Author: James MacWhyte 2016-03-09 01:17:11
Published on: 2016-03-09T01:17:11+00:00
The Bitcoin Improvement Proposal (BIP) 70 Payment Protocol extension is proposed to allow two parties to exchange payment information in a permissioned and encrypted way, as well as facilitate identification for address release. The extension enhances the Payment Protocol by ensuring that payment details can only be seen by the participants in the transaction, allowing for store and forward servers to sign and serve Payment Requests, and allowing the sender of funds the option of sharing their identity with the receiver. This information could be used to automate the active exchange of payment addresses so static addresses and BIP32 X-Pubs can be avoided to maintain privacy and convenience. It also allows for an open standards based way for regulated financial entities to meet regulatory requirements.
Updated on: 2023-06-11T04:14:17.340747+00:00