June 24, 2018

United Parcel Service (UPS) Patents Decentralized Locker Bank That Accepts Bitcoin

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The widespread acceptance of Bitcoin as a viable currency may be on its way if the United Parcel Service (UPS) is any indicator.
Making In-Person Transactions Safer
According to a United States patent application filed on Feb. 1, the United Parcel Service (UPS) has plans to utilize Bitcoin as a method of payment for a new decentralized locker system.
According to the patent’s abstract, UPS – a multinational package delivery company and provider of supply chain management solutions – is constructing a “secure, computerized locker bank that is adapted to facilitate the payment for, and physical exchange of an item between entities who have brokered the sale of the item via a marketplace, such as an online marketplace[…]or a traditional marketplace.”
The patent application indicates that the primary objective of the new locker system is to make in-person transactions safer and more secure while preventing theft – as private sales arranged through classified ads, online retail sales, and online auctions carry the inherent risks of being conned or physically assaulted.
The application also indicates that the new decentralized system would allow customers to have lockers, which are sealed and secured by a computerized system. …

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