Looking for breakthrough ideas for innovation challenges? Try Patsnap Eureka!

Method and system for linkage of blockchain-based assets to fiat currency accounts

A blockchain and account technology, applied in the field of partial reserves of legal tender and blockchain currency, can solve problems such as irretrievable, consumers cannot prove identity wallet ownership, etc.

Active Publication Date: 2018-03-27
MASTERCARD INT INC
View PDF4 Cites 19 Cited by
  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

Additionally, due to the anonymity of the blockchain, consumers may not be able to prove their identity and ownership of their wallets, thus providing little recourse if their wallets and / or associated currencies are stolen

Method used

the structure of the environmentally friendly knitted fabric provided by the present invention; figure 2 Flow chart of the yarn wrapping machine for environmentally friendly knitted fabrics and storage devices; image 3 Is the parameter map of the yarn covering machine
View more

Image

Smart Image Click on the blue labels to locate them in the text.
Viewing Examples
Smart Image
  • Method and system for linkage of blockchain-based assets to fiat currency accounts
  • Method and system for linkage of blockchain-based assets to fiat currency accounts
  • Method and system for linkage of blockchain-based assets to fiat currency accounts

Examples

Experimental program
Comparison scheme
Effect test

Embodiment Construction

[0027] Glossary

[0028] Payment Network - A system or network for transferring money by using cash substitutes. Payment networks can use a variety of different protocols and procedures to handle the transfer of money for various types of transactions. Transactions that may be conducted through the payment network may include product or service purchases, credit purchases, debit transactions, funds transfers, account withdrawals, and the like. The payment network may be configured to perform transactions through cash substitutes, which may include payment cards, letters of credit, checks, transaction accounts, and the like. Examples of networks or systems configured to function as payment networks include American operating networks or systems. The term "payment network" as used herein may refer to the payment network as an entity and to the physical payment network (eg, the equipment, hardware, and software that make up the payment network).

[0029] Transaction Ac...

the structure of the environmentally friendly knitted fabric provided by the present invention; figure 2 Flow chart of the yarn wrapping machine for environmentally friendly knitted fabrics and storage devices; image 3 Is the parameter map of the yarn covering machine
Login to View More

PUM

No PUM Login to View More

Abstract

A method for managing fractional reserves of blockchain currency includes: storing, in a first central account, a fiat amount associated with a fiat currency; storing, in a second central account, a blockchain amount associated with a blockchain currency; storing a plurality of account profiles, each profile including a fiat currency amount, blockchain currency amount, account identifier, and address; receiving a transaction message associated with a payment transaction, the message being formatted based on one or more standards and including a plurality of data elements, including a data element reserved for private use including a specific address and a transaction amount; identifying a specific account profile that includes the specific address included in the data element in the received transaction message; and updating the blockchain currency amount included in the identified specific account profile based on the transaction amount included in the data element in the received transaction message.

Description

[0001] Cross References to Related Applications [0002] This application claims priority to US Patent Application No. 14 / 719,047, filed May 21, 2015, the contents of which are hereby incorporated by reference in their entirety. technical field [0003] The present disclosure relates to the management of fractional reserves of blockchain currencies, and in particular to the use of centralized accounts to manage fractional reserves of fiat and blockchain currencies updated through transaction messages corresponding to fiat and blockchain-based payment transactions. Background technique [0004] Recently, consumers who value anonymity and security have increased their use of blockchain currencies over traditional fiat currencies. Currencies that use blockchains, such as cryptocurrencies ("cryptocurrencies") provide consumers with decentralized and relatively anonymous and secure currencies when used. For example, transactions entered into a blockchain may not require Any info...

Claims

the structure of the environmentally friendly knitted fabric provided by the present invention; figure 2 Flow chart of the yarn wrapping machine for environmentally friendly knitted fabrics and storage devices; image 3 Is the parameter map of the yarn covering machine
Login to View More

Application Information

Patent Timeline
no application Login to View More
Patent Type & Authority Applications(China)
IPC IPC(8): G06Q20/06G06Q20/08
CPCG06Q20/065G06Q20/3827G06Q40/04G06F16/27G06Q20/0855G06Q20/3678G06Q20/3829G06Q20/10H04L9/50
Inventor S·C·戴维斯
Owner MASTERCARD INT INC
Who we serve
  • R&D Engineer
  • R&D Manager
  • IP Professional
Why Patsnap Eureka
  • Industry Leading Data Capabilities
  • Powerful AI technology
  • Patent DNA Extraction
Social media
Patsnap Eureka Blog
Learn More
PatSnap group products

Browse by: Latest US Patents, China's latest patents, Technical Efficacy Thesaurus, Application Domain, Technology Topic, Popular Technical Reports.

© 2024 PatSnap. All rights reserved.Legal|Privacy policy|Modern Slavery Act Transparency Statement|Sitemap|About US| Contact US: help@patsnap.com