THELOGICALINDIAN - Visa International has filed for a cryptocurrency arrangement apparent that is meant to alter concrete bill The arrangement which utilizes both axial banks and bartering banks leverages a clandestine blockchain to advance the acquittal ecosystem
Visa’s Cryptocurrency Patent Filing
The United States Apparent and Trademark Office (USPTO) published on Thursday a apparent appliance advantaged “digital authorization currency,” filed by Visa International Service Association on Nov. 8, 2019.
The filing is for a fiat-linked cryptocurrency arrangement application “a clandestine permissioned broadcast balance platform.” It describes a axial computer, its responsibilities, and key roles of the system: axial entities, acceptance entities, redeeming entities, and users. “A axial article may be a axial bank, which regulates a budgetary supply,” the certificate details. Acceptance entities “are blockchain nodes, which may be aeon such as banks.” Redeeming entities “may acquire concrete bill for barter for agenda authorization currency,” such as an ATM or a coffer annex location.
The axial article computer generates the agenda bill that is recorded on a blockchain and “may actuate that a accurate agenda bill assemblage should be added to or removed from the blockchain.” According to the filing’s abstract:
The filing added explains that the acquittal ecosystem may become 100% agenda and “cash may be removed from the markets in a bland manner” to advance the acquittal ecosystem. “Users may authority agenda bill with the aforementioned church as the bounded concrete currency.”
It additionally addendum that already the agenda authorization bill is issued, “A user or coffer may alteration the agenda bill from wallet to wallet or abundance the agenda bill on a acute agenda and alteration the acute agenda to addition entity.”
A accord apparatus has not been called for the system’s blockchain. “The accord apparatus may alter depending on the agreement implemented. Some archetype accord mechanisms … are affidavit of stake, Byzantine fault-tolerant algorithms, and crash-fault advanced algorithms,” the filing details. Other mechanisms explored accommodate a archetype of Ethereum, Hyperledger Fabric, and zero-knowledge proofs. The abounding filing can be begin here.
A Visa agent was quoted by Forbes on Thursday as saying: “Each year we seek patents for hundreds of new account … While not all patents will aftereffect in new articles or features, Visa respects bookish acreage and we are actively alive to assure our ecosystem, our innovations and the Visa brand.” Commenting on Visa’s cryptocurrency apparent filing, advocate Jake Chervinsky tweeted:
Other companies accept approved to apparent assorted cryptocurrency systems. For example, Microsoft was afresh accepted an all-embracing apparent by the World Intellectual Property Organization for a cryptocurrency arrangement application body action data.
What do you anticipate about Visa’s crypto apparent filing? Let us apperceive in the comments area below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, USPTO
