Efficient, accurate, and secure transfers of externally-custodied digital assets

Abstract

Various embodiments are directed to processing and executing digital asset transfers between two users. An example method includes receiving a data object defining a digital asset transfer, and the data object may be a query from the first user to initiate an outbound transfer to a second user or an approval of a request for digital asset units from the second user. The method further includes receiving account data for the first and second users via application programming interface (API) communication with an external system, and responsive to determining that transfer conditions are satisfied, executing the digital asset transfer by causing the external system to debit digital asset units from the first user and to credit digital asset units to the second user via API communication with the external system. The method further includes updating the account data to reflect account balances resulting from the debit and the credit.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application claims the benefit of U.S. Provisional Patent Application Ser. No. 63 / 199,245 filed on Dec. 16, 2020, which is incorporated herein by reference in its entirety, including any figures, tables, drawings, and appendices.TECHNOLOGICAL FIELD[0002]Embodiments of the present disclosure generally relate to transacting, exchanging, transferring, managing, executing transactions for, and / or the like digital assets and fiat currency.BACKGROUND[0003]Various embodiments of the present disclosure address technical challenges related to transferring digital assets between two end users, managing the processing of such transfers and transactions, and improving the efficiency of such processing.BRIEF SUMMARY[0004]In general, embodiments of the present disclosure provide methods, apparatus, systems, computing devices, computing entities, and / or the like for enabling, configuring, processing, and / or executing digital asset transfers between...

AI Technical Summary

Benefits of technology

The patent is about a system to transfer digital assets, such as cryptocurrencies, using closed-loop transactions that are faster and safer than on-chain transactions. The system uses unique identifier tokens to identify different digital asset user accounts and efficiently executes transfers. Additionally, the patent describes a mechanism to refresh the account data and ensure accuracy of the data when the second user responds to the transfer request after some time. The technical effects of the patent include faster and more secure digital asset transfers and improved accuracy of account data.

Problems solved by technology

As the second end user may respond to the request after some amount of time, the account data that was retrieved and / or received may become outdated.

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