Block had 24 patents in ecommerce during Q4 2023. Block Inc’s patents in Q4 2023 focus on transaction modification based on modeled profiles, creating a persistent virtual cart for buyers across multiple merchant sites, predicting merchant services for potential merchants using machine learning, generating connections between merchants based on transaction data, and implementing a blockchain agnostic token network for purchasing non-fungible tokens. 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 ecommerce as a theme is 62% in Q4 2023. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Transaction modification based on modeled profiles (Patent ID: US20230394553A1)
Block Inc. has filed a patent for a system and method that involves modifying transactions based on modeled profiles. The system receives transaction data from merchant computing devices associated with a payment processing system and trains a model using merchant data, buyer data, or transaction data to generate profiles. When a transaction occurs between a buyer and a merchant, the system determines if a characteristic of the transaction matches a profile and generates a recommendation to modify the transaction by adding or replacing an item based on the match. The system can also retrain the model based on additional data and detect buyer interactions to improve recommendations.
Additionally, the system can provide recommendations for buyers to purchase different or additional items based on transaction data associated with other merchants. It can also merge profiles, detect buyer selections through interactions like scanning barcodes, and determine inventory availability to tailor recommendations. The system's recommendations are generated by analyzing characteristics of transactions and profiles, ensuring personalized and data-driven modifications to transactions. The patent covers a comprehensive system that leverages transaction data, buyer behavior, and merchant information to enhance the purchasing experience and optimize transactions for both buyers and merchants.
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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.
