Canada's largest bank is seeking a patent for a secure means of processing payments that could connect with a public blockchain.
On 19th January, the US Patent and Trademark Office published an application from the Royal Bank of Canada (RBC) for "secure processing of electronic payments". The application, submitted in July 2016, details the use of trusted devices to administer, process and store payment transactions, in an environment utilizing digital wallets and merchant-based points-of-sale (POSs).
As envisioned, some of these applications could be used to connect to an unspecified public blockchain.
The RBC application notes:
Later, the application details how the concept could include support for a variety of currencies, including bitcoin.
"[T]he trusted platform...is enabled to pay the merchant in the merchant's preferred format (including choice of currency, such as dollars, euros, pounds, roubles, or yen, or electronic currency such as bitcoin) using suitably-configured signals and data exchanges," it states.
While the application hints at some of the areas in which RBC is looking to potentially incorporate blockchain, the bank has been open about its work with the tech in the past.
Image Credit: DayOwl / Shutterstock, Inc.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.