Systems and methods for using single-chain or multi-chain deposit tokens

Abstract

Systems and methods for using single-chain or multi-chain deposit tokens are disclosed. According to one embodiment, a method for deposit tokenization may include: (1) receiving, by a deposit tokenization service of a token issuer and from an authorized party, an instruction for tokenization of an amount of non-tokenization funds in a deposit account; (2) verifying, by the deposit tokenization service, the identity of the authorized party using the verifiable credentials; (3) screening deposit accounts and / or verifiable credentials through a deposit tokenization service and by using an information oracle machine; (4) deducing a deposit account for the amount by the deposit tokenization service, and credit the amount to a comprehensive account; (5) through a deposit tokenization service, tokenizing the amount of non-tokenization funds on the block chain network into a deposit token; and (6) crediting the wallet address on the blockchain network with the deposit token through the deposit tokenization service.

Description

[0001] Related Applications

[0002] This application claims the priority and benefit of U.S. Provisional Patent Application No. 63 / 379,581, filed on October 14, 2022, the disclosure of which is hereby incorporated by reference in its entirety. Technical Field

[0003] Embodiments relate to systems and methods for using single-chain or multi-chain deposit tokens. Background Art

[0004] Deposit tokens evidence a token holder's demand deposit claim on a fixed amount of fiat cash with the token-issuing bank. Deposit tokens are issued locally on a distributed ledger, such as a blockchain digital ledger, and are transferable to other parties. Summary of the Invention

[0005] Systems and methods for using single-chain or multi-chain deposit tokens are disclosed. According to one embodiment, a method for deposit tokenization may include: (1) receiving, by a deposit tokenization service of a token issuer and from an authorized party, an instruction to tokenize a certain amount of non-tokenized funds in a deposit account; (2) verifying, by the deposit tokenization service, the identity of the authorized party using a verifiable credential; (3) screening, by the deposit tokenization service and using an information oracle, the deposit account and / or the verifiable credential; (4) debiting, by the deposit tokenization service, the amount from the deposit account and crediting the amount to a consolidated account; (5) tokenizing, by the deposit tokenization service, the amount of non-tokenized funds on a blockchain network into deposit tokens; and (6) crediting, by the deposit tokenization service, the deposit tokens to a wallet address on the blockchain network.

[0006] In one embodiment, screening includes sanctions screening.

[0007] In one embodiment, the method may further include: updating, by the deposit tokenization service, a transaction repository with the amount of deposit tokens, wherein the transaction repository updates the total number of deposit tokens of the token issuer.

[0008] In one embodiment, the blockchain network may be a public blockchain network or a private blockchain network.

[0009] In one embodiment, the verifiable credential proves the identity of the authorized party.

[0010] According to another embodiment, a method for transferring deposit tokens may include: (1) receiving, from a holder or an authorized party of a deposit token and by a token issuer, an instruction to transfer a certain amount of deposit tokens from a first wallet address to a second wallet address; (2) verifying the identity of the holder or the authorized party using a verifiable credential; (3) screening the first wallet address, the second wallet address, and / or the verifiable credential using an information oracle; (4) transferring the amount of deposit tokens from the first wallet address to the second wallet address; and (5) storing the transfer event for the transfer in an event repository.

[0011] In one embodiment, the screening includes sanctions screening.

[0012] In one embodiment, the first wallet address and the second wallet address are on the same blockchain network. The network can be a public blockchain network or a private blockchain network.

[0013] In one embodiment, the first wallet address and the second wallet address are on different blockchain networks, and the method may further include: triggering a burn event of the amount of deposit tokens in the first wallet address; crediting the second wallet address with the amount of deposit tokens burned from the first wallet address; and updating a transaction repository with the deposit tokens, where the transaction repository updates the total number of deposit tokens of the token issuer.

[0014] In one embodiment, the first wallet address and the second wallet address are on different public blockchain networks.

[0015] In one embodiment, the first wallet address is on a public blockchain network and the second wallet address is on a private blockchain network, or the first wallet address is on a private blockchain network and the second wallet address is on a public blockchain network.

[0016] In one embodiment, 15. The method according to claim 7, wherein the verifiable credential proves the identity of the authorized party.

[0017] According to another embodiment, a method for redeeming deposit tokens may include: (1) receiving a request from the holder or an authorized party of the deposit tokens, the request indicating the redemption of a certain amount of deposit tokens from a wallet address on a blockchain network to a bank account; (2) identifying the holder's account as a burn account; (3) verifying the identity of the holder or the authorized party using a verifiable credential; (4) performing a screening on the wallet address from which the deposit tokens are sourced, the bank account, and / or the verifiable credential using an information oracle; (5) transferring the amount of deposit tokens to the holder's account; (6) triggering a burn event on the holder's account; (7) performing the burn event; and (8) crediting the bank account with the amount of deposit tokens by debiting a consolidated account and crediting the bank account.

[0018] In one embodiment, the screening includes sanctions screening.

[0019] In one embodiment, the method may further include updating a transaction repository with the amount of deposit tokens, wherein the transaction repository updates the total number of deposit tokens of the deposit token issuer.

[0020] In one embodiment, the blockchain network includes a public blockchain network or a private blockchain network.

[0021] In one embodiment, the verifiable credential proves the identity of the holder or the authorized party.

[0022] According to another embodiment, a method for applying on-chain transfer control is disclosed to support transferability between the ultimate token holders of an issue and other institutions.

[0023] According to another embodiment, a method for interest distribution of deposit tokens may include: (1) receiving a calculation of the interest rate for the deposit tokens; (2) triggering an interest event in response to the receipt of interest at a consolidated account; (3) instructing a deposit token smart contract for interest distribution; and (4) crediting the wallet address with an equal amount of deposit tokens for the interest. BRIEF DESCRIPTION OF THE DRAWINGS

[0024] To facilitate a more complete understanding of the present invention, reference is now made to the accompanying drawings. The drawings should not be construed as limiting the present invention, but are merely intended to illustrate different aspects and embodiments.

[0025] Figure 1 A system for using single-chain or multi-chain deposit tokens according to an embodiment is depicted;

[0026] Figure 2 A system for using single-chain or multi-chain deposit tokens according to another embodiment is depicted;

[0027] Figure 3Depicts a method for deposit tokenization according to an embodiment;

[0028] Figure 4A Depicts a method for transferring deposit tokens on the same blockchain network according to an embodiment;

[0029] Figure 4B Depicts a method for transferring deposit tokens between blockchain networks according to an embodiment;

[0030] Figure 5 Depicts a method for interest distribution of deposit tokens according to an embodiment;

[0031] Figure 6A Depicts a method for direct exchange of deposit tokens according to an embodiment;

[0032] Figure 6B Depicts a method for indirect exchange of deposit tokens according to an embodiment;

[0033] Figure 7 Depicts an exemplary computing system for implementing aspects of the present disclosure. Detailed Description

[0034] Embodiments relate to systems and methods for using single-chain or multi-chain deposit tokens.

[0035] A deposit token can be a transferable token that evidences the holder's claim of a demand deposit on an issuing bank for a legal cash amount. However, a deposit token is not a stablecoin. Instead, the evidenced demand deposit claim is an unsecured claim that constitutes a general liability of the issuing bank and has the same credit priority as other deposits held by the issuing bank, which is taken into account in the fractional reserve requirements applicable to the issuing bank's deposit liabilities of a similar nature.

[0036] Deposit tokens can be issued and transferred on public or private blockchain networks. To facilitate transfers in a public environment (where an issuing bank may desire to exercise control over the recipients of deposit token transfers), embodiments can enable deposit token smart contract(s) to use verifiable credentials or "VCs" (such as digital identities or proofs), and / or data oracles that can verify certain conditions (e.g., the wallet address receiving the token is not on a sanctions list).

[0037] A VC can prove the identity of a party, such as the party receiving a deposit token, and can be used to verify the identity of that party. Examples of digital identities and proofs are described in the following documents: U.S. Patent Application Serial No. 16 / 878,457, filed May 19, 2020; and U.S. Provisional Patent Application Serial No. 62 / 850,181, filed May 20, 2019; U.S. Provisional Patent Application Serial No. 62 / 976,262, filed February 13, 2020; U.S. Provisional Patent Application Serial No. 63 / 126,335, filed December 16, 2020; and U.S. Patent Application Serial No. 17 / 174,650, filed February 12, 2021, the disclosures of each of which are hereby incorporated by reference in their entirety. Examples of VC verification processes are disclosed in the following: U.S. Patent Application Serial No. 18 / 342,450, filed June 27, 2023; U.S. Provisional Patent Application Serial No. 63 / 367,115, filed June 27, 2022; U.S. Provisional Patent Application Serial No. 63 / 357,511, filed June 30, 2022; and U.S. Provisional Patent Application Serial No. 63 / 373,814, filed August 29, 2022, the disclosures of each of which are hereby incorporated by reference in their entirety.

[0038] Reference Figure 1 and Figure 2 discloses a system for using single-chain or multi-chain deposit tokens according to one embodiment. System 100 depicts one or more public blockchain-based networks (e.g., first public network 110, second public network 120). System 200 depicts one or more private blockchain-based networks (e.g., first private network 210, private public network 120).

[0039] The first public network 110, second public network 120, first private network 210, and second private network 220 may include screening oracles 112, 122, 212, 222 and deposit token smart contracts (SCs) 114, 124, 214, 224. The first public network 110 and second public network 120 may also include verifiable credential (VC) registry smart contracts (SCs) 116, 126.

[0040] The deposit token smart contracts 114, 124, 214, 224 may call additional smart contracts (not shown) that may be created by the token issuer or external parties to apply logic to restrict transferability, or impose controls on the transferability of transfers between the ultimate holders of the tokens within and outside of institutions.

[0041] The screening oracles 112, 122, 212, 222 can be data oracles that can interact with other data oracles (not shown) (e.g., an OFAC / sanctions list provider indicating whether a wallet or a verified credential is subject to sanctions). The screening oracles 112, 122, 212, and 222 can be on-chain smart contracts that can be updated with off-chain activities. The screening oracles 112, 122, 212, and 222 can maintain the same activity lists as the off-chain screening lists 160, 260.

[0042] A "Verifiable Credential" is a digital identity tool that can be used to verify the identity of a party receiving a deposit token. A deposit token smart contract (not shown) can interact with the VC registry smart contracts 116, 126 as part of the transfer verification process to verify the transferability of the deposit token and / or the credentials of the entities involved in the transfer.

[0043] VCs can also be used to provide specific proofs required to meet transaction control requirements (such as sanctions screening status verification, know your customer (KYC) status, type of institutional transaction, etc.).

[0044] The VC registry smart contracts 116, 126 and the screening oracles 112, 122, 212, 222 can be optional, depending on the network type (e.g., public vs. private), the preferences of the deposit token issuer, etc.

[0045] The external service 130 can provide an interface between the first public network 110 / second public network 120 and the deposit tokenization service 140. It can provide a meta-transaction relayer 132 and an external service node 134. The meta-transaction relayer 132 can be a relayer that can pay the gas fee on behalf of a financial institution and submit a transaction.

[0046] The external service node 134 can allow a distributed application of a financial institution to connect to a node service provider to monitor contract activities on the first public network 110 and / or the second public network 120.

[0047] Deposit token wallets 150, 250 that can enable VCs can store deposit tokens for customers.

[0048] The deposit tokenization services 140, 240 can create tokens for fiat currencies. It can use the sanctions screening modules 162, 262 to further verify the accounts or customers involved for sanctions and other issues. The sanctions screening modules 162, 262 can verify accounts and customers based on the screening lists 160, 260. The screening lists 160, 260 can be provided with information by one or more operating users.

[0049] Customers can interface with deposit token wallets 150, 250 and channels 164, 264. Channels 164, 264 can be a means by which customers can provide instructions (such as tokenization instructions) to financial institutions (such as application programming interfaces (APIs), web user interfaces (UIs), applications, etc.).

[0050] Payment services 166, 266 can be services provided by financial institutions. Payment services 166, 266 can provide payment orchestration and related processing services. For example, payment services 166, 266 can perform controls on sanction screening, fraud checks, anti-money laundering, etc.

[0051] Liquidity and account services 168, 268 can provide core banking ledgers, liquidity reports, etc.

[0052] Core ledgers 170, 270 can be off-chain ledgers provided by financial institutions. Core ledgers 170, 270 can maintain consolidated accounts 172, 272, and accounts 172, 272 can be used as accounts that can temporarily hold fiat currency during the tokenization and detokenization processes.

[0053] Event storage and reporting 142, 242 can receive events from deposit tokenization services 140, 240. It can also interface with other internal systems to extract information to meet reporting requirements. For example, it can extract client-level information from static data references to meet end-of-day reporting requirements (such as total deposit token liabilities per customer, total liabilities of all types per customer, etc.).

[0054] Transaction repositories 144, 244 can track the total deposit tokens in circulation. It can also track the total token supply for each blockchain address (such as customer positions).

[0055] Deposit tokenization services 140, 240 can verify the total value in circulation before new mint activity.

[0056] Reporting and data feeds 146, 246 can receive transaction data from transaction repositories 144, 244 and can provide reports / data feeds to external systems.

[0057] Reference Figure 3, a method for deposit tokenization according to an embodiment is provided. In step 305, a customer or an originally authorized party may submit an instruction to tokenize a deposit from non-tokenized funds (e.g., withdrawn from a standard account) via an existing channel.

[0058] In step 310, the payment system of the issuing bank may process the instruction by performing sanction screening, postings generation, etc.

[0059] In step 315, the funds to be tokenized may be credited to an internal consolidated house account for the deposit token (“consolidated account”), which reflects the amount of the deposit liability to be tokenized. Crediting may trigger an event for the deposit tokenization service. The consolidated account may be used for transition; ultimately, the balances may be recorded in the deposit token ledger rather than in the consolidated account.

[0060] In step 320, the deposit tokenization service may instruct to tokenize the deposit token onto a relevant blockchain network (e.g., a private or public blockchain network).

[0061] In step 325, the indicated recipient wallet address may be credited with the requested deposit token in the applicable blockchain network.

[0062] In step 330, the deposit tokenization service may update the transaction repository with the transaction, and in step 335, the transaction repository may update the total number of deposit tokens of the financial institution and may also provide a report to downstream systems. For example, the deposit tokenization service may maintain the total token supply and the status of token placement (e.g., per blockchain address) and may provide status changes to the downstream reporting system.

[0063] Reference Figure 4A , a method for transferring deposit tokens on the same blockchain network according to an embodiment is provided.

[0064] In step 405, a party may submit an instruction to transfer a deposit token from one wallet address holding the deposit token to another wallet address. If required, the instructing party may attach its verifiable credential (VC) to the request.

[0065] In step 410, the deposit token smart contract may optionally verify the VC with the VC registry smart contract, and if this fails, the request may be rejected.

[0066] In step 415, after successfully verifying the VC, the deposit token smart contract can optionally verify the sender's and recipient's wallet addresses with the screening oracle. The screening oracle may further check the sender's and recipient's wallet addresses for sanctions.

[0067] In step 420, after successfully verifying the sender's and recipient's wallet addresses, the transfer can be executed by the deposit token smart contract.

[0068] In step 425, the deposit tokenization service can receive an event for the transfer, and in step 430, the event can be stored in the event repository.

[0069] In step 435, the deposit tokenization service can update the transaction repository with the transaction, and in step 440, the transaction repository can update the total number of deposit tokens of the financial institution and can also provide reports to downstream systems such as the FDIC Part 370 calculator, end-of-day anti-money laundering report, general ledger report, etc.

[0070] Reference Figure 4B , a method for transferring deposit tokens between blockchain networks according to an embodiment is provided.

[0071] In step 450, the customer can request the deposit token service to authorize the issuing bank to debit up to the authorized amount. The issuing bank can generate a proof and respond to the customer. If required, the customer can attach the proof provided by the bank and its verifiable credential (VC) to the request. In an alternative, the deposit token smart contract may already have identified the bank as the party authorized to debit.

[0072] In step 455, the deposit token smart contract can optionally verify the VC with the VC registry smart contract, and if this fails, the request can be rejected. The deposit token smart contract can optionally verify the submitted proof, and if this fails, the request can be rejected.

[0073] In step 460, the customer can instruct the financial institution (e.g., by calling the deposit token API) to move the deposit balance from one network to another (e.g., from the first network to the second network).

[0074] In step 465, the deposit tokenization service can verify the instruction. The issuer's payment system can process the instruction and can execute the instruction by performing sanctions screening and other required verifications.

[0075] In step 470, after successful verification, the deposit tokenization service can instruct the deposit token smart contract on the first network to debit the wallet address from which the deposit tokens are being sent and burn that amount.

[0076] In step 475, the deposit token smart contract on the first network (the network sending the deposit token) can debit the originating wallet address and burn / destroy that amount and emit an event.

[0077] In step 480, the deposit tokenization service can receive the burn event, and the deposit tokenization server can instruct to tokenize the deposit token onto the relevant receiving blockchain network (e.g., the second network). In one embodiment, the deposit tokenization service can call the deposit token smart contract on the receiving blockchain network to perform the tokenization.

[0078] In step 485, the receiving wallet address can be credited with the requested deposit token in the applicable blockchain network (e.g., the second network in this example). For example, the deposit token smart contract on the receiving blockchain network can credit the receiving wallet address with the deposit token.

[0079] In step 490, the deposit tokenization service can store the event in an event repository.

[0080] In step 495, the deposit tokenization service can update the transaction repository with the transaction, and the transaction repository can update the total number of deposit tokens of the financial institution and can also provide a report to downstream systems.

[0081] Reference Figure 5 provides a method for interest distribution of deposit tokens according to an embodiment.

[0082] In step 505, the core bank interest calculation system can periodically calculate the interest on the deposit tokens in the relevant network and can transfer the amount of interest to be distributed from the funds of the deposit token issuer to a consolidated account.

[0083] In step 510, after crediting the funds to the consolidated account, an event can be triggered to the deposit tokenization service.

[0084] In step 515, the deposit tokenization service can instruct to distribute the interest to the deposit token smart contract on the relevant network.

[0085] In step 520, the wallet addresses on the relevant network holding the deposit tokens for which interest should be accrued can be credited with an equal amount of deposit tokens.

[0086] Reference Figure 6A provides a method for direct exchange of deposit tokens according to an embodiment.

[0087] In step 605, a customer or other authorized party of the deposit token issuing bank may submit a request that indicates the conversion of the deposit token balance from a qualified digital wallet on the blockchain network to a bank account. The recipient wallet may be identified as a specific "burn account" defined by the deposit token issuer. The indicator may optionally attach its VC to the request.

[0088] In step 610, the deposit token smart contract may optionally verify the VC against a VC registry and, if this fails, reject the request.

[0089] In step 615, after successful verification of the VC, the deposit token smart contract may check if the credit is for the burn account.

[0090] In step 620, the transfer may be executed by the deposit token smart contract and the smart contract emits a burn event.

[0091] In step 625, the deposit tokenization service may receive the burn event and trigger the customer credit process. This reduces the total number of tokens in circulation.

[0092] In step 630, the deposit tokenization service may update the transaction repository with the transaction and, in step 635, the transaction repository may update the number of deposit tokens in circulation. The transaction repository may also perform any reporting to downstream systems as required.

[0093] In step 640, the existing system may trigger a credit to the customer's bank account.

[0094] In step 645, the issuer core ledger may reflect the debit of the consolidated account and the credit of the customer's bank account.

[0095] Reference Figure 6B provides a method for indirectly converting deposit tokens according to an embodiment. In this embodiment, the holder of the deposit token is not a customer of the issuing bank.

[0096] In step 655, the holder of the deposit token may submit a request to convert the deposit token to a bank account at an authorized institution. In one embodiment, the holder may not be a customer of the deposit token issuing bank. The request may be a request to convert the deposit token balance from a qualified digital wallet on the blockchain network to a bank account.

[0097] In step 660, the deposit token smart contract may optionally verify the VC against a VC registry and, if this fails, reject the request.

[0098] In step 665, the deposit token smart contract may perform a transfer to the conversion account at the authorized institution.

[0099] In step 670, the deposit tokenization service can receive event information and can update the transaction repository with transaction information. In step 675, the transaction repository can update the customer position record and the quantity of deposit tokens in circulation. The transaction repository can also perform any reporting to downstream systems as needed.

[0100] In step 680, once the deposit token is received, the authorized institution can hold the deposit token by transferring the deposit from the burn account to its blockchain address, or it can directly redeem the deposit token using the process as Figure 6A shown.

[0101] Figure 7 An exemplary computing system for implementing aspects of the present disclosure is depicted. Figure 7 An exemplary computing device 700 is depicted. The computing device 700 can represent system components described herein. The computing device 700 can include a processor 705 that can be coupled to a memory 710. The memory 710 can include volatile memory. The processor 705 can execute computer-executable program code stored in the memory 710, such as a software program 715. The software program 715 can include one or more logical steps disclosed herein as program instructions executable by the processor 705. The memory 710 can also include a data repository 720, which can be non-volatile memory for data persistence. The processor 705 and the memory 710 can be coupled by a bus 730. The bus 730 can also be coupled to one or more network interface connectors 740, such as a wired network interface 742 or a wireless network interface 744. The computing device 700 can also have user interface components, such as a screen, a mouse, a keyboard, and / or other input / output components (not shown) for displaying a graphical user interface and receiving input from a user.

[0102] Hereinafter, general aspects of the implementation of the systems and methods of the embodiments will be described.

[0103] Embodiments of a system or parts of a system can be in the form of, for example, a "processor" (such as a general-purpose computer). As used herein, the term "processor" should be understood to include at least one processor using at least one memory. The at least one memory stores a set of instructions. The instructions can be stored permanently or temporarily in one or more memories of the processor. The processor executes the instructions stored in one or more memories to process data. The set of instructions can include various instructions for performing specific one or more tasks (such as those tasks described above). Such a set of instructions for performing a specific task can be characterized as a program, a software program, or simply software.

[0104] In one embodiment, the processor can be a dedicated processor.

[0105] In one embodiment, the processor can be a cloud-based processor, a physical processor, or a combination thereof.

[0106] As described above, the processor executes instructions stored in one or more memories to process data. For example, such data processing can be in response to commands from one or more users of the processor, in response to previous processing, in response to a request from another processor, and / or any other input.

[0107] As described above, the processor for implementing the embodiments can be a general-purpose computer. However, the above-mentioned processor can also utilize any one of a variety of other technologies, which include dedicated computers, computer systems including, for example, microcomputers, minicomputers, or mainframes, programmed microprocessors, microcontrollers, peripheral integrated circuit elements, CSIC (customer-specific integrated circuit) or ASIC (application-specific integrated circuit or other integrated circuits, logic circuits, digital signal processors, programmable logic devices (such as FPGA (field programmable gate array), PLD (programmable logic device), PLA (programmable logic array), or PAL (programmable array logic)) or any other device or device arrangement capable of implementing the steps of the processes disclosed herein.

[0108] The processor for implementing the embodiments can utilize a suitable operating system.

[0109] It should be understood that, for practicing the methods of the above embodiments, the processor and / or memory of the processor do not have to be physically located in the same geographical location. That is, each processor and memory used by the processor can be located in geographically different locations and connected so as to communicate in any suitable manner. In addition, it should be understood that each of the processor and / or memory can be composed of different physical devices. Therefore, the processor does not have to be a single device in one location, and the memory does not have to be another single device in another location. That is, it is contemplated that the processor can be two devices in two different physical locations. These two different devices can be connected in any suitable manner. In addition, the memory can include two or more memory portions in two or more physical locations.

[0110] For further explanation, as described above, the processing is performed by various components and various memories. However, it should be understood that, according to additional embodiments, the processing performed by two different components as described above can be performed by a single component. In addition, the processing performed by one different component as described above can be performed by two different components.

[0111] In a similar manner, according to another embodiment, the memory storage performed by two different memory portions as described above may be performed by a single memory portion. Additionally, the memory storage performed by one different memory portion as described above may be performed by two memory portions.

[0112] In addition, various techniques can be used to provide communication between various processors and / or memories, and to allow a processor and / or a memory to communicate with any other entity; that is, for example, in order to obtain further instructions or to access and use remote memory storage. For example, such techniques for providing such communication may include a network, the Internet, an intranet, an extranet, a LAN, Ethernet, wireless communication via a cellular tower or satellite, or any client-server system that provides communication. For example, such communication techniques may use any suitable protocol, such as TCP / IP, UDP, or OSI.

[0113] As described above, a set of instructions may be used in the processing of an embodiment. The set of instructions may be in the form of a program or software. The software may be in the form of, for example, system software or application software. For example, the software may also be in the form of a collection of individual programs, program modules in a larger program, or part of a program module. The software used also may include modular programming in the form of object-oriented programming. The software tells the processor how to process the data being processed.

[0114] In addition, it should be understood that the instructions or the set of instructions used in the implementation and operation of an embodiment may be in a suitable form such that the processor can read the instructions. For example, the instructions forming a program may be in the form of a suitable programming language that is converted into machine language or object code to allow one or more processors to read the instructions. That is, the programming code or source code lines written in a particular programming language are converted into machine language using a compiler, an assembler, or an interpreter. For example, machine language is binary-coded machine instructions specific to a particular type of processor (i.e., a particular type of computer). A computer understands machine language.

[0115] According to various embodiments, any suitable programming language may be used. In addition, the instructions and / or data used in the practice of an embodiment may utilize any compression or encryption technique or algorithm as needed. An encryption module may be used to encrypt data. Additionally, for example, a suitable decryption module may be used to decrypt a file or other data.

[0116] As described above, embodiments may be embodied, by way of example, in the form of a processor, which includes a computer or computer system including, for example, at least one memory. It should be understood that, as needed, the set of instructions (i.e., software, for example) that enables a computer operating system to perform the above operations may be included on any one of a variety of media. In addition, the data processed by the set of instructions may also be included on any one of a variety of media. That is, for example, the particular medium (i.e., the memory in the processor) for storing the set of instructions and / or data used in the embodiments may take any of a variety of physical forms or transmissions. By way of example, the medium may be in the form of any of the following: a compact disc, a DVD, an integrated circuit, a hard disk, a floppy disk, an optical disc, a magnetic tape, a RAM, a ROM, a PROM, an EPROM, a wire, a cable, an optical fiber, a communication channel, a satellite transmission, a memory card, a SIM card, or any other remote transmission, and any other medium or data source readable by a processor.

[0117] In addition, one or more memories used in the processor implementing the embodiments may be in any of a variety of forms to allow the memory to store instructions, data, or other information as needed. Thus, the memory may be in the form of a database storing data. The database may use any desired file arrangement, for example, such as a flat file arrangement or a relational database arrangement.

[0118] In the system and method, various “user interfaces” may be utilized to allow a user to interface with one or more processors used to implement the embodiments. As used herein, a user interface includes any hardware, software, or combination of hardware and software used by a processor that allows a user to interact with the processor. For example, the user interface may be in the form of a dialogue screen. The user interface may also include any one of the following: a mouse, a touch screen, a keyboard, a keypad, a voice reader, a voice recognizer, a dialogue screen, a menu box, a list, a checkbox, a toggle switch, a button, or any other device that allows a user to receive information about the operation of the processor when processing a set of instructions and / or providing information to the processor. Thus, a user interface is any device that provides communication between a user and a processor. For example, the information provided by a user to a processor through the user interface may be in the form of a command, a data selection, or some other input.

[0119] As described above, a user interface is utilized by a processor that executes a set of instructions such that the processor processes data for a user. The user interface is typically used by the processor to interact with the user to convey information or receive information from the user. However, it should be understood that according to some embodiments of the system and method, a human user need not actually interact with the user interface used by the processor. Instead, it is also contemplated that the user interface may interact with another processor rather than a human user, i.e., convey and receive information. Thus, the other processor may be characterized as a user. Additionally, it is contemplated that the user interface utilized in the system and method may interact partially with another or multiple processors while also interacting partially with a human user. Those skilled in the art will readily appreciate that the embodiments are amenable to wide use and application. Without departing from the essence or scope, many embodiments and variations, modifications, and equivalent arrangements of the present invention other than those described herein will be apparent from or reasonably suggested by the foregoing description thereof.

[0120] Accordingly, while embodiments of the present invention have been described in detail herein with reference to exemplary embodiments of the invention, it should be understood that the present disclosure is only illustrative and exemplary of the invention and is provided to enable an enabling disclosure of the invention. Thus, the foregoing disclosure is not intended to interpret or limit the invention or otherwise exclude any other such embodiments, variations, changes, modifications, or equivalent arrangements.

Claims

1. A method for deposit tokenization, comprising: receiving, by a deposit tokenization service of a token issuer and from an authorized party, an instruction to tokenize a certain amount of non-tokenized funds in a deposit account; verifying the identity of the authorized party by using a verifiable credential through the deposit tokenization service; screening the deposit account and / or the verifiable credential by using an information oracle through the deposit tokenization service; debiting the deposit account for the amount by the deposit tokenization service and crediting the amount to a consolidated account; tokenizing the non-tokenized funds of the amount on a blockchain network into deposit tokens by the deposit tokenization service; and crediting, by the deposit tokenization service, the wallet address on the blockchain network with the deposit tokens.

2. The method according to claim 1, wherein the screening includes sanctions screening.

3. The method according to claim 1, further comprising: updating, by the deposit tokenization service, a transaction repository with the amount of the deposit tokens, wherein the transaction repository updates the total number of deposit tokens of the token issuer.

4. The method according to claim 1, wherein the blockchain network includes a public blockchain network.

5. The method according to claim 1, wherein the blockchain network includes a private blockchain network.

6. The method according to claim 1, wherein the verifiable credential proves the identity of the authorized party.

7. A method for transferring deposit tokens, comprising: receiving, from a holder or an authorized party of a deposit token and by a token issuer, an instruction to transfer a certain amount of deposit tokens from a first wallet address to a second wallet address; verifying the identity of the holder or the authorized party by using a verifiable credential; screening the first wallet address, the second wallet address and / or the verifiable credential by using an information oracle; transferring the amount of the deposit tokens from the first wallet address to the second wallet address; and storing a transfer event for the transfer in an event repository.

8. The method according to claim 7, wherein the screening includes sanctions screening.

9. The method according to claim 7, wherein the first wallet address and the second wallet address are on the same blockchain network.

10. The method according to claim 9, wherein the network is a public blockchain network.

11. The method according to claim 9, wherein the network is a private blockchain network.

12. The method according to claim 7, wherein the first wallet address and the second wallet address are on different blockchain networks, and the method further comprising: triggering a burning event of the deposit tokens of the amount in the first wallet address; crediting the second wallet address with the amount of the deposit tokens burned from the first wallet address; and updating a transaction repository with the deposit tokens, wherein the transaction repository updates the total number of deposit tokens of the token issuer.

13. The method according to claim 12, wherein the first wallet address and the second wallet address are located on different public blockchain networks.

14. The method according to claim 12, wherein, the first wallet address is located on a public blockchain network and the second wallet address is located on a private blockchain network, or the first wallet address is located on the private blockchain network and the second wallet address is located on the public blockchain network.

15. The method according to claim 7, wherein the verifiable credential proves the identity of the authorized party.

16. A method for redeeming deposit tokens, comprising: receiving a request from a holder or an authorized party of a deposit token, the request indicating the redemption of a certain amount of deposit tokens from a wallet address on a blockchain network to a bank account; identifying the holder's account as a burn account; verifying the identity of the holder or the authorized party using a verifiable credential; performing a screening on the wallet address from which the deposit token originated, the bank account, and / or the verifiable credential using an information oracle; transferring the amount of deposit tokens to the holder's account; triggering a burn event on the holder's account; performing the burn event; and crediting the bank account with the amount of the deposit tokens by debiting a consolidated account and crediting the bank account.

17. The method according to claim 16, wherein the screening includes a sanctions screening.

18. The method according to claim 16, further comprising: updating a transaction repository with the amount of the deposit tokens, wherein the transaction repository updates the total number of deposit tokens of the deposit token issuer.

19. The method according to claim 16, wherein the blockchain network includes a public blockchain network or a private blockchain network.

20. The method according to claim 16, wherein the verifiable credential proves the identity of the holder or the authorized party.

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