Block had 34 patents in mobile during Q1 2024. Block Inc’s patents filed in Q1 2024 cover a range of technologies including cryptocurrency management systems, processing multiple point-of-sale transactions, direct radio signal communication for payments, blockchain supported resource transfer communication protocols, and dynamic electronic representations using modeling. These patents showcase Block Inc’s innovative solutions for managing cryptocurrency, facilitating secure transactions, and enhancing user experiences through advanced technologies. GlobalData’s report on Block gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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Block grant share with mobile as a theme is 64% 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), a cryptocurrency management server (CMS), and a cryptocurrency management device (CMD). The system allows for the generation of authenticating signatures for multi-signature addresses of a cryptocurrency network using private keys stored by each component. The CMS enables recovery in case of loss or unavailability of the MCD or CMD, providing a flexible self-custody solution for transferring cryptocurrency without direct access to the private keys stored at the CMS. The system also includes a social recovery authentication process to verify backup key requests originated from the user, enhancing security and user control over cryptocurrency management.
The method and system described in the patent involve the secure management of cryptocurrency through the generation of authenticating signatures, backup key recovery processes, and transaction verification based on user authentication information. By utilizing multiple private keys stored across different components of the system, users can securely transfer cryptocurrency without direct access to all private keys. The social recovery authentication process adds an extra layer of security by involving social recovery contacts in verifying backup key requests, ensuring that the user has control over key recovery processes. Overall, the patent outlines a comprehensive system for managing cryptocurrency that prioritizes security, user control, and flexibility in transferring digital assets.
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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.
