Block had 66 patents in digitalization during Q4 2023. Block Inc’s patents in Q4 2023 focus on innovative payment methods and security features. These include a method for confirming recipient identity based on contact records, a system for NFC device proximity sensing, technologies for wireless communication feedback, embedded card reader security, and a wearable device for convenient transactions. These patents aim to enhance user experience, security, and efficiency in financial transactions. GlobalData’s report on Block gives a 360-degreee view of the company including its patenting strategy. Buy the report here.
Smarter leaders trust GlobalData
Block grant share with digitalization as a theme is 60% 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 similarity score is below a threshold. The method further includes authorizing a payment transaction upon receiving an approval response from the sender, ensuring secure and authenticated transactions between parties.
The patent also includes various claims related to the authentication process, such as performing different authentication processes, obtaining recipient details from the sender, and storing encrypted contact records. Additionally, the method involves receiving notifications of authentication processes, sending confirmation requests to the sender's device, and authorizing payment transactions based on positive confirmation responses. These claims highlight the emphasis on secure payment transactions, including verifying recipient details provided by the sender and ensuring a reliable authentication process to prevent fraudulent activities within the payment service system.
To know more about GlobalData’s detailed insights on Block, buy the report here.
Premium Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
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.
