Payments giant Visa files patent for a digital Fiat currency

• As crypto adoption rises throughout the world during times of economic turmoil, the technology behind it seems to be growing as well. 
• There have been many traditional financial firms that have been looking at the blockchain in a way to fully leverage it.

As crypto adoption rises throughout the world during times of economic turmoil, the technology behind it seems to be growing as well. There have been many traditional financial firms that have been looking at the blockchain in a way to fully leverage it.

There have been so many applications for many different patents which is just one way of how we see the blockchain space grow. The well-known payment method, Visa is now a part of that growth as it has just filed a patent for an application in the blockchain industry. Interestingly enough, this patent is for developing a new digital currency.

According to documents made public earlier this week on the 14th of May, Visa has applied for a patent for a computer-integrated system to create a digital currency on the blockchain. The company looks to develop a system that would make it possible to create a cryptocurrency of any Fiat currency. This can include the euro, US dollar, yen, and any other physical currency.

The patent filing was entered into the record this week however, the payments company initially filed it at the start of November last year. The patent filing in question describes a system for a central entity computer that will receive requests for different cryptocurrencies. This computer will then create a digital currency from scratch and according to the serial number that would be associated with it.

When it comes to blockchain, the document described it as, “A plurality of blocks, at least one block, of the plurality of blocks, storing data for a plurality of transactions, the plurality of transactions including a second record recording the removal of the physical currency from circulation.”

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