Fidelity National Information Services. has been granted a patent for a system that regulates the generation of units using encryption techniques linked to blockchain technology. The system processes transaction information, determines product awards, and converts them into units based on real-time conversion rates, while securely recording data on the blockchain. GlobalData’s report on Fidelity National Information Services gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Fidelity National Information Services, was a key innovation area identified from patents. Fidelity National Information Services's grant share as of June 2024 was 60%. Grant share is based on the ratio of number of grants to total number of patents.
Blockchain-based unit generation using encryption techniques
The patent US12033175B2 outlines a system and method for generating units based on product awards through blockchain technology. The system includes a memory for storing instructions and a processor that executes operations to maintain an account of product awards across multiple programs. It processes transaction information to determine received product awards, which are then converted into units using an encryption technique associated with blockchain. This conversion relies on a real-time conversion rate derived from transactions recorded on the blockchain, ensuring that the valuation of the product awards is current. The system also updates the product awards account to reflect the new units and records encrypted transaction data on the blockchain, which includes the real-time valuation of the awards.
Additionally, the patent describes operations for handling redemption and exchange transactions. Users can request to redeem units for items of value, with the system allowing for the combination of units from different product awards programs. The system provides notifications to users regarding their converted units and offers real-time exchange options for units against items of value. Each transaction, whether for redemption or exchange, is recorded on the blockchain with encrypted data, ensuring security and transparency. The claims emphasize the integration of blockchain technology to facilitate real-time valuation and secure transactions involving product awards, enhancing the user experience in managing and utilizing their awards.
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