{"id":107127,"date":"2020-05-15T16:43:14","date_gmt":"2020-05-15T23:43:14","guid":{"rendered":"https:\/\/lifeboat.com\/blog\/2020\/05\/visa-files-patent-for-cryptocurrency-system-to-replace-cash"},"modified":"2020-05-15T16:43:14","modified_gmt":"2020-05-15T23:43:14","slug":"visa-files-patent-for-cryptocurrency-system-to-replace-cash","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2020\/05\/visa-files-patent-for-cryptocurrency-system-to-replace-cash","title":{"rendered":"Visa Files Patent for Cryptocurrency System to Replace Cash"},"content":{"rendered":"<p><a class=\"aligncenter blog-photo\" href=\"https:\/\/lifeboat.com\/blog.images\/visa-files-patent-for-cryptocurrency-system-to-replace-cash2.jpg\"><\/a><\/p>\n<p>Bitcoin News.<\/p>\n<hr>\n<p>\n<strong>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.<\/strong><\/p>\n<p>The United States Patent and Trademark Office (USPTO) <a href=\"http:\/\/appft1.uspto.gov\/netacgi\/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PG01&p=1&u=\/netahtml\/PTO\/srchnum.html&r=1&f=G&l=50&s1=20200151682.PGNR.\" target=\"_blank\" rel=\"noopener noreferrer\">published<\/a> on Thursday a patent application entitled \u201cdigital fiat currency,\u201d filed by Visa International Service Association on Nov. 8, 2019.<\/p>\n<p>The filing is for a fiat-linked cryptocurrency system using \u201ca private permissioned distributed ledger platform.\u201d It describes a central computer, its responsibilities, and key roles of the system: central entities, validating entities, redeeming entities, and users. \u201cA central entity may be a central bank, which regulates a monetary supply,\u201d the document details. Validating entities \u201care blockchain nodes, which may be peers such as banks.\u201d Redeeming entities \u201cmay accept physical currency for exchange for digital fiat currency,\u201d such as an ATM or a bank branch location.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin News. 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. The United States Patent and Trademark Office (USPTO) published on Thursday a patent application entitled \u201cdigital fiat currency,\u201d [\u2026]<\/p>\n","protected":false},"author":513,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1318,1523,1761,45],"tags":[],"class_list":["post-107127","post","type-post","status-publish","format-standard","hentry","category-bitcoin","category-computing","category-cryptocurrencies","category-finance"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/107127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/513"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=107127"}],"version-history":[{"count":0,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/107127\/revisions"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=107127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=107127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=107127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}