Crypto currency chargeback system

Abstract

Distributed crypto currency chargeback systems and methods include at least one system provider device receiving, through a network from a payer device associated with a payer, a chargeback report associated with a first transaction of a plurality of transactions performed using a distributed crypto currency, where the first transaction involves the payer and a payee. The at least one system provider device publishes the chargeback report in a chargeback ledger. The at least one system provider device receives, through the network from a payee device associated with the payee subsequent to publishing the chargeback ledger including the chargeback report, a chargeback response associated with the first transaction. The at least one system provider device then publishes the chargeback response in the chargeback ledger.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application claims priority to U.S. patent Utility application Ser. No. 14 / 984,981, filed Dec. 30, 2015, entitled “System For Enabling Chargebacks In Cryptocurrencies,” Attorney Docket No. 70481.485US01, which in turn claims priority to U.S. Provisional Patent Application Ser. No. 62 / 242,065, filed Oct. 15, 2015, entitled “System For Enabling Chargebacks In Cryptocurrencies,” Attorney Docket No. 70481.485PV01. This application is related to U.S. Provisional Patent Application Ser. No. 62 / 287,567, filed Jan. 27, 2016, entitled “System For Enabling Chargebacks In Cryptocurrencies,” Attorney Docket No. 70481.485PV02; the disclosures of which are incorporated herein by reference in their entirety.BACKGROUND[0002]Field of the Invention[0003]The present invention generally relates to online and / or mobile payments and more particularly to a chargeback system for distributed crypto currencies that may be used in online and / or mobile payments...

AI Technical Summary

Benefits of technology

The present invention relates to a system for enabling chargebacks in distributed crypto currencies, which can be used in online and mobile payments. The technical effects of this invention include reducing the risks associated with traditional payer-payee transactions, providing a more secure and efficient means for resolving disputes, and promoting the adoption of crypto currencies in commercial transactions. The system includes a method for providing a distributed crypto currency chargeback system, as well as electronic coins, crypto currency public ledger, and a chargeback ledger.

Problems solved by technology

In other words, once a transfer has been made from a payer to a payee, there is no way to reverse that transfer unless the payee decides to transfer the crypto currency back to the payer in a new transaction.

For example, if the payee does not deliver on a promise of goods or services, or such goods or services are deficient, the payer may have no recourse if the payee will not agree to provide a refund.

Such limitations have slowed the adoption of crypto currencies in commercial transactions to payers willing to bear the risks discussed above.

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