NCR Corporation (20240289754). CRYPTO MANAGEMENT simplified abstract
Contents
- 1 CRYPTO MANAGEMENT
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 CRYPTO MANAGEMENT - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Potential Applications
- 1.6 Problems Solved
- 1.7 Benefits
- 1.8 Commercial Applications
- 1.9 Prior Art
- 1.10 Frequently Updated Research
- 1.11 Questions about Cryptocurrency Integration in Retail Transactions
- 1.12 Original Abstract Submitted
CRYPTO MANAGEMENT
Organization Name
Inventor(s)
Kip Oliver Morgan of Atlanta GA (US)
Gina Torcivia Bennett of Lawrenceville GA (US)
Wuchieh James Jong of Raleigh NC (US)
Jerry Steven Massey of Lawrenceville GA (US)
CRYPTO MANAGEMENT - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240289754 titled 'CRYPTO MANAGEMENT
Simplified Explanation
A consumer can link a cryptocurrency wallet to their loyalty account, setting a default fiat currency amount to add to transaction totals. When making a purchase, the consumer confirms the fiat currency amount, which rounds up the transaction total. A background workflow then automatically purchases and transfers an equivalent amount of cryptocurrency into the consumer's wallet.
- The consumer links a cryptocurrency wallet to their loyalty account.
- Sets a default fiat currency amount to add to transaction totals.
- Confirms the fiat currency amount during a transaction.
- Transaction total is rounded up by the confirmed amount.
- Background workflow purchases and transfers equivalent cryptocurrency into the consumer's wallet.
Potential Applications
This technology could be applied in various retail settings where consumers can use cryptocurrency for transactions while also earning loyalty rewards.
Problems Solved
This technology streamlines the process of using cryptocurrency for transactions by automatically converting fiat currency amounts to cryptocurrency in real-time.
Benefits
- Simplifies the use of cryptocurrency for everyday transactions. - Encourages the adoption of cryptocurrency by integrating it with loyalty programs. - Provides a seamless way for consumers to manage their cryptocurrency transactions.
Commercial Applications
Title: Cryptocurrency Integration in Retail Transactions This technology could be utilized by retail businesses looking to offer customers the option to use cryptocurrency for transactions while also earning loyalty rewards. It could attract tech-savvy consumers and differentiate the business from competitors.
Prior Art
Further research can be conducted in the field of cryptocurrency integration with loyalty programs and retail transactions to identify any prior art related to this technology.
Frequently Updated Research
Stay updated on the latest developments in cryptocurrency integration with loyalty programs and retail transactions to understand the evolving landscape of this technology.
Questions about Cryptocurrency Integration in Retail Transactions
How does this technology benefit both consumers and businesses?
This technology benefits consumers by providing a convenient way to use cryptocurrency for transactions and earn loyalty rewards. Businesses benefit by attracting tech-savvy customers and differentiating themselves in the market.
What are the potential challenges of implementing this technology in retail settings?
Implementing this technology in retail settings may require infrastructure upgrades and staff training to ensure smooth integration with existing systems.
Original Abstract Submitted
a consumer links a cryptocurrency wallet to their loyalty account and creates a profile that includes a default fiat currency amount to add to transaction totals during transactions at a terminals. during a transaction, the wallet and profile are obtained using the loyalty account of a registered consumer. when the consumer selects an option to pay for their transaction, an overlaid screen is presented to the consumer on the display of the terminal requesting that the consumer confirm the fiat currency amount. when the consumer confirms, the transaction total for the transaction is rounded up by the fiat currency amount. a background workflow is automatically initiated after payment is confirmed on behalf of the user. the workflow uses the fiat currency amount to purchase and transfer an equivalent amount of cryptocurrency into the consumer's wallet over the blockchain.
