At the moment of payment the transaction is digitally signed by the payer and transmitted locally to the payee as a message providing the payee with a digitally signed commitment, similar to a guaranteed check. If both parties are offline at the moment of payment, settlement will take place later when one of the parties has internet connection and access to the payment service's back-end. All the transactions are logged locally by both the payer and the payee. It debits the payer's Digital Cash offline balance and could either credit the payee's Digital Cash offline balance or demand that the incoming payment is banked before it may be used.
"It is extremely pleasing that our very first Digital Cash patent application for offline payments receives such a clean slate on patentability. This is strategically important for several reasons; the patent application has an early priority date and a very wide scope. It also raises our expectations that our many other Digital Cash patent applications may also be granted later, as they are based on the same core principles", says
This clean report of the initial Digital Cash patent application follows the announcement of the first granted patent regarding interoperable offline payments in
Below are links to earlier press releases related to this initial Digital Cash patent application.
Date |
|
https://www.crunchfish.com/crunchfish-enables-offline-frictionless-mobile-payments/ | |
https://www.crunchfish.com/crunchfish-enables-digital-cash-as-the-default-means-of-payment-for-real-time-mobile-payments/ | |
https://www.crunchfish.com/crunchfish-pursues-its-initial-digital-cash-patent-application/ | |
https://www.crunchfish.com/crunchfishs-initial-pct-patent-application-for-digital-cash-published/ |
For more information, please contact:
+46 708 46 47 88
joachim.samuelsson@crunchfish.com
+46 726 01 16 73
erik.berggren@crunchfish.com
This information was provided by the contact person above for publication on
Västra
About
https://news.cision.com/crunchfish/r/crunchfish-receives-clean-iprp-for-the-initial-digital-cash-patent-application,c3493747
https://mb.cision.com/Main/14959/3493747/1526165.pdf
https://news.cision.com/crunchfish/i/3493747-0-png,c3004733
(c) 2022 Cision. All rights reserved., source