Visa Files Patent for Digital Currency
USPTO - The U.S. Patent and Trademark Office, announced that Visa had listed a patent application to build digital currency on a centralized machine using blockchain technology. It applied to digital dollars as well as digital currencies of other central banks such as yen, pounds, yen, and euros. So the real money of a central bank everywhere in the world could be digitized.
Described as 'Digital Fiat Currency,' the patent was initially listed by Visa on 8 Nov 2019, with the USPTO stating today, "It takes quite a while..." to announce the filing of a patent. Visa's patent is named as a central entity computer that accepts requests that involve the serial number and denomination of real currency. The making of the digital currency and the replacement of the physical money from flowing in a fiat currency system recorded on a blockchain.
A Visa Agent said, "Every year we try patents for many numbers of new ideas". "While not all patents will result in new features or products, Visa respects the intellectual property, and we are actively operating to protect our innovation, our ecosystem, and the brand."
The Former Chairman of the U.S. Commodity Futures Trading Commission and Senior Counsel at Willkie Farr & Gallagher, J. Christopher Giancarlo said on Visa's patent filed with the USPTO: 'This verifies when the United States does huge things like the space program and the Internet, there are connections within the public and Private sector. This patent filing is proof that the private sector is pretty much at work on the future of currency. At the virtual 'Consensus Distributed,' hosted by CoinDesk, "Giancarlo has been very active.'
When discussing the CARES Act, the third COVID-19 relief package, Congress considered the concept of a digital dollar. Although the digital dollar is not involved in the final legislation, separate bills have been introduced in both the Senate and the House that look to legally build a digital dollar at the Federal Reserve and also create a digital dollar wallet at the United States Treasury. The digital dollar recommended providing economic stimulus gains and probably universal basic income to Americans.
The patent filed by Visa called, "Techniques disclosed which involve receiving, by a central entity computer, a demand for digital currency. The application includes a serial number and a denomination of real currency. The central entity computer creates the digital currency for the denomination and associated with the serial number." Visa's patent continues to state, "The generating involves recording the digital currency on a blockchain. The generation of the digital currency, notify by the central entity computer of transmits. The central entity computer causes replacement of the real currency from rotation in a fiat currency system."
The patent files the applicant as the "Visa International Service Association" in San Francisco, CA, and records the inventors as Alexander Pierre and Simon J. Hurry. The patent moreover explains the operations of a digital wallet and a blockchain. The digital wallet involves a private and public key pair, while the blockchain defined as including a "...majority of blocks, with at least single block, of the majority of blocks, collecting data for a majority of transactions...including a first record showing that the digital currency for an amount linked with the denomination has been produced as well as ... a public key linked with a digital wallet".
The next record in the blockchain defines "... recording the relocation of the real currency from circulation." A schematic including the back end, middleware, and front end of the invention is below.
Visa's Crypto and Blockchain Ventures
Visa has made important announcements, having a close eye on the blockchain ecosystem and cryptocurrency. Visa initially declared as a part of the new Libra Association founded by Facebook until it withdrew in October, along with many other organizations.
In June of last year, Visa stated it was starting the $125 trillion cross-border, B2B transactions market using distributed ledger technology to get payments quicker, more transparent, and cheaper. The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, a Belgian company that began in 1973 with 11k financial institutions, currently helps 11k financial institutions managing B2B transactions; though, SWIFT has studied it for its legacy systems and incompetence.
In February 2020, Visa stated it had given Coinbase cryptocurrency exchange, allowing them to issue a debit card where people could use their crypto by the card.
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