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Issue Date: Vol. 52, No. 1, January 2012, Posted On: 1/12/2012

Upstate Networks Demonstrates Vending Machine Accepting BitCoin Payment

Tim Sanford
vending, vending machine, cashless vending, Upstate Networks, BitCoin currency payments, bitcoin, digital token, Dr. Stuart W. Card, Critical Technologies, QR code, DroidVend Application, mobile payments, smartphone payment app

UTICA, NY -- Upstate Networks has posted a video demonstration of a vending machine that can accept BitCoin currency payments.

BitCoin is a "crypto" or virtual currency developed by Satoshi Nakamoto in 2009; it has found international favor with Internet enthusiasts. The unit of exchange, the bitcoin, is a digital token that can be transferred from one owner to another over the Internet by effecting a securely encrypted transaction that records the bitcoin payment's withdrawal from the buyer's "wallet" and deposit into the seller's. Bitcoins may be purchased from a number of online "exchanges."

In the video, Dr. Stuart W. Card of Critical Technologies (also based in Utica) purchases a bag of popcorn from a snack machine by using his smartphone to scan a QR code displayed by the machine, then transfer a bitcoin payment from his "wallet" to the machine's. | SEE VIDEO DEMO

Upstate Networks earlier posted a YouTube video of its DroidVend Application, which allows a vending patron with a smartphone running Google's Android operating system to make purchases from suitably-equipped vending machines through an online service like PayPal. | SEE VIDEO

Upstate Networks was founded in 1994 and incorporated in New York in 1995. It manufactures hardware and software designed to interface vending products to PCs and other general-purpose computers, and has worked with manufacturers to develop novel vending and other self-service pay-per-use equipment.

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