Block had four patents in metaverse during Q4 2023. Block Inc has filed patents for a blockchain agnostic token network that determines the best blockchain for holding non-fungible tokens based on user context data, as well as a system using machine learning models for fraud reduction in payment services by offering incentives to users for referrals. GlobalData’s report on Block gives a 360-degreee view of the company including its patenting strategy. Buy the report here.

Block grant share with metaverse as a theme is 0% in Q4 2023. Grant share is based on the ratio of number of grants to total number of patents.

Recent Patents

Application: Blockchain agnostic token network (Patent ID: US20230334490A1)

Block Inc. has filed a patent for a blockchain agnostic token network that allows for the purchase and transfer of non-fungible tokens (NFTs) across multiple blockchains. The system determines the most suitable blockchain for storing the NFT based on context data related to the user, seller, or digital asset associated with the NFT. Users are presented with information about available blockchains and can select where to store the NFT, with the option to store duplicates on multiple blockchains for added security and flexibility. The method also includes features for transferring ownership of the NFT to another user, collecting fees for ownership transfers, and utilizing machine learning models to optimize blockchain selection.

The patent further details a method implemented by a computing device to determine the blockchain for storing an object based on context data, present information about available blockchains to users, and facilitate the transfer of ownership of the object. The system allows for the storage of objects in different formats on different blockchains, with the option to transfer objects between blockchains seamlessly. Additionally, the patent covers a non-transitory computer-readable medium with instructions for determining blockchain storage based on context data and a system with processors and storage for implementing the described methods. Overall, the patent outlines a comprehensive system for managing NFTs across multiple blockchains efficiently and securely.

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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.