Block has been granted a patent for a device that processes contactless payments by wirelessly reading account information and encrypting it using a public key. The device driver communicates with a payment reader and non-privileged components to ensure secure transactions. 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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According to GlobalData’s company profile on Block, Social commerce was a key innovation area identified from patents. Block's grant share as of May 2024 was 36%. Grant share is based on the ratio of number of grants to total number of patents.
Contactless payment processing device with embedded reader and encryption
A recently granted patent (Publication Number: US12002040B2) outlines a method for secure electronic payments using a computing device. The method involves a device driver communicating with a payment reader to receive information, sending a notification to a non-privileged component of the computing device upon receiving the information, receiving a public key from the non-privileged component, encrypting the information using the public key, and providing the encrypted information to the non-privileged component for processing by a service provider. The information typically includes payment instrument details, and the communication with the payment reader can involve contactless, NFC, or RFID technology embedded in the device.
Furthermore, the patent describes a computing device equipped with a device driver for a payment reader, supporting contactless payments. The device driver, acting as a privileged component, interacts with a non-privileged component such as a POS application, encrypts information received from the payment reader using a public key, and provides it for processing by an external service provider. The system ensures secure electronic payments by enforcing trust criteria based on device data, including software and hardware information, to determine the legitimacy of the transaction. The method also involves decoding information before encryption, ensuring data integrity throughout the payment process. The patent emphasizes the protection of the operating system kernel from unauthorized access by application programs, enhancing the overall security of electronic 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.
