Newly revealed patent filings show that UPS could be building a new decentralized locker system that accepts bitcoin. The new service will be a computerized item exchange that will remove salespeople from the chain. Users will be able to create lockers in a ‘locker bank’ that will accept payments in various currencies, including bitcoin. The US patent office revealed that the locker bank would work as a storefront for purchasing items. The details of this system are not explicitly stated in the document.
What does the application say?
The patent application says that in-person transactions could lead to losses, mostly through theft. The need of the hour was to design a system that could facilitate transactions in a safer manner. Private sales include in-person exchanges between two entities or individuals who are selling privately owned items. Such sales are facilitating through classified ads, online retail sales, online auctions and other such transactions.
Of course, threats of being conned and physical hurt could be high with such sales as you never know whom you are interacting with. UPS believes that there should be faster and more convenient way to make transactions in private sales.
All things said and done, what could UPS help you do and what is this new system they talk about?
Brown is focusing on a new decentralized marketplace for private sales. Users can have lockers that could be sealed through a computerized system. You will need passwords to access these lockers. This is traditional. UPS went a step ahead and placed a camera inside the locker to provide you images of the products. A view screen is placed outside the locker. It can communicate sales and comes with a payment processing mechanism as well.
Cryptocurrency compliant lockers
The most interesting takeaway from this application is UPS’ support for bitcoin. Many traditional methods of payment are included in the application. Bitcoin is specifically mentioned in the form. In fact, UPS has also left scope for other cryptocurrencies in the application.
Here is what the application says:
…the locker bank 300 may include a point-of-sale (POS) system for accepting payment from users in the form of: (1) a cash transaction; (2) a credit or debit card transaction; (3) a gift certificate; (4) an electronic payment, such as payment by Google Pay, Apple Pay, PayPal, Bitcoin; and/or (5) any other suitable type of payment.
Though we cannot suggest that bitcoin will be one of the primary payment methods, it is interesting to note that a parcel service giant is making way for crypto transactions. There is no guarantee that UPS will work on this patent anytime soon. However, acceptance by UPS could go a long way for bitcoin and other currencies.
Meanwhile, cryptocurrency values are tanking around the world following regulations and FUDs. It is likely that the bearish move will continue for the currencies this week. Bitcoin is trading below $10,000, but crypto-enthusiasts are hopeful that the markets will bounce back. Meanwhile, a Senate hearing is scheduled for next week that may hamper crypto growth.