BitCoin’s Competition Is Coming Like A Heard Of Wild Horses…Hello Chase Bank “Web Cash”

Posted By on December 10, 2013

Cryptocurrencies….is the new war cry!

It looks like JP Mogan’s Chase Bank has filed for a patent on “Web Cash”…it’s a per-to-per “Internet Pay Anyone (IPA)” account with inherent safeguards built-in.  JP Morgan refers to this as a “Virtual Private Lockbox (VPL)”. 

LetsTalkBitcoin noted recently, the “Method and system for processing internet payments using the electronic funds transfer network,” states that Chase’s technology is a “new paradigm.” Moreover that it permits the creation of “virtual cash” (also referred to as “web cash”) with a “real-time digital exchange of value.”

Via eCreditDaily,

Imagine paying for some product in a transaction directly with the seller that doesn’t include a costly third-party fee or the revelation of a personal account number — the current components that comprise credit card and debit card purchases. Imagine this system with a “real-time digital exchange of value.” And imagine that you can archive all the transactions in a personal digital wallet, with its own “Internet Pay Anyone (IPA)” account and inherent safeguards built-in, something that you could call “Virtual Private Lockbox (VPL),” according to JPMorgan’s patent.

If this “web cash” system — as JPMorgan Chase calls it — seems familiar, it should. It smacks of the peer-to-peer transactions of bitcoins and other cryptocurrencies that increasingly are making the world’s biggest banks uneasy about the future of e-commerce.

The patent, first revealed by LetsTalkBitcoin.com, is a fascinating look into JPMorgan’s veiled outlook on the evolving but growing bitcoin universe, and other more widely-accepted payment systems.

JPMorgan’s proposed system offers another eerily familiar component, which seemingly mimics “blockchain,” a publicly available, permanent ledger of bitcoin transactions.

Sources:  Wise Dog Research, LetsTalkBitcoin, ZeroHedge

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