Make a UIBezierPath will all the vertices of the closed path that you want to make transparent. The bezier path is made like this:
UIBezierPath *currentPath = [UIBezierPath bezierPath];
CGPoint tempPoint = CGPointMake(0,0);
[currentPath moveToPoint:CGPointMake(tempPoint.x, tempPoint.y)];
tempPoint = CGPointMake(0,20);
[currentPath addLineToPoint:CGPointMake(tempPoint.x, tempPoint.y)];
tempPoint = CGPointMake(20,20);
[currentPath addLineToPoint:CGPointMake(tempPoint.x, tempPoint.y)];
tempPoint = CGPointMake(20,0);
[currentPath addLineToPoint:CGPointMake(tempPoint.x, tempPoint.y)];
[currentPath closePath];
and then use the following code to make that area transparent and save in a new image
// Create an image context containing the original UIImage.
UIGraphicsBeginImageContext(originalImage.size);
[originalImage drawAtPoint:CGPointZero];
// Clip to the bezier path and clear that portion of the image.
CGContextRef context = UIGraphicsGetCurrentContext();
CGContextAddPath(context,currentPath.CGPath)
CGContextClip(context);
CGContextClearRect(context,CGRectMake(0,0,originalImage.size.width,originalImage.size.height);
// Build a new UIImage from the image context.
UIImage *newImage = UIGraphicsGetImageFromCurrentImageContext();
UIGraphicsEndImageContext();