Visa has filed a patent for a method that allows users to associate a digital asset, such as a cryptocurrency, with a transaction device. The first user can load the digital asset onto the device and provide it to a second user, who can then use the digital asset to conduct a transaction. The method utilizes block chains to manage the generation and use of digital assets. GlobalData’s report on Visa gives a 360-degree view of the company including its patenting strategy. Buy the report here.
According to GlobalData’s company profile on Visa, contactless Card Payments was a key innovation area identified from patents. Visa's grant share as of June 2023 was 1%. Grant share is based on the ratio of number of grants to total number of patents.
Method for generating and activating digital assets for transactions
A recently filed patent (Publication Number: US20230206217A1) describes a method for generating and activating digital assets for use in transactions. The method involves a computing device receiving a request from a first user to generate a digital asset. This request is then sent to a service provider computer, which generates the digital asset. The computing device then initiates the activation of the digital asset with respect to a transaction device that will be provided to a second user. The service provider computer updates an unalterable electronic ledger to indicate the association of the digital asset with the transaction device.
In addition, the method includes the ability to associate a transaction device with a transaction device identifier. This request is sent to the service provider computer, which associates the transaction device with the identifier. The transaction device can be provisioned with the identifier by a reader device in communication with the computing device.
The digital asset is activated by associating a digital asset identifier and a corresponding value with the transaction device. The transaction device can be a card, and the method involves updating two unalterable electronic ledgers. The first ledger is updated by sending a request to a first financial institution computer, while the second ledger is updated by sending a request to a second financial institution computer. Both ledgers utilize blockchain technology.
The patent also describes a computing device that can perform the method. The device includes a processor and a computer-readable medium with code that, when executed by the processor, performs the method. The computing device receives a request from a first user to generate a digital asset, sends the request to a service provider computer, and initiates the activation of the digital asset with respect to a transaction device for a second user. The service provider computer updates the first unalterable electronic ledger to indicate the association of the digital asset with the transaction device, and updates the second unalterable electronic ledger to indicate the use of the digital asset by the second user.
Overall, this patent describes a method and computing device for generating and activating digital assets for use in transactions, with the use of unalterable electronic ledgers and blockchain technology to ensure transparency and security.