Block had 13 patents in cybersecurity during Q4 2023. Block Inc’s patents filed in Q4 2023 focus on enhancing security and identity verification in payment transactions. One patent describes a method where a payment request is analyzed based on contact records to confirm the identity of the recipient before authorizing the transaction. Another patent involves using physically unclonable functions (PUF) in electronic devices for secure operations based on impedance characteristics of traces on a printed circuit board. 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 cybersecurity as a theme is 84% in Q4 2023. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Contacts for misdirected payments and user authentication (Patent ID: US20230419294A1)
Block Inc. has filed a patent for a computer-implemented method that involves receiving a payment request from a sender's device through a payment application, determining a similarity score between the sender and recipient based on contact records, and sending a confirmation request to the sender if the score does not meet a threshold. Upon receiving approval from the sender, a payment transaction is authorized. The method includes authentication processes, inputting recipient details, and utilizing encrypted contact records to ensure secure transactions.
The patent also covers aspects such as obtaining recipient details from the sender, storing encrypted contact records on the sender's device or the payment service system, and sending confirmation requests as messages to the sender's device. Additionally, the patent includes computer-readable media with instructions for executing the method and a system with processors and memories to facilitate the secure payment transaction process. The details of the recipient can include a portion of a phone number, name, picture, or bank account details, ensuring accurate identification and authorization of payment 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.
