The ecommerce giant eBay has recently files two patent applications, both related to cryptocurrencies. Submitted to the US Patent and Trademark Office in April last year, they have just been published.
One patent focuses on creating a distributed cryptocurrency unauthorised transfer monitoring system, the other is for a distributed cryptocurrency reputation system. What these ultimately mean regarding the auction giants use of digital currency is not immediately clear, but the use of the technology within their system, used by millions around the world, could be a major change in online payment systems.
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Patents filed by ecommerce giant eBay on April 18th last year have just been published by the US Patent and Trademark Office, showing that the global auction company is embracing cryptocurrency technology in their operation.
The filings show that the first patent is for a "distributed cryptocurrency unauthorized transfer monitoring system", while the second is for a "distributed cryptocurrency reputation system".
They are not the only larger business moving to patent cryptocurrency technology, with Coinbase and 21 Inc both filing patents for various technologies in the last few months as well.
This comes right after eBay divested itself of the payment giant PayPal, and rumours have been rife for a long time that the company was looking to involve itself in the cryptocurrency industry. Indeed, while it still owned PayPal, the then CEO John Donahoe even hinted at Bitcoin integration within PayPal itself.
What level of involvement will be forthcoming from eBay is hard to say from the patents, but the mere fact a huge organization such as eBay, a brand name recognized on every continent around the world is seeing the potential in the technology is good news for the industry. Using the underlying technology of cryptocurrencies, the large development budgets that such multinationals have will ultimately have a beneficial impact on the entire industry.
Advances in the technology itself coupled with the innovation of new applications will drive the industry to new levels, but that is only half the story. The other is legitimacy, for adoption of the technology by users having such an acknowledged leader in ecommerce showing the way brings with it a sense of legitimacy that the public at large, who have not looked closely at digital currency before, will fully understand. With its 159 million active users worldwide, as of Q3 2015, the potential for eBay to introduce possibly the world’s largest consumer base to the concept and technology of digital currency is phenomenal.