U.S. Patent 10762478 was awarded to Wells Fargo Bank, N.A. on September 01, 2020 and is entitled “Creating and managing private electronic currency.” The first named inventor is Joon Maeng of Newcastle, WA. The abstract contains an overview of the patent disclosure:

Methods and systems are disclosed for transactions with a private digital currency. The private e-currency may be backed by a financial institution, managed using a blockchain, and only available for transactions with members of a network associated with the financial institution. The members may include mobile wallets, merchants and ATM’s. A mobile wallet may register with the network and receive an amount of the private e-currency from the financial institution. The mobile wallet may establish a connection with a payment recipient such as another wallet, an ATM or a merchant, and receive a payee address. The mobile wallet may send a transaction request to the blockchain for payment to the payee address of a payment amount of the private e-currency, so that the payment recipient can, using a blockchain, confirm or deny the transaction request. Link to Full Patent

This blockchain patent was originally filed on August 04, 2017  as U.S. Patent Application 15/669486 at the United Stated Patent and Trademark Office. The application was them awarded a patent grant and published as U.S. Patent 10762478. The primary examiner was I Jung Liu.

Wells Fargo Bank, N.A., who is the original assignee of this patent, has at least 1064 total granted patents in the United States as of the date of this article. This blockchain patent has been cited 3 times by other U.S. patents according to our law firm research, and can be considered an innovative patent in the field of cryptocurrency and blockchain.

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