Electronic Crypto-Currency Management Method and System

Abstract

Systems, methods and machines related to conducting a crypto-currency transaction. A method comprises creating a full block chain representing a plurality of past crypto-currency transactions, forwarding the full block chain to a first processing component for use in executing a new crypto-currency transaction, the first processing component forwarding an original local block chain to a second processing component, the second processing component executing the transaction and generating an updated local block chain with details related to the transaction, and forwarding the updated local block chain to the first processing component.

Description

CROSS REFERENCE TO RELATED APPLICATIONS[0001]This patent application claims the benefit of U.S. provisional patent application filed Jul. 30, 2015 and assigned Application No. 62 / 198,989, which is incorporated herein in its entirety.FIELD OF THE INVENTION[0002]The present invention relates generally to crypto-currencies. More particularly, the present invention relates to a secure mobile device capable of managing crypto-currency accounts, balances and transactions in addition to normal electronic smart wallet functions.BACKGROUND OF THE INVENTION[0003]The following background information may present examples of specific aspects of the prior art (e.g., without limitation, approaches, facts, or common wisdom) that, while expected to be helpful to further educate the reader as to additional aspects of the prior art, is not to be construed as limiting the present invention, or any embodiments thereof, to anything stated or implied therein or inferred thereupon.[0004]A crypto-currency i...

AI Technical Summary

Benefits of technology

[0024]The present invention describes a system and method, that is superior to the prior art, for a new and novel way to effect real-time value transfers using a mobile device and any other device (e.g. automated teller machine, point of sale system, self-service kiosk, personal computer, mobile phone, etc.) over one or more financial networks during a single financial transaction, thereby enabling users to convert a plurality of financial instruments (e.g. cash, check, payment card, crypto-currency, money order, cash voucher, E-coupon, virtual currency, etc.) into a ‘virtual cash token’ which is readily convertible into cash or a cash equivalent that is more universally accepted by merchants and other parties.

[0025]Embodiments of the present invention disclosed herein describe methods and systems whereby an electronic smart-wallet device or application can be used by an individual to manage not only all of their conventional financial instruments (e.g. debit cards, check cards, credit cards, etc.), loyalty cards, and membership cards, but also provides secure management for a plurality of crypto-currency accounts. These attributes facilitate the real-time use of one or more crypto-currencies for making a payment, receiving crypto-currency payments, and crypto-currency exchange (e.g. cash to crypto-currency, crypto-currency to cash, crypto-currency to a different crypto-currency, etc.).

[0026]It is important to note that the novel techniques and devices employed by the present invention seamlessly integrate accounts, assets and credentials, further facilitate their use as well as their security. By applying a standard set of security features and configurable rules across all of a user's accounts, assets, and credentials, the user has a uniform experience that is easy to learn without sacrificing security, while protecting the user from loss, theft, and fraud.

Problems solved by technology

Although numerous patents exist, including those listed above, that presently appear relevant, the present embodiment of the system and method is novel and substantially different in a plurality of elements and methods, thus rendering the embodiments nonobvious to a person skilled in the art.

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