Biometric Company Patents Cryptocurrency Management System to Advance Bitcoin in Payments Market
Biometric authentication company NXT-ID, Inc. (NASDAQ: NXTD) has announced that it has filed provisional patent 62/198989 for ELECTRONIC CRYPTOCURRENCY MANAGEMENT METHOD AND SYSTEM in a bid to advance cryptocurrency technologies such as Bitcoin into the consumer payments market.
The company has an enviable product in Wocket®, a smart wallet designed to protect the identity and replace all the cards in a wallet, with no smart phone or cloud required. Wocket® works most anywhere credit cards are accepted and only works with your biometric stamp of approval or passcode. For more info on the smart wallet, click here.
NXT-ID looks to usher Bitcoin and other cryptocurrency candidates into the mainstream payments industry and Wocket® is the beginning of that push for consumer-friendly crypto-wallets.
Chief Executive Officer Gino Pereira said,
“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 to the future.”
The company’s latest management system handles multiple traditional financial accounts and cryptocurrency accounts, like Bitcoin, including initiating transfers, currency exchanges, sending and receiving payments.
In this system, a local blockchain is intelligently synchronized for transactions and balance verification, which further supports online purchases along with retail store transactions. The entire process is very similar to and as simple as using debit or credit cards.
The Company’s Chief Technological Officer Mr. David Tunnel said,
“This technology also enables Bitcoin to be used across multiple payment mediums including magnetic stripe, NFC, and other emerging payment methods.”
The Company is mainly focusing on the expanding m-commerce market and provides innovative security solution MobileBio® to mitigate consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. NXT-ID’s wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification and has 22 licensed patents in the field of 3D facial recognition.