NXT-ID to Revolutionize Crypto Currency Scenario with its latest Patent

By CIOReview | Tuesday, August 11, 2015

OXFORD, CT: NXT-ID files patent for “Electronic Crypto-Currency Management Method and System”. This technology intends to provide an advanced crypto currency (like Bitcoin) environment to manage all kind of payments uniformly.

NXT-ID looks to re-establish Bitcoin and other crypto-currencies into the mainstream payments industry and where Wocket is the beginning of the new age for consumer friendly crypto-wallets.  "What's unique about this patent is that it introduces what we believe is the first payment experience that makes crypto-currency uniform across all payment transactions and payment methods, which is a chief inhibitor to wide scale acceptance of crypto-currencies like Bitcoin, " says Mr. David Tunnell from NXT-ID.

He further adds that with this technology, a common smart wallet platform can be used by an individual to manage not only all of their conventional financial accounts (e.g. debit cards, check cards, credit cards, etc.), loyalty cards, membership cards and the like, but also provide for the secure management of a multiple alternative currency accounts, thereby facilitating the real-time use of one or more crypto-currencies as a method of payment, receiving crypto-currency payments, and crypto-currency exchange. This technology would also enable Bitcoin to be used across multiple payment mediums including magnetic stripe, NFC, and other emerging payment methods.

The innovation empowers the users to manage multiple traditional financial accounts and crypto-currency accounts, be it Bitcoin, including initiating transfers, currency exchanges, submitting payments, and receiving payments. This methodology makes use of a local, abbreviated block chain which is intelligently synchronized for transactions and balance validation to enable online purchases as well as brick and mortar retail store transactions from a local smart wallet device. This abbreviated block chain allows for validated crypto-currency purchases to be made in store, just like transactions from other traditional financial accounts as done with credit or debit cards.

Wocket, a smart wallet designed to protect the user’s identity and replacing all the cards in the wallet, without the aid of a smart phone or cloud. Wocket can work almost all places where credit cards are accepted and only works with user defined biometric stamp of approval or a passcode.