VISA has applied for a patent that would facilitate the creation of digital fiat currencies on the blockchain.
The application mentions Ethereum (ETH) several times leading many to believe that it will be the choice platform for VISA.
Less than a day ago, a new patent application from VISA emerged from the US Patent & Trademark Office. The document elaborates on how the payment processing company aims at creating a digital fiat currency or currencies using blockchain technology. The abstract section of the application explains that the issuance of the digital currency will be via a central entity computer. The patent was initially filed on November 8th, 2019 by inventors working at the Visa International Service Association based in San Francisco California.
Ethereum is Mentioned Several Times in the Patent
In the description of the patent, the Ethereum network is mentioned several times. One instance where Ethereum has been mentioned can be found below. It gives a hint at VISA using the network to issue its digital fiat currency.
…digital fiat currency may be implemented using Ethereum as illustrated in FIGS. 9A-9D. In FIG. 9A, account information 900 is established for the entities in the system. Ethereum accounts are established for the transaction processing network, the central entity, and for users such as Alice and Bob. Each entity’s Ethereum account is defined by a public address…
Speculation Grows that VISA Will Use Ethereum to Issue its Digital Fiat Currency
A quick glance at Twitter yields evidence that the crypto trading and investing communities are anticipating VISA will indeed use the Ethereum network to issue its digital fiat currency or currencies. Some of the remarks on the social media platform are highlighted below.
Visa’s patent to digitize dollars shows that they plan to use Ethereum – @econoar
Visa’s patent to digitize dollars shows that they plan to use Earthport you dont think there would pay $257 million in a deal not to use it sorry to burst your bubble if your thinking it was ETHEREUM – @ANT159694954
BREAKING: Visa likely to launch a digital currency after filing patent to create a stablecoin on the Ethereum blockchain. #Bitcoin – @Blogport
Visa applied for a patent that directly uses Ethereum as their protocol layer. – @maxwells_d3mon
NEWSFLASH: Visa may be looking to use BLOCKCHAIN TECHNOLOGY to digitize dollars. Just kiddin’ y’all- they’re looking to use ETHEREUM. I hope this happens, and that it can help to kill Tether. – @1amDCinvestor