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Universal payment channel

A technology of user devices and conditions, applied in the direction of payment system, payment circuit, payment architecture, etc., can solve the problem of taking a few hours or even a whole day

Pending Publication Date: 2022-04-01
VISA INT SERVICE ASSOC
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

Over the course of several messages, such a process can take hours or even a whole day to process a single transaction

Method used

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  • Universal payment channel
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Embodiment Construction

[0018] Embodiments may provide systems and methods for facilitating transactions between different blockchain cryptocurrencies. As cryptocurrencies become more common, more users want to send their cryptocurrency holdings to another user. However, the increase in the number of different cryptocurrencies based on the blockchain has led to an increase in the number of different blockchains. With traditional fiat currencies, there is usually a central authority, such as a bank or payment processing network, that can receive payments in one currency and complete payments in a different currency. However, blockchains are generally based on the premise that there is no trusted central authority that maintains a single ledger of transactions. In a blockchain system, the ledger is typically maintained by a network of computer devices that may not necessarily trust each other. A public ledger can increase transparency and accountability in said network, but at the expense of institut...

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Abstract

The invention relates to a system and method for transferring values. A method includes issuing, by a user device, a deposit transaction including a deposit value and a condition to a blockchain; and updating, by the user device, the status according to the transaction amount. The method further includes sending, by the user device, a state update of the state to a server computer; and in response to sending the status update, receiving, by the user device from the server computer, a payment completion message including a tuple. The method further includes verifying, by the user device, the condition; and in response to the verification, processing, by the user device, a server deposit transaction on the blockchain.

Description

[0001] Related Application Cross Reference [0002] This application claims priority to U.S. Patent Application No. 16 / 834,954, filed March 30, 2020, and U.S. Provisional Patent Application No. 62 / 888,326, filed August 16, 2019, each of which is incorporated by reference in its entirety incorporated. Background technique [0003] As cryptocurrencies become more common, the number of users with cryptocurrency accounts increases and the number of different cryptocurrency systems increases. Typically, money on one blockchain of one cryptocurrency cannot be transferred to the blockchain of a different cryptocurrency. With traditional currencies, this exchange from one currency to another can be handled by trusted institutions such as banks. However, blockchain-based cryptocurrencies generally do not have a trusted authority through which the conversion can be performed. Instead, blockchains create distributed institutions that store information about transactions. Therefore, t...

Claims

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Application Information

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Patent Type & Authority Applications(China)
IPC IPC(8): G06Q20/38G06Q20/40G06F21/64G06F16/27
CPCH04L2209/56H04L9/3247H04L9/3239H04L9/3263H04L9/3297G06Q20/381G06Q20/4016G06Q20/405G06Q20/407G06Q20/06G06Q20/3825G06Q20/29H04L9/50G06Q20/108H04L9/0637G06Q20/3827H04L9/0643G06Q20/389
Inventor M·M·米纳伊比多利R·库马雷桑M·扎马尼S·盖达姆
Owner VISA INT SERVICE ASSOC
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