UPS Files Patent Seeking To Decentralize The Private Sales Marketplace
Reports indicate that global shipping firm UPS may be working towards accepting bitcoin for payments in the future. This is based on a patent filing that was recently published by the U.S. Patent and Trademark Office. In the patent application United Parcel Service describes an item exchange known as ‘locker bank’ which accepts various forms of payment such as virtual currencies as well traditional payments.
Per the patent application United Parcel Service wants to develop a storefront which is full of lockers where people will make purchases without having to interact with a salesperson. In some use cases that has been suggested, this could ensure the safety and security of buyers when they are dealing with strangers. This is in a situation where the transaction is peer-to-peer for instance one person selling a used gaming console to another.
"An in-person exchange between private individuals, or other entities, of items sold via a classified ad, online auction, or online retail sale, can be undesirable due to the inherent danger of exchanging valuable items or cash with strangers," says the UPS patent application.
According to the patent application United Parcel Service is essentially aiming to decentralize the marketplace for private sales. The lockers will possess computers which have the capacity to accept payment, communicate sales and then lock and unlock the doors. In each locker there will be a minimum of one camera which will capture images of items placed inside and transmit to a view screen which will be positioned on the outside.
To use the lockers the patent envisages people renting them for a period of time. The lockers will also have point-of-sale systems which will be used to accept various forms of payments including cash, credit card, debit card, gift certifications or even electronic payments such as PayPal, Apple Pay, Google Pay and virtual currencies. Refunds will also be made through the various electronic payment methods listed.
However just because United Parcel Service filed the patent is not a guarantee that the product will be developed and delivered to market. It is therefore not a reliable signal that UPS will begin accepting payments using virtual currencies in the near future. Still it is a reflection of the growing interest in the payment methods which are based on the blockchain technology.
Last year over 20 patent applications filed with the USPTO had bitcoin mentioned in them as a potential method of payment. This was a lower number than that recorded in 2016.