Visa International has filed for a cryptocurrency system patent that is meant to replace physical currency. The system, which utilizes both central banks and commercial banks, leverages a private blockchain to improve the payment ecosystem.
Visa’s Cryptocurrency Patent Filing
The United States Patent and Trademark Office (USPTO) published on Thursday a patent application entitled “digital fiat currency,” filed by Visa International Service Association on Nov. 8, 2019.
The filing is for a fiat-linked cryptocurrency system using “a private permissioned distributed ledger platform.” It describes a central computer, its responsibilities, and key roles of the system: central entities, validating entities, redeeming entities, and users. “A central entity may be a central bank, which regulates a monetary supply,” the document details. Validating entities “are blockchain…