Visa: Digital Dollar currency on Blockchain, patent filed - Forbes

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Source link: https://www.forbes.com/sites/jasonbrett/2020/05/14/visa-submits-patent-application-for-digital-dollar-using-blockchain/#75e3e82b5b63
Published by: FORBES on 14 May 2020
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ByJason Brett, Former Contributor. The U.S. Patent and Trademark Office (USPTO) published today that VisaV has filed a patent application to create digital currency on a centralized computer using blockchain technology. This patent applies to digital dollars as well as other central bank digital

currencies such as pounds, yen, and euros and so the physical currency of a central bank anywhere in the world could be digitized.

Described as ‘Digital Fiat Currency’ the patent was initially filed by Visa on November 8, 2019, with the USPTO commenting today, “It takes quite a while...” to publish the filing of a patent. Visa’s patent is described as a central entity computer that receives requests that include the serial number and denomination of a physical currency. The creation of the digital currency and the removal of the physical currency from circulation in a fiat currency system is recorded on a blockchain.

“Visa has a vast global team of inventors and innovators [...]

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What is Blockchain? A blockchain is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). By design, a blockchain is resistant to modification of its data This is because once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. The blockchain has been described as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way".
Who is Chris Forbes? Chris Forbes is a Lecturer in Ancient History. His fields of research and teaching focus on New Testament history, Alexander the Great and Hellenistic history, Graeco-Roman History of Ideas and intersection of early Christianity and Graeco-Roman culture. Forbes research is in the relationship between religion and philosophy in Graeco-Roman thought. He gained his BA Dip.Ed. in Ancient History at Macquarie in 1978, and PhD in Ancient History in 1987.
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Visa: Digital Dollar currency on Blockchain, patent filed - Forbes

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