such as Bitcoin, Litecoin or Peercoin.
Headquartered in Englewood, England, Western Union is the world’s largest money transfer service company.
According to documents released by the US Patent and Trademark Office on Thursday, the company tried to design a way to improve the security of electronic payments. Western Union applied for the patent in December 2016.
In addition, Western Union proposes the system to use biometric verification to ensure that the sender authorizes all transactions. The verification form may appear in the form of a fingerprint scan, a user sound sample, or a retina scan.
Western union’s patent application shows that the system has been designed as a universal tool for most types of electronic networks.
Electronic transmission network, therefore, can be configured to carry out various monetary support and types, including traditional and/or digital currency, centralized or decentralized currency, encryption, and any other currency medium (such as in a user points system of credit, gift CARDS or certificates, etc.), the client device and/or external systems in different areas or between jurisdictions.