Cryptocurrency

2024

Secure

when

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Patent filing activity for crypto assets and other blockchain-related innovations has declined.</a> </li> 
 <li> <span>2</span> <a>The major payment processors and banks were among the top ones in filling out patent applications.</a> </li> 
</ul>  
<p>The number of patents filed across the globe has observed a surge till 2022 while it declined in 2024. The top applicants for the blockchain patent included significant payment processors and banks, such as IBM, Alibaba, Alipay, and more.</p> 
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<p class="has-text-align-center">Source: insideglobaltech</p> 
<p>Let’s look at the top 3 patents in the global crypto community.</p> 
<h2 class="wp-block-heading" id="strong-systems-and-methods-for-cryptocurrency-pool-management-strong"><strong>Systems and Methods for Cryptocurrency Pool Management</strong></h2> 
<p>This patent is assigned to Coinbase Inc., whose inventor is Paul Hamera. This patent was filed in July 2021, while the patent was granted in April 2024. The given patent provides a multitenant wallet that manages discrete sets of cryptographic keys for blockchain interactions.</p> 
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<p class="has-text-align-center">Source: Patentsgazette</p> 
<p>It provides a “pool” concept, where keys can be managed collectively or individually. It includes components such as blockchain network modules, key management systems (KMS), and a requesting system interface.&nbsp;</p> 
<p>The significant benefits include isolating keys across pools, offering a <a href="https://www.thecoinrepublic.com/2024/06/06/julia-leung-spoke-on-dlt-is-blockchain-reshaping-finance/" target="_blank" rel="noreferrer noopener">blockchain</a>-agnostic interface, and enhancing scalability and security through critical segregation and custodial storage. It can be configured with specific policies for crucial use and management, supporting functionalities like deposits, withdrawals, and smart contract interactions.&nbsp;&nbsp;</p> 
<p>The platform can dynamically allocate keys, manage addresses, and process requests for blockchain transactions while enforcing authentication and authorization policies.&nbsp;</p> 
<p>Additionally, the system supports scalable integration of new blockchains and key management technologies. This patent has various use cases in defi, pool management, and smart contracts.</p> 
<h3 class="wp-block-heading" id="strong-risk-determination-enabled-cryptocurrency-transaction-system-strong"><strong>Risk Determination Enabled Cryptocurrency Transaction System</strong></h3> 
<p>The patent has been assigned to PayPal Inc., whose inventors were Sriram and Frank. It was filled in 2017, and the patent was granted in 2020. The patent explains the payment system and method for risk determination in cryptocurrency transactions.&nbsp;</p> 
<p>Crypto transactions involve receiving a transaction that includes a payee’s public address and a request for risk determination with specific risk criteria. The transaction is stored in a risk-determination memory pool.&nbsp;</p> 
<p>The payee is identified using the public address, and risk information is accessed from external databases, as per the patent.&nbsp;</p> 
<p>If the payee’s risk information meets the criteria, the transaction is moved to a transaction memory pool for inclusion in a block in the public ledger. If not, the transaction is dropped from the pool.&nbsp;</p> 
<p>The system processes conventional and risk-determined transactions, grouping them into blocks and writing them to the public ledger.</p> 
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<p class="has-text-align-center">Source: uspto.gov</p> 
<p>It also incentivizes computing devices (system provider devices) to perform risk determinations by allowing them to receive fees. The platform will allow payers and payees to register their public addresses with risk information providers to facilitate risk assessments.&nbsp;</p> 
<p>This method also enhances transaction trust, potentially reducing the required number of confirmations for risk-certified transactions. It ensures that only transactions meeting specific risk criteria are added to the blockchain, preventing high-risk transactions from being processed.&nbsp;</p> 
<p>As per the patent, the system is implemented using a network-based infrastructure, including payer devices, payee devices, risk information provider devices, and system provider devices communicating over a network.&nbsp;</p> 
<p>The system’s components, such as communication engines and risk determination engines, operate together to achieve the described functionality.</p> 
<h3 class="wp-block-heading" id="strong-secure-cryptocurrency-point-of-sale-management-strong"><strong>Secure Cryptocurrency Point of Sale Management</strong></h3> 
<p>The patent was assigned to NCR Corporation, whose inventor is Aaron. It was filed in 2014 and was granted in 2022. The patent is about the cryptocurrency management system, which includes an enterprise server, a POS terminal, a mobile device, and cryptocurrency exchanges. It manages transactions where customers pay with cryptocurrencies like Bitcoin.&nbsp;</p> 
<p>When a customer wants to use cryptocurrency for payment, the POS terminal’s transaction-based digital wallet manager selects or generates a unique digital wallet for that specific transaction. The system determines the exchange rate from cryptocurrency to government-issued currency using exchanges and communicates the amount needed to the customer.&nbsp;</p> 
<p>The POS terminal displays the wallet address as a barcode or QR code, which the customer scans using their mobile device’s cryptocurrency application to transfer the required amount. Once received, the POS terminal confirms the transaction and can transfer the amount to the retailer’s enterprise wallet.</p> 
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<p class="has-text-align-center">Source: Patents.google.com.</p> 
<p>This given system enhances security by using transaction-specific wallets, minimizing the risk of large-scale breaches. The enterprise server manages and recycles these wallets and decides when to exchange the cryptocurrency for government-issued currency, considering factors like exchange rates and market trends.&nbsp;</p> 
<p>The system can operate with various POS terminals, including kiosks, ATMs, SSTs, and cashier-assisted terminals. Methods for managing the transaction-specific wallets include batching them for transfer at intervals or upon server requests, ensuring proper accounting and secure fund transfers.&nbsp;</p> 
<p>This system supports multiple cryptocurrencies and provides safe, efficient handling of cryptocurrency transactions at the point of sale.</p> 
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4> 
<p>The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.</p>

Top Three Crypto Patents Which Are Turning Heads In June 2024

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