Visa has applied a patent for a system for creating a digital currency on blockchain. According to patent documents, Visa seeks to develop a system that makes it possible to create a digital currency of any fiat currency, including the most important like US dollar, the EURO, yen, etc. Visa patent filing is called Digital Fiat Currency and was entered this week.
Visa Crypto-Blockchain Technology
- The patent describes a system for a central entity computer that will receive requests for digital currencies, these requests will include a serial number.
- The central entity computer will then create the digital currency according to the serial number that was provided.
- The creation process will entail recording the digital currency on a blockchain.
- Finally, the central entity computer will then initiate the complete removal of the physical currency from circulation in a fiat money system.