Western Union patents a secure transfer system modeled after Bitcoin

posted 8 months ago
A newly published Western Union patent envisions a system that manages recurring transfer notifications and secure payments for a cryptocurrency network.

The Englewood, CO-based firm, the largest fiat money transfer service in the world, has sought to devise a method to increase the security of electronic payments.

The patent application indicates that the system has been designed as a general purpose tool to accommodate most types of electronic network. However, the document specifically notes that “in certain embodiments” the “electronic transfer network may be a cryptocurrency network such as Bitcoin, Litecoin, or Peercoin (the application was submitted in 2016).
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