Visa files a patent that attempts to digitize fiat currencies using blockchain technology – cryptocurrency – from a central computer

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The payment giant Visa is applying for a patent that uses a centralized computer and blockchain to try to digitize fiat currencies such as the US dollar, pound and euro, and any digital currency used by central banks

The patent under the name ‘FIAT DIGITAL CURRENCY’was introduced to that U.S. Patent and Trademark Office (USPTO)who the of Visa, reported recently from Forbes.

The patent contemplates a system in which A central computer receives a digital currency requestincluding a serial number and a denomination of a physical currency, Generate the digital currency and link the minted value and serial number that are recorded in a blockchain. After generating the digital currency and the notification, the “The central entity’s computer causes the physical currency in a fiat currency system to be withdrawn.”as described in the patent.

The patent summary describes:

The embodiments provide a fiat digital currency system for managing the fiat digital currency generated based on the physical currency. The embodiments provide a distributed general ledger platform with private permission to manage the digital currency. The digital currency can be registered in a blockchain in connection with data such as the serial number of a corresponding physical currency, so that a central unit can manage the volume and value of the digital currency

The patent, originally filed in November 2019, is filed under the name International Visa Services AssociationWith Simon J. Hurry and Alexander Pierre like the inventors. In statements about Forbes, a Visa spokesman To explain:

Visa has a large global team of inventors and innovators working on the latest payment technologies. Every year we look for patents for hundreds of new ideas (…) Although not all patents lead to new products or functions, Visa respects intellectual property and we are actively working to protect our ecosystem, our innovations and the Visa brand

Terms such as digital currency, blockchain, cryptocurrenciesin addition to technical aspects related to transactions and processes as described in a «Digital wallet» in this.

In this sense, the patent provides a payment system that can be 100% digitizedand explains this:

(…) Cash can be withdrawn smoothly from the markets and the payment ecosystem can be improved. Users can have a digital currency with the same face value as the local physical currency (e.g., $ 100 for User A in the United States; 200 pesos for User B in Mexico, etc.) to perform transactions securely, quickly, and securely

In addition, the document add that “Fiat digital currency transactions are processed and completed instantly without the need for a clearing and settlement process.”pointing out also “Fiat digital currency transactions can be processed and completed instantly between currencies without the need for cross-border transfers.”.

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