Method and system for simplified settlement between issuers using blockchain technology

Abstract

A method for performing simplified net settlement between entities facilitated by a blockchain, comprising: receiving a plurality of settlement transactions comprising an amount, a payor, a payee, wherein each payor and payee is one of a plurality of entities; processing the settlement transactions to determine an amount owed or an amount receivable for each entity of the plurality of entities; determining a minimum number of transactions for settlement between the plurality of entities based on the determined amount owed or amount receivable for each entity; generating a list of the determined minimum number of net settlement transactions based on the determined amount owed or amount receivable for each entity, each net settlement transaction comprising an amount, a payor, and a payee; and sending the generated list of net settlement transactions to a blockchain node in a blockchain network for inclusion in a new blockchain data entry added to a blockchain associated with the blockchain network.

Description

[0001] Cross-reference to related applications

[0002] This application claims priority and interest in U.S. non-provisional application No. 18 / 666,736, filed May 16, 2024, the entire contents of which are incorporated herein by reference. Technical Field

[0003] This disclosure relates to simplifying settlements between issuers by using blockchain, and more specifically, to determining the minimum required number of transactions for settlements of a large group of entities and tracking them on the blockchain. Background Technology

[0004] Settlement is a frequent process between financial institutions used to clear accounts after the payment transaction period for each institution's transaction account. For example, an issuing bank that issues transaction accounts to consumers might have hundreds of consumers making purchases at a merchant in a single day; these will be received into the transaction account issued to that merchant by the acquiring bank. Instead of transferring funds directly to the acquiring bank for each of those hundreds of transactions, the issuing bank waits until the end of the business day or another scheduled time and makes a single payment based on the total transaction amount. This reduces costs for all parties involved and reduces bandwidth on the payment network, thus benefiting everyone involved.

[0005] However, in the modern financial system, there are thousands of financial institutions operating as issuers, issuing transaction accounts daily to make or receive payments. Consequently, many of these institutions execute hundreds of settlement transactions daily (if not more frequently), resulting in potentially millions of additional transactions each day. This places significant strain on the payment network, imposes substantial fees on all parties involved, and requires detailed and meticulous accounting from financial institutions. Therefore, a technological solution is needed to improve the settlement processing of financial institutions, significantly reducing the number of settlement transactions and the processing required by financial institutions. This would increase efficiency and lead to significant savings in energy consumption and reduced costs. Summary of the Invention

[0006] This disclosure provides a description of systems and methods for performing simplified net settlement between entities facilitated by blockchain. A processing server collects settlement information directly from issuers, payment networks, or other suitable sources from a large group of financial institutions or other entities involved in the settlement (collectively referred to herein as "issuers"). The processing server determines the amount owed or receivable for each issuer in the group based on the settlement amount, and then determines the minimum number of transactions required to ensure that each issuer pays the required amount or receives the receivable amount to satisfy the determined amount owed or receivable. The processing server generates a list of net settlement transactions with appropriate amounts from the issuers with outstanding amounts to the issuers with receivable amounts, including the minimum number of transactions. This list is then provided to blockchain nodes in the blockchain network and published on the blockchain, informing each involved entity of the payments and amounts they must make to satisfy the settlement processing. As a result, a minimum number of settlement transactions occur for a large group of issuers, significantly reducing the energy used to process settlement transactions and providing significant cost savings, while still ensuring that each issuer receives or pays the appropriate amount. The combination of processing servers and blockchain to generate and distribute a list of net settlement transactions provides a fast and reliable means of distribution that cannot be manipulated, offering appropriate transparency and record-keeping for regulatory purposes, while allowing for privacy maintenance through encryption as needed. Therefore, the methods and systems discussed in this paper offer significant technological advantages over traditional settlement processing.

[0007] A method for performing simplified net settlement between entities facilitated by blockchain includes: receiving a plurality of settlement transactions by a receiver of a processing server, wherein each settlement transaction includes an amount, a payer entity, and a payee entity, and wherein each payer entity and payee entity in each settlement transaction is one of a plurality of entities; processing the received plurality of settlement transactions by a processor of the processing server to determine an amount owed or receivable for each of the plurality of entities based on the amount, payer entity, and payee entity of each settlement transaction in at least the plurality of settlement transactions; and processing the amount owed or receivable for each of the plurality of entities by the processor of the processing server based on the amount owed or receivable for each of the plurality of entities. The minimum number of transactions required for settlement between the plurality of entities is determined by the amount received; a processor of the processing server generates a list of net settlement transactions based on the determined minimum number of transactions, wherein the number of net settlement transactions in the list matches the determined minimum number of transactions, and wherein each net settlement transaction includes an amount based on the determined amount owed or receivable of each of the plurality of entities, a payer entity, and a payee entity; and a transmitter of the processing server sends at least the generated list of net settlement transactions to blockchain nodes in the blockchain network to be included in new blockchain data entries added to the blockchain associated with the blockchain network.

[0008] A system for performing simplified net settlement between entities facilitated by a blockchain includes: a blockchain network; blockchain nodes included in the blockchain network; a plurality of entities; and a processing server comprising: a receiver that receives a plurality of settlement transactions, wherein each settlement transaction includes an amount, a payer entity, and a payee entity, and wherein each payer entity and payee entity in each settlement transaction is one of a plurality of entities; and a processor of the processing server that processes the received plurality of settlement transactions to determine an amount owed or receivable by each of the plurality of entities based on the amount, payer entity, and payee entity of at least each of the plurality of settlement transactions. A minimum number of settlement transactions is determined based on the amount owed or receivable of each of the plurality of entities, and a list of net settlement transactions is generated based on the determined minimum number of transactions, wherein the number of net settlement transactions in the list matches the determined minimum number of transactions, and wherein each net settlement transaction includes an amount based on the determined amount owed or receivable of each of the plurality of entities, a payer entity, and a payee entity; and a transmitter sends the generated list of net settlement transactions to blockchain nodes in the blockchain network for inclusion in new blockchain data entries added to the blockchain associated with the blockchain network. Attached Figure Description

[0009] The scope of this disclosure can be best understood from the following detailed description of exemplary embodiments when read in conjunction with the accompanying drawings. The drawings include the following figures: Figure 1 This is a block diagram illustrating a high-level system architecture for net settlement between entities facilitated by blockchain, according to an exemplary embodiment.

[0010] Figure 2 The illustration is based on an exemplary embodiment. Figure 1 A block diagram of a processing server in a system used to facilitate net settlement between entities using blockchain.

[0011] Figure 3 The illustration shows an example of a [specific embodiment]. Figure 1 The flowchart describes the simplified net settlement process between entities facilitated by blockchain within the system.

[0012] Figure 4 This is a flowchart illustrating an exemplary method for performing a simplified net settlement between entities facilitated by a blockchain, according to an exemplary embodiment.

[0013] Figure 5 It is a block diagram illustrating a computer system architecture according to an exemplary embodiment.

[0014] Other areas of application of this disclosure will become apparent from the detailed description provided below. It should be understood that the detailed description of exemplary embodiments is for illustrative purposes only and is therefore not intended to necessarily limit the scope of this disclosure. Detailed Implementation

[0015] A system for simplified net settlement using blockchain

[0016] Figure 1 The illustration depicts a system 100 that streamlines net settlement processing between entities using a centralized processor and blockchain. System 100 includes a processing server 102. The processing server 102, discussed in more detail below, can be a computing system specifically configured to generate a list of net settlement transactions, such as those discussed in more detail below. Figure 2 or Figure 5 The computational system illustrated in the diagram represents the minimum number of transactions required to settle a large group of entities. The list of net settled transactions can be provided to blockchain networks 104a or 104b for storage on the blockchain. Blockchain networks 104a and 104b can consist of multiple blockchain nodes 106. Each blockchain node 106 can be a computational system configured to perform functions related to the processing and management of the blockchain, such as those discussed in more detail below. Figure 2 or Figure 5 The computing system illustrated in the diagram includes functions such as generating blockchain data values, verifying proposed blockchain transactions, verifying digital signatures, generating new blocks, verifying new blocks, and maintaining copies of the blockchain.

[0017] A blockchain can be a distributed ledger consisting of at least a plurality of blocks. Each block may include at least a block header and one or more data values. Each block header may include at least a timestamp, a block reference value, and a data reference value. The timestamp may be the time when the block header was generated and may be represented using any suitable method (e.g., UNIX timestamp, DateTime, etc.). The block reference value may be a value that references an earlier block in the blockchain (e.g., based on the timestamp). In some embodiments, the block reference value in the block header may be a reference to the block header of the most recently added block preceding the corresponding block. In an exemplary embodiment, the block reference value may be a hash value generated via a hash of the block header of the most recently added block. The data reference value may similarly be a reference to one or more data values ​​stored in the block that includes the block header. In an exemplary embodiment, the data reference value may be a hash value generated via a hash of one or more data values. For example, the block reference value may be the root of a Merkle tree generated using one or more data values.

[0018] Using block reference values ​​and data reference values ​​in the header of each block can make the blockchain immutable. Any attempt to modify a data value requires generating a new data reference value for that block, which in turn requires generating new block reference values ​​for subsequent blocks, and then generating new block reference values ​​in each subsequent block. This must be performed and updated in each individual blockchain node 106 in blockchain network 104a or 104b before a new block is generated and added to the blockchain to make the change permanent. Computational and communication limitations may make such modifications extremely difficult, if not impossible, thus rendering the blockchain immutable.

[0019] In some embodiments, a blockchain can be used to store information about blockchain transactions conducted between two different blockchain wallets. A blockchain wallet may include a private key for a cryptographic key pair, which is used to generate a digital signature that serves as authorization for the blockchain transaction by the payer, wherein the digital signature can be verified by the respective blockchain network 104a or 104b using the public key of the cryptographic key pair. In some cases, the term "blockchain wallet" may specifically refer to a private key. In other cases, the term "blockchain wallet" may refer to a computing device (e.g., a participant system) that stores a private key for its use in blockchain transactions. For example, each computing device may each have its own private key for a corresponding cryptographic key pair and may each be a blockchain wallet used to transact with the blockchain associated with the blockchain network. The computing device can be any type of device suitable for storing and utilizing a blockchain wallet, such as a desktop computer, laptop computer, notebook computer, tablet computer, cellular phone, smartphone, smartwatch, smart TV, wearable computing device, implantable computing device, etc.

[0020] Where applicable, each blockchain data value stored in the blockchain can correspond to a blockchain transaction or other storage of data. A blockchain transaction can include at least: the sender's digital signature generated using the sender's private key, the recipient's blockchain address for the currency generated using the recipient's public key, and the amount of blockchain currency transferred or other data currently being stored. In some blockchain transactions, the transaction may also include one or more blockchain addresses of the sender currently storing the blockchain currency (e.g., digital signatures proving they can access such currency), and an address generated using the sender's public key for any changes retained by the sender. Addresses to which cryptocurrency that can be used in future transactions has been sent are called "output" addresses because each address was previously used to capture the output of a previous blockchain transaction, and are also called "unspent transactions" because currency was sent to addresses in previous transactions but remains unused. In some cases, a blockchain transaction may also include the sender's public key for entities to use when verifying the transaction. For conventional processing of blockchain transactions, such data may be provided by the sender or receiver to blockchain node 106 in blockchain network 104a or 104b. A node can verify a digital signature using the public key in the sender's wallet's key pair, and also verify the sender's access to funds (e.g., an unspent transaction has not been spent and sent to the address associated with that sender's wallet). This process is called "confirmation" of the transaction, and the blockchain transaction is then included in a new block. In traditional blockchain implementations, a new block can be verified by other blockchain nodes 106 in blockchain network 104a or 104b before being added to the blockchain and distributed to all blockchain nodes 106 in blockchain network 104a or 104b. Where blockchain data values ​​may not be associated with blockchain transactions but with the storage of other types of data, the blockchain data values ​​may still include or otherwise involve verification of digital signatures.

[0021] In System 100, the blockchain can be used to store a list of net settlement transactions required to satisfy settlement for multiple issuers 108. As discussed herein, an "issuer" can be an entity that establishes (e.g., opens) a letter of credit or line of credit for a beneficiary and pays a draft drawn up by the beneficiary for the amount specified in the letter of credit or line of credit. In many cases, the issuer can be a bank or other financial institution authorized to open a line of credit. In some instances, any entity that can provide a line of credit to a beneficiary can be considered an issuer. The line of credit opened by the issuer can be represented in the form of a payment account, and the beneficiary can withdraw it by using a payment card. The issuer can also provide consumers with additional types of payment accounts, such as debit accounts, prepaid accounts, e-wallet accounts, savings accounts, cheque accounts, etc., which will be obvious to those skilled in the art, and can provide consumers with physical or non-physical means for accessing and / or using such accounts, such as debit cards, prepaid cards, ATM cards, e-wallets, checks, etc. Any entity that participates in a payment transaction and may be involved in settlement with another entity is referred to herein as issuer 108.

[0022] As used herein, a “payment transaction” can refer to a transaction between two entities in which money or other financial benefits are exchanged from one entity to another. A payment transaction can be a transfer of funds for the purchase of goods or services, for the repayment of debts, or for the exchange of any other financial benefits, as will be apparent to those skilled in the art. In some instances, a “payment transaction” can refer to a transaction involving the disbursement of funds via a payment card and / or payment account, such as a credit card transaction. Such payment transactions can be processed via an issuer 108, a payment network 110, and an acquirer. Processing for such payment transactions can include at least one of authorization, batch processing, clearing, settlement, and funding. Authorization can include a consumer providing payment details to a merchant, the merchant submitting transaction details (e.g., including payment details) to its acquirer, and verifying with the issuer the payment details of the payment account used by the consumer to fund the transaction. Batch processing can refer to storing authorized transactions in batches along with other authorized transactions for distribution to the acquirer. Clearing can include sending batch transactions from the acquirer to the payment network 110 for processing. Settlement can include the payment network deducting funds from the issuer for transactions involving the beneficiary of the issuer. In some instances, the issuer may make payments to the acquirer via a payment network. In other instances, the issuer may make payments directly to the acquirer. Grants may include cleared and settled payment transactions from the acquirer to the merchant. As used herein, a net settlement transaction may refer to a transaction that, as a result of settlement processing, facilitates the grants discussed above.

[0023] System 100 includes a payment network 110. Payment network 110 is a system or network used to transfer money for thousands, millions, or even billions of transactions during a given period using cash substitutes. Payment networks can use a variety of different protocols and processes to handle money transfers for various types of transactions. Transactions that can be performed via a payment network can include purchases of products or services, credit purchases, debit transactions, fund transfers, account withdrawals, etc. Payment networks can be configured to perform transactions via cash substitutes, which can include payment cards, letters of credit, checks, transaction accounts, etc. Examples of networks or systems configured to perform as payment networks include those operated by Mastercard®, VISA®, Discover®, American Express®, PayPal®, etc. The term "payment network" as used herein can refer to both the payment network as an entity and the physical payment network, such as the equipment, hardware, and software constituting the payment network, which those skilled in the art also refer to as a "payment track."

[0024] In system 100, a large group of issuers can all participate in payment transactions processed by payment network 110 through their issued transaction accounts as payers, payees, or a combination thereof. Each issuer 108 can participate in system 100 to utilize minimized settlement transactions, along with associated processing costs and fees, by using processing server 102. Processing server 102 can initiate streamlined net settlement processing by obtaining a list of all conventional settlement transactions required for settlement by each issuer 108. In one embodiment, each issuer 108 may electronically transmit the list of all settlement transactions to processing server 102 using suitable communication networks and methods, such as via an application programming interface (API) connected to processing server 102. In another embodiment, payment network 110 may provide processing server 102 with a list of all conventional settlement transactions of authorized issuers 108 that have been provided for use in the processing discussed herein. In some instances, issuer 108 and / or payment network 110 may provide a list of all transactions involving issuer 108, wherein processing server 102 may be configured to identify the settlement transactions required by the respective issuer 108. For example, the processing server 102 can assess the amount, payer, and payee of each transaction involving issuer 108 to determine the amount owed to each other issuer 108 in the issuer group or the amount receivable from each other issuer 108.

[0025] In this example, the issuer group may include five different issuers: issuers 108A, 108B, 108C, 108D, and 108E. It will be apparent to those skilled in the art that the number of issuers in a group can reach hundreds or thousands to provide an even more significant reduction in settlement transactions; however, for convenience and ease of explanation, an example using five issuers is provided. In this example, the processing server 102 can receive the following settlement transactions from the issuers in this group: 1) Issuer 108A owes issuer 108B US$8,000.

[0026] 2) Issuer 108A owes issuer 108C US$5,000.

[0027] 3) Issuer 108B owes issuer 108C US$4,000.

[0028] 4) Issuer 108C owes issuer 108D US$2,000.

[0029] 5) Issuer 108D owes issuer 108A US$3,000.

[0030] 6) Issuer 108D owes issuer 108B US$7,000.

[0031] 7) Issuer 108D owes issuer 108E US$3,000.

[0032] 8) Issuer 108E owes issuer 108A US$6,000.

[0033] 9) Issuer 108E owes issuer 108B US$2,000.

[0034] As described above, the processing server 102 can receive settlement transactions directly from each issuer 108 (for example, issuer 108A can provide the processing server with a balance of $8,000 owed to issuer 108B and $5,000 owed to issuer 108C, and $3,000 due from issuer 108D and $6,000 due from issuer 108E), or it can receive a list of all transactions involving each of issuers 108A, 108B, 108C, 108D, and 108E and can aggregate the amounts owed to and receivable from each issuer to arrive at the list of the nine settlement transactions mentioned above.

[0035] To facilitate simplified net settlement, processing server 102 can first process settlement transactions to determine the amount owed or receivable for each issuer in the group. In the example above, processing server 102 can determine that issuer 108A owes $4,000, issuer 108B receivables $13,000, issuer 108C receivables $7,000, issuer 108D owes $11,000, and issuer 108E owes $5,000. Processing server 102 can then use a suitable algorithm to determine the minimum number of transactions required to ensure that each issuer in the group receives full settlement. In the example above, the minimum number of transactions is four. Processing server 102 can then generate a list of net settlement transactions that satisfy the minimum number of settlements for all involved issuers. In the example above, processing server 102 can generate the following list of net settlement transactions: 1) Issuer 108A owes issuer 108B US$2,000.

[0036] 2) Issuer 108A owes issuer 108C US$2,000.

[0037] 3) Issuer 108D owes issuer 108B US$11,000.

[0038] 4) Issuer 108E owes issuer 108C US$5,000.

[0039] In the example above, the number of settlement transactions was reduced by more than 55%. The reduction could be even greater with larger issuer groups or a larger number of settlement transactions. In instances where thousands of traditional settlement transactions occur regularly each day, the resulting reduction in processing and network bandwidth can have significant ecological and economic impacts.

[0040] Once the processing server 102 generates a list of net settlement transactions, it can electronically transmit this list to blockchain node 106a in the first blockchain network 104a. Blockchain node 106a can receive the list of net settlement transactions and add it to a new blockchain data entry, which is included in a new block and added to the blockchain using conventional methods and systems. Each issuer 108 in the group can identify its required net settlement transactions from the list and then initiate the appropriate settlement transaction accordingly using conventional methods and systems. In the example above, only issuers 108A, 108D, and 108E are required to initiate settlement transactions, completely eliminating the need for 40% of the issuers in the group to initiate new transactions and incur any settlement fees.

[0041] By adding a list of net settlement transactions to the blockchain, the ability of any issuer to manipulate the settlement can be significantly reduced due to the blockchain's immutable nature. Furthermore, the blockchain provides an immutable record of settlements throughout its lifecycle, which can aid in regulatory compliance. Where issuers prefer that settlement amounts and / or entity identities remain confidential, the blockchain can be permissioned, allowing only authorized issuers within that group to access the blockchain data. In some cases, processing server 102 can encrypt the list of net settlement transactions before transmitting it to blockchain node 106. In such cases, processing server 102 can encrypt each net settlement transaction using the public key of a key pair, where the payer issuer 108 has a corresponding private key, allowing only that payer issuer 108 to decrypt the net settlement transaction, thus preventing any other issuer 108 from identifying the payer and payment amount of other settlement transactions. In some such cases, the list of net settlement transactions may also include the payee issuer 108 and the amount owed to them, which is encrypted only for decryption by that payee issuer 108.

[0042] In some embodiments, the second blockchain can be used to store aggregated settlement values, such as providing additional conveniences to the issuers involved, further transparency for accuracy, and appropriate data records for regulatory compliance. In such embodiments, the processing server 102 can generate a list of settlement amounts for each issuer 108 in the group. In the example above, the list of settlement amounts for issuer 108A could be as follows: 1) Owes 108B $8,000 to the issuer.

[0043] 2) Owes the issuer 108C $5,000.

[0044] 3) $3,000 should be collected from issuer 108D.

[0045] 4) $6,000 should be collected from issuer 108E.

[0046] Processing server 102 can electronically transmit a list of settlement amounts for each issuer 108 to blockchain node 106 for addition to the second blockchain. In some cases, the second blockchain can be operated by the same blockchain network 104 that operates the blockchain of net settlement transactions, referred to herein as the "first blockchain". In other cases, the second blockchain can be operated by a different blockchain network. Figure 1 In the example system 100 illustrated in the diagram, a first blockchain network 104a can operate a first blockchain, while a second blockchain network 104b can operate a second blockchain. In some cases, one or more of the blockchain nodes 106a in the first blockchain network 104a can also operate as blockchain nodes in the second blockchain network 104b.

[0047] Where a single second blockchain is used to store a list of settlement amounts for each issuer 108 in the group, the list of settlement amounts can be encrypted in a manner suitable only for decryption by the associated issuer 108, such as using the processing discussed above. In other cases, a separate second blockchain can be maintained for each issuer 108 in the group, where each second blockchain can be a permissioned blockchain, allowing only the appropriate issuer 108 to access the blockchain data. In such cases, the blockchain data stored therein may be unencrypted due to access restrictions. In some embodiments, the list of settlement amounts can be stored in other suitable data storage devices. For example, the processing server 102 can store a profile of each issuer 108, where the list of settlement amounts can be stored. In another example, each issuer 108 can independently store each list of settlement amounts generated by the processing server 102 and provided to it via a suitable communication network and method.

[0048] In some embodiments, one or more issuers 108 in the group may be geographically located in another country or may use a currency different from that used by other issuers 108 in the group. In such embodiments, processing server 102 may perform currency conversion as part of a simplified net settlement process. In an example, most issuers 108 in the group may use US dollars (USD), while one issuer 108 in the group may use Mexican pesos (MXP). In such an example, processing server 102 may convert all currencies used for settlement transactions into a single currency (e.g., USD) and generate a list of net settlement transactions, and then convert the amount of any net settlement transaction with an issuer 108 using MXP into MXP using the exchange rate between USD and MXP. As a result, all issuers 108 can participate in system 100 regardless of the currency used.

[0049] The methods and systems discussed in this paper provide simplified net settlement processing among issuers 108 participating in payment network 110, offering significant ecological and economic advantages over traditional settlement methods. By aggregating settlement amounts for a larger group of issuers, the number of net settlement transactions required to ensure that each issuer is fully settled can be significantly reduced. This significant reduction in transactions provides a substantial reduction in the number of transactions processed, which greatly reduces the electricity used by payment network 110 in processing settlement transactions, thus providing significant ecological benefits, while also reducing the costs incurred by issuers 108, providing them with economic benefits. By using a central processing server to determine simplified net settlement transactions, the amount of communication required in settlement processing can be significantly reduced, as each issuer 108 only needs to communicate with processing server 102 instead of with every other issuer 108 involved in the settlement. Furthermore, using blockchain to distribute and store net settlement transactions simplifies distribution processing and requires less communication for all involved entities, while providing security to all involved entities by significantly reducing the ability of issuers 108 to commit fraud and by providing secure and reliable storage for regulatory compliance.

[0050] Processing server

[0051] Figure 2 An embodiment of the processing server 102 is illustrated. It will be apparent to those skilled in the art that... Figure 2 The embodiment of the processing server 102 shown is provided for illustration only and does not exhaustively cover all possible configurations of the processing server 102 suitable for performing the functions discussed herein. For example, Figure 5 The computer system 500 shown and discussed in more detail below may be a suitable configuration for processing server 102.

[0052] Processing server 102 includes receiving device 202. Receiving device 202 is configured to receive data over one or more networks via one or more network protocols. In some instances, receiving device 202 is configured to receive data from processing server 102, blockchain node 106, issuer 108, payment network 110, and other systems and entities via one or more communication methods, such as radio frequency, local area network, wireless local area network, cellular communication network, Bluetooth, Internet, etc. In some embodiments, receiving device 202 comprises multiple devices, such as different receiving devices for receiving data over different networks, such as a first receiving device for receiving data over a local area network and a second receiving device for receiving data over the Internet. Receiving device 202 receives data signals transmitted electronically, wherein data may be superimposed or otherwise encoded on the data signals, and receives data signals via receiving device 202 to decode, parse, read, or otherwise obtain them. In some cases, receiving device 202 includes a parsing module for parsing the received data signals to obtain the data superimposed thereon. For example, receiving device 202 includes a parser program configured to receive data signals and transform the received data signals into usable inputs for functions performed by processing devices to execute the methods and systems described herein.

[0053] Receiving device 202 is configured to receive data signals electronically transmitted by blockchain node 106, which may be superimposed or otherwise encoded with blockchain data, blockchain data entries, blocks, block requests, confirmation messages, etc. Receiving device 202 may also be configured to receive data signals electronically transmitted by issuer 108 and / or payment network 110, which may be superimposed or otherwise encoded with transaction messages, settlement amounts, settlement transactions, public keys of cryptographic key pairs, currency types, etc.

[0054] The processing server 102 also includes a communication module 204. The communication module 204 is configured to transfer data between modules, engines, databases, memory, and other components of the processing server 102 for performing the functions discussed herein. The communication module 204 includes one or more communication types and utilizes various communication methods for communication within the computing device. For example, the communication module 204 may include a bus, a pin connector, wires, etc. In some embodiments, the communication module 204 may also be configured to communicate between internal components of the processing server 102 and external components of the processing server 102, such as externally connected databases, display devices, input devices, etc. The processing server 102 also includes a processing device. The processing device is configured to perform the functions of the processing server 102 discussed herein, as will be apparent to those skilled in the art. In some embodiments, the processing device may include and / or consist of multiple engines and / or modules specifically configured to perform one or more functions of the processing device, such as a query module 216, a generation module 218, a verification module 220, an encryption module 222, etc. As used herein, the term "module" can be software or hardware specifically programmed to receive input, perform one or more processes using that input, and provide output. Based on this disclosure, those skilled in the art will understand the inputs, outputs, and processes performed by various modules.

[0055] The processing server 102 also includes an entity database 206. The entity database 206 is configured to store one or more entity profiles 208 using a suitable data storage format and schema. The entity database 206 may be a relational database that uses a structured query language to store, identify, modify, update, and access structured datasets stored therein. Each entity profile 208 may be a structured dataset configured to store data related to an entity (such as issuer 108). For example, an entity profile 208 may include received payment transaction data, received settlement transactions, determined settlement amounts, determined net settlement transactions, the public key of a cryptographic key pair, currency type, etc.

[0056] Processing server 102 also includes memory 214. Memory 214 is configured to store data used by processing server 102 in performing the functions discussed herein, such as public and private keys, symmetric keys, etc. Memory 214 is configured to store data using suitable data formatting methods and patterns, and can be any suitable type of memory, such as read-only memory, random access memory, etc. Memory 214 may include, for example, encryption keys and algorithms, communication protocols and standards, data formatting standards and protocols, program code for modules and applications for processing devices, and other data that may be suitable for use by processing server 102 in performing the functions disclosed herein, as will be apparent to those skilled in the art. In some embodiments, memory 214 may consist of or otherwise include a relational database that utilizes a structured query language to store, identify, modify, update, access, etc., structured datasets stored therein. Memory 214 is configured to store, for example, device profiles, device profile data, configuration keys, cryptographic keys (including public and / or private keys), communication data, blockchain algorithms and data, currency exchange rates, settlement algorithms, etc.

[0057] Processing server 102 includes a query module 216. Query module 216 is configured to perform queries against a database to identify information. Query module 216 can receive one or more data values ​​or query strings and can execute the query strings based on an indicated database (such as entity database 206 of processing server 102) to identify information stored therein. Query module 216 can then output the identified information to the appropriate engine or module of processing server 102 as needed. Query module 216 can, for example, perform a query against entity database 206 to identify the public key of a cryptographic key pair, where the associated issuer 108 has a corresponding private key for encrypting settlement amounts or net settlement transactions.

[0058] The processing server 102 also includes a generation module 218. Generation module 218 is configured to generate data for use by the processing server 102 when performing the functions discussed herein. Generation module 218 can receive instructions as input, generate data based on those instructions, and output the generated data to one or more modules of the processing server 102. For example, generation module 218 can be configured to generate settlement amounts, determine the minimum number of settlement transactions, generate a list of net settlement transactions, generate a list of settlement amounts, generate converted currency amounts, etc.

[0059] The processing server 102 also includes a verification module 220. Verification module 220 is configured to perform data verification and validation for the processing server 102 as part of the functionality discussed herein. Verification module 220 may receive instructions as input, perform data verification or validation according to the instructions, and output the results of the data verification or validation to one or more modules of the processing server 102. In some cases, the input may include data to be verified or validated and / or data to be used in the verification or validation. In other cases, verification module 220 may be configured to, for example, identify such data in entity database 206 and / or memory 214. Verification module 220 may be configured to, for example, verify settlement amounts, verify that net settlement transactions meet settlement amounts, verify processed settlement transactions, etc.

[0060] Processing server 102 also includes encryption module 222. Encryption module 222 is configured to encrypt and / or decrypt data used by processing server 102 as part of the functionality discussed herein. Encryption module 222 can receive instructions as input, can encrypt or decrypt data according to instructions, and can output the encryption or decryption result to one or more modules of processing server 102. In some cases, input may include the data to be encrypted or decrypted and / or the key used in encryption or decryption. In other cases, encryption module 222 may be configured to, for example, recognize such data in memory 214. Encryption module 222 may be configured to encrypt device settlement amounts, encrypt net settlement transactions, encrypt or decrypt transaction data, etc.

[0061] The processing server 102 also includes a transmitting device 224. The transmitting device 224 is configured to transmit data over one or more networks via one or more network protocols. In some instances, the transmitting device 224 may be configured to transmit data to blockchain node 106, issuer 108, payment network 110, and other entities via one or more communication methods (LAN, wireless LAN, cellular communication, Bluetooth, radio frequency, Internet, etc.). In some embodiments, the transmitting device 224 may consist of multiple devices, such as different transmitting devices for transmitting data over different networks, such as a first transmitting device for transmitting data over a LAN and a second transmitting device for transmitting data over the Internet. The transmitting device 224 may electronically transmit a data signal superimposed with data that can be parsed by a receiving computing device. In some cases, the transmitting device 224 may include one or more modules for superimposing, encoding, or otherwise formatting data into a data signal suitable for transmission.

[0062] The sending device 224 is also configured to electronically send data signals to the blockchain node 106, which may be overlaid with or otherwise encoded with blockchain data entries, blocks, confirmation messages, lists of settlement amounts, lists of net settlement transactions, etc. The sending device 224 may also be configured to electronically send data signals to the issuer 108 and / or the payment network 110, which may be overlaid with or otherwise encoded with requests for transaction data, requests for cryptographic keys, encrypted data, lists of settlement amounts, required net settlement transaction notifications, etc.

[0063] Processing for simplified net settlement

[0064] Figure 3 The diagram shows Figure 1 System 100 uses blockchain to simplify net settlement processing for a group of issuers. While for convenience and ease of explanation, Figure 3 The processing illustrated in the diagram involves a single issuer 108, but as part of the simplified net settlement processing discussed herein, the functions performed by issuer 108 as discussed herein can be performed by each issuer 108 in a large group of issuers.

[0065] In step 302, issuer 108 in the large group of issuers may participate in multiple payment transactions processed by payment network 110 during a predetermined time period (e.g., daily). Each payment transaction may involve issuer 108 as the payer or payee of a payment transaction specifying a transaction amount (e.g., via an issued transaction account). Issuer 108 may aggregate payments to each other issuer in the large group of issuers and amounts due from them, and in step 304, transaction data may be electronically transmitted to processing server 102 using suitable communication networks and methods. Transaction data may include aggregated amounts paid to each other issuer and amounts due from each other in payment transactions involving issuer 108 during the predetermined time period. In step 306, receiving device 202 of processing server 102 may receive transaction data from issuer 108 and the other issuers in the large group of issuers.

[0066] In step 308, the generation module 218 of the processing server 102 can process the received transaction data to generate a list of settlement amounts for issuer 108 and each other issuer in the large group of issuers. Each list of settlement amounts may include the amount owed to each other issuer in the large group of issuers and the amount due from each other issuer. Figure 1In the example provided in system 100, the list of settlement amounts for issuer 108A may include $8,000 owed to issuer 108B, $5,000 owed to issuer 108C, $3,000 due from issuer 108D, and $6,000 due from issuer 108E. The generation module 218 of processing server 102 can also determine the net settlement amount for issuer 108 and each other issuer in this large group of issuers. Figure 1 In the example provided in System 100, the net settlement amount for Issuer 108A could be $4,000 owed by Issuer 108A. In step 310, the generation module 218 of Processing Server 102 determines the minimum number of net settlement transactions required to satisfy the settlement of Issuer 108A and each other issuer in the large group of issuers. Figure 1 In the example provided in System 100, the minimum net settlement number of transactions can be determined to be four.

[0067] In step 312, the generation module 218 of the processing server 102 can generate a list of net settled transactions. This list may include a minimum number of net settled transactions, and each net settled transaction in the list includes an amount, a payer issuer, and a payee issuer, such that once all net settled transactions have been completed, each issuer in this large group of issuers will be fully settled according to the net settled amount generated for each issuer. Figure 1 In the example provided in system 100, the generation module 218 of processing server 102 can generate a list of four net settlement transactions, which may include two payments of $2,000 to issuer 108A, a first payment to issuer 108B, and a second payment to issuer 108C. In an embodiment where the data stored on the blockchain is encrypted, the encryption module 222 of processing server 102 can encrypt each net settlement transaction in the list using a public key associated with the payer issuer involved in the respective transaction (e.g., identified in entity profile 208 of entity database 206 associated with the payer issuer). In step 314, the sending device 224 of processing server 102 can electronically send the list of net settlement transactions to blockchain node 106 in blockchain network 104a or 104b using a suitable communication network and method.

[0068] In step 316, blockchain node 106 may receive a list of net settlement transactions. In step 318, blockchain node 106 may include the list of net settlement transactions (e.g., encrypted if necessary) in a new blockchain data entry generated and added to a new block, which is then transmitted to other blockchain nodes 106 in blockchain network 104 for confirmation using conventional methods and systems. Once confirmed, the new block including the list of net settlement transactions can be added to the blockchain. In step 320, issuer 108 may receive the list of net settlement transactions in the new blockchain data entry. Issuer 108 may identify net settlement transactions in which they are the payer entity (e.g., after decryption using their private key if necessary), and in step 322, may initiate a payment transaction for the appropriate payment amount to the appropriate payee issuer as indicated in the net settlement transaction. The result can be processing a minimum number of transactions to satisfy the settlement of a large group of issuers, thereby providing significant advantages to all involved entities through efficient and secure processing using processing server 102 and the blockchain.

[0069] Exemplary methods for performing simplified net settlement

[0070] Figure 4 The illustration shows a method 400 for performing simplified net settlement processing between entities facilitated by the use of blockchain.

[0071] In step 402, multiple settlement transactions may be received by a receiver (e.g., receiving device 202) of a processing server (e.g., processing server 102), wherein each settlement transaction may include an amount, a payer entity (e.g., issuer 108), and a payee entity (e.g., issuer 108), and wherein each payer entity and payee entity of each settlement transaction is one of a plurality of entities (e.g., issuer 108). In step 404, a processor of the processing server (e.g., generation module 218) may process the received multiple settlement transactions to determine the amount owed or receivable for each of the plurality of entities based on the amount, payer entity, and payee entity of at least each of the multiple settlement transactions. In step 406, the processor of the processing server (e.g., generation module 218) may determine the minimum number of settlement transactions between the plurality of entities based on the amount owed or receivable for at least each of the plurality of entities.

[0072] In step 408, the processor of the processing server (e.g., generation module 218) may generate a list of net settlement transactions based on a determined minimum number of transactions, wherein the number of net settlement transactions in the list matches the determined minimum number of transactions, and wherein each net settlement transaction includes an amount based on the determined amount owed or receivable for each of the plurality of entities, the payer entity, and the payee entity. In step 410, at least the generated list of net settlement transactions may be sent by the transmitter of the processing server (e.g., sending device 224) to blockchain nodes (e.g., blockchain node 106a or 106b) in the blockchain network (e.g., blockchain network 104a or 104b) to be included in new blockchain data entries added to the blockchain associated with the blockchain network.

[0073] In one embodiment, method 400 may further include sending each net settlement transaction in the list of net settlement transactions to the corresponding payer entity via a sender of the processing server to initiate a payment transaction to pay the amount included in the corresponding net settlement transaction to the corresponding payee entity. In some embodiments, each settlement transaction in the plurality of settlement transactions may further include one of multiple currency types, and the amount owed or receivable by each of the identified plurality of entities may be expressed in one of multiple currency types, and may also be based on a converted amount for each of the plurality of settlement transactions, which is based on converting the amount of the corresponding settlement transaction into one of multiple currency types. In one embodiment, the plurality of entities may include at least five entities.

[0074] In some embodiments, method 400 may further include generating a list of individual settlements for each of the plurality of entities by a processor of a processing server, wherein the list of individual settlements includes each settlement transaction in which the respective entity of the plurality of entities is a payer entity or a payee entity. In a further embodiment, method 400 may even further include sending the generated list of individual settlements to a second blockchain node (e.g., blockchain node 106b) in a second blockchain network (e.g., blockchain network 104b) by a transmitter of the processing server to be included in a new data entry added to a permissioned blockchain associated with the second blockchain network. In another further embodiment, method 400 may further include determining a list of settlement amounts for each of the plurality of entities by a processor of the processing server based on the list of individual settlements generated for the respective entities, wherein the list of settlement amounts includes amounts owed to or receivable from each of the plurality of entities. In yet another further embodiment, method 400 may even further include sending the generated list of settlement amounts to a second blockchain node in the second blockchain network by a transmitter of the processing server to be included in a new data entry added to a permissioned blockchain associated with the second blockchain network.

[0075] Computer system architecture

[0076] Figure 5 A computer system 500 is illustrated, wherein embodiments of this disclosure or portions thereof may be implemented as computer-readable code. For example, a processing server 102, a blockchain node 106, and an issuer 108 may be implemented in computer system 500 using hardware, a non-transitory computer-readable medium on which instructions are stored, or a combination thereof, and may be implemented in one or more computer systems or other processing systems. Hardware may be implemented for implementation... Figure 3 and Figure 4 The modules and components of the method.

[0077] If programmable logic is used, then this logic can be executed on a commercially available processing platform configured by executable software code to become a dedicated computer or dedicated device (e.g., a programmable logic array, an application-specific integrated circuit, etc.). Those skilled in the art will recognize that embodiments of the disclosed subject matter can be practiced with a variety of computer system configurations, including multi-core multiprocessor systems, minicomputers, mainframes, computers linked or clustered with distributed functions, and ubiquitous or microcomputers that can be embedded in virtually any device. For example, the embodiments described above can be implemented using at least one processor device and memory.

[0078] The processor unit or device discussed herein may be a single processor, multiple processors, or a combination thereof. A processor device may have one or more processor "cores". The terms "computer program medium," "non-transitory computer-readable medium," and "computer-usable medium" as discussed herein are generally used to refer to tangible media, such as removable storage unit 518, removable storage unit 522, and a hard disk installed in hard disk drive 512.

[0079] Various embodiments of this disclosure are described based on this example computer system 500. After reading this description, those skilled in the art will recognize how to implement this disclosure using other computer systems and / or computer architectures. While operations may be described as sequential processing, some operations may actually be executed in parallel, concurrently, and / or in a distributed environment, and program code may be stored locally or remotely for access by a single processor or multiple processor machines. Furthermore, in some embodiments, the order of operations may be rearranged without departing from the spirit of the disclosed subject matter.

[0080] Processor device 504 may be a dedicated or general-purpose processor device specifically configured to perform the functions discussed herein. Processor device 504 may be connected to communication infrastructure 506, such as a bus, message queue, network, multi-core messaging scheme, etc. The network may be any network suitable for performing the functions disclosed herein and may include a local area network (LAN), a wide area network (WAN), a wireless network (e.g., WiFi), a mobile communication network, a satellite network, the Internet, fiber optic, coaxial cable, infrared, radio frequency (RF), or any combination thereof. Other suitable network types and configurations will be apparent to those skilled in the art. Computer system 500 may also include main memory 508 (e.g., random access memory, read-only memory, etc.) and may also include secondary memory 510. Secondary memory 510 may include hard disk drives 512 and removable storage drives 514, such as floppy disk drives, tape drives, optical disk drives, flash memory, etc.

[0081] The removable storage drive 514 can read from and / or write to the removable storage unit 518 in a well-known manner. The removable storage unit 518 may include a removable storage medium that can be read from and written by the removable storage drive 514. For example, if the removable storage drive 514 is a floppy disk drive or a Universal Serial Bus port, then the removable storage unit 518 may be a floppy disk or a portable flash drive, respectively. In one embodiment, the removable storage unit 518 may be a non-transitory computer-readable recording medium.

[0082] In some embodiments, auxiliary memory 510 may include alternative components for allowing computer programs or other instructions to be loaded into computer system 500, such as removable memory cells 522 and interfaces 520. Examples of such components may include program boxes and box interfaces (e.g., as found in video game systems), removable memory chips (e.g., EEPROM, PROM, etc.) and associated sockets, as well as other removable memory cells 522 and interfaces 520, as will be apparent to those skilled in the art.

[0083] Data stored in computer system 500 (e.g., in main memory 508 and / or auxiliary memory 510) can be stored on any type of suitable computer-readable medium, such as optical storage devices (e.g., optical discs, digital multifunction optical discs, Blu-ray discs, etc.) or magnetic tape storage devices (e.g., hard disk drives). Data can be configured with any type of suitable database configuration, such as relational databases, structured query language (SQL) databases, distributed databases, object databases, etc. The appropriate configuration and storage type will be obvious to those skilled in the art.

[0084] Computer system 500 may also include a communication interface 524. Communication interface 524 may be configured to allow software and data to be transferred between computer system 500 and external devices. Exemplary communication interface 524 may include a modem, network interface (e.g., an Ethernet card), communication port, PCMCIA slot, and card, etc. Software and data transmitted via communication interface 524 may be in the form of signals, which may be electronic, electromagnetic, optical, or other signals, as will be apparent to those skilled in the art. Signals may travel via communication path 526, which may be configured to carry signals and may be implemented using wires, cables, optical fibers, telephone lines, cellular telephone links, radio frequency links, etc.

[0085] Computer system 500 may also include a display interface 502. Display interface 502 may be configured to allow data to be transferred between computer system 500 and external display 530. Exemplary display interface 502 may include High Definition Multimedia Interface (HDMI), Digital Video Interface (DVI), Video Graphics Array (VGA), etc. Display 530 may be any suitable type of display for displaying data transmitted via display interface 502 of computer system 500, including cathode ray tube (CRT) displays, liquid crystal displays (LCDs), light-emitting diode (LED) displays, capacitive touch displays, thin-film transistor (TFT) displays, etc.

[0086] Computer program media and computer-usable media can refer to memory, such as main memory 508 and auxiliary memory 510, which can be memory semiconductors (e.g., DRAM, etc.). These computer program products can be components used to provide software to computer system 500. Computer programs (e.g., computer control logic) can be stored in main memory 508 and / or auxiliary memory 510. Computer programs can also be received via communication interface 524. When executed, such computer programs enable computer system 500 to implement the methods discussed herein. Specifically, when executed, computer programs enable processor device 504 to implement the methods discussed herein. Figure 3 and Figure 4 The method shown is as discussed herein. Therefore, such a computer program can represent the controller of computer system 500. When implementing this disclosure using software, the software can be stored in a computer program product and loaded into computer system 500 using a removable storage drive 514, interface 520, and hard disk drive 512 or communication interface 524.

[0087] Processor device 504 may include one or more modules or engines configured to perform the functions of computer system 500. Each module or engine may be implemented in hardware, and in some cases, may also utilize software such as program code and / or programs stored in main memory 508 or auxiliary memory 510. In such cases, the program code may be compiled by processor device 504 (e.g., by a compilation module or engine) before being executed by the hardware of computer system 500. For example, the program code may be source code written in a programming language, which is translated into a lower-level language (such as assembly language or machine code) for execution by processor device 504 and / or any additional hardware components of computer system 500. The compilation process may include lexical analysis, preprocessing, parsing, semantic analysis, syntax-guided transformation, code generation, code optimization, and any other techniques that may be adapted to translate the program code into a lower-level language suitable for controlling computer system 500 to perform the functions disclosed herein. It will be apparent to those skilled in the art that such processing results in computer system 500 being a specially configured computer system 500 specifically programmed to perform the functions discussed above.

[0088] Among other features, the technology consistent with this disclosure provides, in particular, systems and methods for performing simplified net settlement between entities facilitated by blockchain. While various exemplary embodiments of the disclosed systems and methods have been described above, it should be understood that they are given for illustrative purposes only and not for limitation. This is not exhaustive and is not intended to limit this disclosure to its exact form. In light of the foregoing teachings, modifications and variations are possible, or may be derived from practice with this disclosure, without departing from its breadth or scope.

Claims

1. A method for performing simplified net settlement between entities facilitated by blockchain, comprising: The receiver of the processing server receives multiple settlement transactions, each settlement transaction including an amount, a payer entity, and a payee entity, and each payer entity and payee entity in each settlement transaction is one of multiple entities; The processor of the processing server processes the received multiple settlement transactions to determine the amount owed or receivable of each of the multiple entities based on the amount of each settlement transaction, the payer entity, and the payee entity. The processor of the processing server determines the minimum number of transactions for settlement between the plurality of entities based on the amount owed or receivable by each of the plurality of entities. The processor of the processing server generates a list of net settlement transactions based on a determined minimum number of transactions, wherein the number of net settlement transactions in the list matches the determined minimum number of transactions, and wherein each net settlement transaction includes an amount based on the amount owed or receivable of each of the plurality of entities, the payer entity, and the payee entity. as well as The sender of the processing server transmits at least a list of the generated net settlement transactions to the blockchain nodes in the blockchain network to be included in new blockchain data entries added to the blockchain associated with the blockchain network.

2. The method of claim 1, further comprising: The sender of the processing server sends each net settlement transaction in the list of net settlement transactions to the corresponding payer entity to initiate a payment transaction that pays the amount included in the corresponding net settlement transaction to the corresponding payee entity.

3. The method of claim 1, further comprising: The processor of the processing server generates a list of individual settlements for each of the plurality of entities, wherein the list of individual settlements includes each settlement transaction in which the corresponding entity among the plurality of entities is a payer entity or a payee entity.

4. The method of claim 3, further comprising: The sender of the processing server sends the generated list of individual settlements to the second blockchain node in the second blockchain network to be included in the new data entries added to the permissioned blockchain associated with the second blockchain network.

5. The method of claim 3, further comprising: The processor of the processing server determines a list of settlement amounts for each of the plurality of entities based on a list of individual settlements generated for the respective entities, wherein the list of settlement amounts includes the amount owed or receivable by each of the other entities in the plurality of entities.

6. The method of claim 5, further comprising: The sender of the processing server sends the list of generated settlement amounts to the second blockchain nodes in the second blockchain network to be included in the new data entries added to the permissioned blockchain associated with the second blockchain network.

7. The method of claim 1, wherein Each of the multiple settlement transactions also includes one of several currency types, and The determined amount of debt or receivable for each of the plurality of entities is expressed in one of the plurality of currencies and is further based on the converted amount of each of the plurality of settlement transactions, the converted amount being converted into the currency of the plurality of currencies based on the amount of the corresponding settlement transaction.

8. The method of claim 1, wherein the plurality of entities comprises at least five entities.

9. A system for performing simplified net settlement between entities facilitated by blockchain, comprising: Blockchain network; Including blockchain nodes in the blockchain network; Multiple entities; as well as Processing server, the processing server comprising: A receiver that receives multiple settlement transactions, wherein each settlement transaction includes an amount, a payer entity, and a payee entity, and wherein each payer entity and payee entity in each settlement transaction is one of the multiple entities; Processor for the server Process multiple received settlement transactions to determine the amount owed or receivable for each of the multiple entities based on the amount of each settlement transaction, the payer entity, and the payee entity. The minimum number of transactions for settlement between the plurality of entities is determined based on the amount owed or receivable by each of at least the plurality of entities. A list of net settled transactions is generated based on the determined minimum number of transactions, wherein the number of net settled transactions in the list matches the determined minimum number of transactions, and wherein each net settled transaction includes an amount based on the determined amount owed or receivable for each of the plurality of entities, a payer entity, and a payee entity; and A transmitter that sends a list of at least the generated net settlement transactions to blockchain nodes in the blockchain network for inclusion in new blockchain data entries added to the blockchain associated with the blockchain network.

10. The system of claim 9, wherein the sender of the processing server sends each net settlement transaction in the list of net settlement transactions to the corresponding payer entity to initiate a payment transaction that pays the amount included in the corresponding net settlement transaction to the corresponding payee entity.

11. The system of claim 9, wherein the processor of the processing server generates a list of individual settlements for each of the plurality of entities, wherein the list of individual settlements includes each settlement transaction in the plurality of settlement transactions involving the corresponding entity among the plurality of entities as a payer entity or a payee entity.

12. The system of claim 11, further comprising: Second blockchain network; as well as Including the second blockchain node in the second blockchain network, where The processor sends the generated list of individual settlements to the second blockchain nodes in the second blockchain network to be included in the new data entries added to the permissioned blockchain associated with the second blockchain network.

13. The system of claim 11, wherein the processor of the processing server determines a list of settlement amounts for each of the plurality of entities based on a list of individual settlements generated for the respective entities, wherein the list of settlement amounts includes the amount owed or receivable by each of the other entities in the plurality of entities.

14. The system of claim 13, further comprising: Second blockchain network; as well as Including the second blockchain node in the second blockchain network, where The processor sends the generated list of settlement amounts to the second blockchain nodes in the second blockchain network to be included in new data entries added to the permissioned blockchain associated with the second blockchain network.

15. The system of claim 9, wherein Each of the multiple settlement transactions also includes one of several currency types, and The amount owed or receivable for each of the plurality of entities is expressed in one of the plurality of currencies and is further based on the converted amount of each of the plurality of settlement transactions, the converted amount being based on a conversion of the amount of the corresponding settlement transaction into one of the plurality of currencies.

16. The system of claim 9, wherein the plurality of entities comprises at least five entities.

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