Block had two patents in cloud during Q1 2024. Block Inc’s patent filed in Q1 2024 describes a cryptocurrency management system that allows for secure and flexible transfer of cryptocurrency using multi-signature addresses. The system includes a cryptocurrency management device, a mobile communication device, and a cryptocurrency management server, each storing a private key for generating authenticating signatures. This self-custody solution enables users to transfer cryptocurrency without accessing the private key stored at the server, with the ability for recovery in case of device loss or unavailability. GlobalData’s report on Block gives a 360-degree view of the company including its patenting strategy. Buy the report here.

Block grant share with cloud as a theme is 50% in Q1 2024. Grant share is based on the ratio of number of grants to total number of patents.

Recent Patents

Application: Methods and systems for managing cryptocurrency (Patent ID: US20240037542A1)

Block Inc. has filed a patent for a cryptocurrency management system that includes a mobile communication device (MCD) and a cryptocurrency management server (CMS) to generate authenticating signatures for transactions involving a multi-signature address. The system allows for flexible self-custody solutions by storing private keys on the MCD and CMS, with the ability to recover keys in case of loss or unavailability. The CMS verifies backup key requests through social recovery authentication information and provides the MCD backup encryption key to the user for key recovery.

The system also involves the MCD retrieving encrypted backups of private keys from a cloud server, decrypting them using the MCD backup encryption key, and generating authenticated transactions based on authenticating signatures. The CMS processes transaction requests, verifies user authentication information, and ensures compliance with transaction policies before submitting authenticated transactions to the cryptocurrency network. The patent also covers methods for managing cryptocurrency, including key recovery processes, social recovery verification, and transaction authentication based on user accounts and security policies. Additionally, a non-transitory computer-readable medium is disclosed with instructions for managing cryptocurrency, including key recovery, social recovery verification, and transaction processing based on authenticating information and transaction policies.

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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.