Crypto Quill

SKUx, a digital payments firm powered by the proof-of-stake blockchain Hedera, has recently secured two patents from the U.S. Patent and Trademark Office (USPTO) for its innovative payment processing technology. The patents cover two aspects of item-level payments: promotional offers and payments, and coupons and gift cards.

What are item-level payments?

Item-level payments are transactions that involve specific items or products, such as groceries, clothing, or electronics. These transactions require a high level of accuracy and security, as well as real-time tracking and verification of the items involved. Item-level payments also enable merchants to offer personalized promotions and discounts to their customers, such as coupons, rebates, or loyalty points.

Why is SKUx using Hedera blockchain?

SKUx is using Hedera blockchain because it offers several advantages over traditional payment systems. Some of these advantages are:

• Speed: Hedera blockchain can process transactions in seconds, compared to minutes or hours in other systems.
• Cost: Hedera blockchain does not charge any fees for transactions, unlike some other systems that charge commissions or service fees.
• Security: Hedera blockchain uses cryptographic techniques such as zero-knowledge proofs (ZKPs) to ensure that transactions are valid and verifiable without revealing any sensitive information.

• Scalability: Hedera blockchain can handle thousands of transactions per second, without compromising on performance or reliability.
• Innovation: Hedera blockchain enables new business models and applications that were not possible before, such as decentralized autonomous organizations (DAOs), smart contracts, tokenization, and digital identity.

What are the benefits of SKUx’s patents?

SKUx’s patents will help the company improve its payment solutions and offer more value to its customers. Some of the benefits are:

• Promotional offers and payments: SKUx’s patent covers a solution that allows payments without requiring a merchant’s proof-of-stake (PoS) system to perform adjudication. This means that SKUx can process payments faster and more efficiently, without relying on external parties to validate the eligibility of a purchase transaction. This will enhance the customer experience and reduce fraud risks.
• Coupons and gift cards: SKUx’s patent covers another solution that allows real-time integration of coupons and gift cards into a customer relationship management (CRM) system. This means that SKUx can track the issuance, redemption, and corresponding insights gained from coupons and gift cards in real time. This will enable merchants to offer more personalized promotions and rewards to their customers.

What are the future plans for SKUx?

SKUx is planning to use its patents to launch new products and services that leverage its payment processing technology. The company is also exploring opportunities to collaborate with other businesses and organizations that share its vision of using blockchain for digital payments.

SKUx is one of the leading players in the digital payments space, with a strong focus on innovation and customer satisfaction. By using Hedera blockchain as its underlying platform, SKUx is able to offer cutting-edge solutions that solve real-world problems in item-level payments.