Block had nine patents in blockchain during Q4 2023. Block Inc’s patents in Q4 2023 focus on innovative payment methods, blockchain agnostic token networks for NFT transactions, contextual routing of communications, and the use of machine learning models for fraud reduction in payment services. These technologies aim to enhance user experience, streamline transactions, and improve security in the digital 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 blockchain as a theme is 22% in Q4 2023. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Cryptocurrency payment network (Patent ID: US20230394446A1)
Block Inc. has filed a patent for a method that involves receiving a payment request in fiat currency between two users, where one user intends to use a non-fiat instrument for payment. The method includes transferring the value in the non-fiat instrument from the first user to a payment service balance and then transferring the equivalent value in fiat currency to the second user's balance. The system also calculates exchange rates and preferences for non-fiat assets or different fiat currencies based on user preferences and geolocation.
The patent claims detail a method executed by a payment service to facilitate transactions between clients using fiat and non-fiat assets. The system calculates values based on exchange rates, initiates transfers between service balances, and ensures completion of transactions via a cryptocurrency network. User preferences for payment methods and receipt currencies are considered, with options for stocks, bonds, cryptocurrencies, or tokens as non-fiat assets. The system also verifies user identities, updates transaction statuses, and sends notifications upon completion, providing a comprehensive framework for secure and efficient cross-border transactions.
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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.
