The Western Union patent regarding use of cryptocurrencies to create a platform for the transaction of multiple cryptocoins was recently approved less than a year after its submission to the US patents office.
While this isn’t the first time the company has shown interest in crypto, ripple being its last interest, the patent hints at a possible platform being developed by the company for analyzing location based transactions simply known as remittances, which are set to incorporate cryptocurrencies. Bitcoin litecoin and peercoin were some of the coins mentioned in the original patent filed to the US patents office.
“…in various embodiments, electronic data transfer network may be configured to support and perform transfers of various currency types, including traditional and/or digital currencies, centralized and/or de-centralized currencies, cryptocurrencies, and any other medium of exchange…between client devices and/or external systems in different areas, regions, or jurisdictions.”
The patent also detailed kiosk systems designed to report the locations of transactions and the client’s location. The patent also illustrated the platform map in detail hinting the project is under current development by the firm. You can view the patent here.
To conclude while western union is primarily a fiat transaction service its popularity means the potential integration of Bitcoin will inject millions in fresh liquidity as remittance becomes much more seamless and cheap. However the inherent nature of Bitcoin and peercoin technology allows no use for a middleman, so when sending remittances abroad, money is sent directly from you to the recipient. The success of integrating crypto into fiat remittance services is questionable, and often seen as counter intuitive as crypto technology currently offers all the services of fiat remittance at competitive prices, but potential use of blockchain and peercoin technology could help western union become much more cheaper in the near future.