Block had three patents in future of work during Q4 2023. Block Inc’s patents filed in Q4 2023 focus on using machine learning to predict merchant services based on intent data and information provided during onboarding, as well as on contextual routing and management of communications across multiple services through a consolidated user interface presented via a payment application. 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 future of work as a theme is 33% in Q4 2023. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Intelligent merchant onboarding (Patent ID: US20230351409A1)
Block Inc. has filed a patent for a computer-implemented method that involves obtaining merchant information and intent data associated with merchants registered with a service provider offering various merchant services. This data is then used to train a machine learning model to predict the services a potential merchant is likely to use. The method includes receiving an indication of a potential merchant initiating an onboarding process, determining information about the potential merchant, and predicting the merchant services they are likely to intend to use based on the second merchant information and the machine learning model. The system also involves updating training data, determining confidence values for predicted services, and providing recommendations to potential merchants based on the information gathered.
The patent claims also cover aspects such as the types of merchant services offered, receiving updated training data, determining confidence values for predicted services, training multiple machine learning models, identifying potential merchants through third-party sources, and providing recommendations to potential merchants based on the onboarding process. The system described in the patent aims to streamline the onboarding process for merchants by leveraging machine learning to predict their service needs accurately. Additionally, the method includes iterative updates to the machine learning model based on new data, ensuring the predictions remain accurate and relevant over time.
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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.
