Block had eight patents in blockchain during Q1 2024. Block Inc’s patents filed in Q1 2024 focus on managing cryptocurrency through a multi-signature address system that allows for flexible self-custody solutions and recovery options. Additionally, the patents cover a hashing system that efficiently stores and processes words for hashing messages, as well as blockchain-supported resource transfer communication protocols that enable secure and compliant resource transfers involving digital wallets. GlobalData’s report on Block gives a 360-degree 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 25% in Q1 2024. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Methods and systems for managing cryptocurrency (Patent ID: US20240037542A1)
Block Inc. has filed a patent for a cryptocurrency management system that includes a mobile communication device (MCD) and a cryptocurrency management server (CMS) to store private keys for generating authenticating signatures for multi-signature addresses. The system allows for flexible self-custody solutions for transferring cryptocurrency without accessing the private key stored at the CMS, while enabling recovery in case of loss or unavailability of the MCD or CMD. The CMS verifies backup key requests through social recovery authentication information and provides the MCD backup encryption key to the user for decryption and recovery of private keys stored in the cloud server associated with the MCD.
The method and system described in the patent involve generating authenticating signatures for cryptocurrency transactions, verifying backup key requests through social recovery authentication, and enabling the recovery of private keys stored in the cloud server. The system also processes transaction requests, authenticates information, and generates authenticated transactions based on user accounts and transaction policies. By providing a secure and flexible solution for managing cryptocurrency, the system ensures user control over their assets while allowing for recovery mechanisms in case of device loss or unavailability, enhancing the overall security and usability of cryptocurrency management.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
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.
