NXT-ID Inc., the advanced biometric and security technology development company has filed for a provisional patent for one of the company’s latest inventions. The new technology for Electronic Cryptocurrency Management Method and System assigned a provisional patent numbered 62/198989 is targeted towards the consumer cryptocurrency payments market.
NXT-IDs new technology allows users to manage all their traditional bank accounts, credit cards, debit cards and cryptocurrency accounts from a single place. Using this new technology, people can initiate fund transfer, exchange currency, send and receive payments.
The company has already come out with its first product that utilizes this new technology. Named Wocket, the product is a next generation smart wallet by NXT-ID. It ensures the user’s privacy and replaces all the cards one is used to carrying in their physical wallets. What makes it more exciting is the fact that it does not need an internet connection or a smart phone to carry out transactions.
WocketCard can be used at any place and any POS system that accepts credit cards. As an added layer of security, the WocketCard also includes a biometric safety feature which requires the registered user’s voice stamp to approve a transaction.
According to David Tunnell, the Executive Vice President and the Chief Technology Officer of NXT-ID, the new technology that is being patented introduces uniformity to cryptocurrency payments. With the new technology, people will be able to pay with cryptocurrency over existing payment methods. Once it is made possible for people to make bitcoin transactions over traditional payment systems without having to make any additional modifications will increase the acceptance of bitcoin among masses. Most people are already familiar with electronic mode of payments with fiat currencies and using one common smart platform to store and manage all their bank accounts, loyalty cards and cryptocurrency accounts makes the life so much easier for them. All they would have to carry is one WocketCard