Block had nine patents in artificial intelligence during Q4 2023. Block Inc’s patents in Q4 2023 focus on utilizing machine learning models for predicting merchant service usage, creating a blockchain agnostic token network for NFT transactions, managing communications through contextual routing, and using machine learning for fraud reduction in payment services. These innovations aim to enhance user experiences, streamline processes, and reduce fraudulent activities within the payment ecosystem. GlobalData’s report on Block gives a 360-degreee view of the company including its patenting strategy. Buy the report here.
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Block grant share with artificial intelligence as a theme is 55% in Q4 2023. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Intelligent merchant onboarding (Patent ID: US20230351409A1)
Block Inc. has filed a patent for a computer-implemented method that involves obtaining merchant information and intent data associated with merchants registered with a service provider offering various merchant services. This data is then used to train a machine learning model to predict the services a potential merchant is likely to use. The method includes receiving an indication of a potential merchant initiating an onboarding process, determining information about the potential merchant, and predicting the merchant services they are likely to intend to use based on the machine learning model.
The system described in the patent includes processors and computer-readable media storing instructions for obtaining merchant information and intent data, training a machine learning model, and predicting the services a potential merchant intends to use. The system can also receive updated training data, determine confidence values for predicted services, and provide recommendations to potential merchants based on the information gathered. Overall, the patent outlines a method and system for leveraging machine learning to predict merchant service preferences based on data collected from registered merchants, streamlining the onboarding process for potential merchants and enhancing service recommendations.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
