System for allowing external validation of data in a process data network

• US 10,026,118 B2
• Filed: 02/22/2016
• Issued: 07/17/2018
• Est. Priority Date: 02/22/2016
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Castinado, Joseph Benjamin, Wuehler, Michael
• Primary Examiner(s): Zoubair, Noura
• Application Number:
  US15/049,835
• Publication Number:
  US 20170243286A1
• Time in Patent Office: 876 Days
• CPC Class Codes: G06F 21/6245 Protecting personal data, e.g. for financial or medical purposes
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: H04L 2209/56 Financial cryptography, e.g. electronic payment or e-cash
• CPC Class Codes: H04L 2463/102 applying security measure for e-commerce data processing systems or methods, specially adapted for e-commerce G06Q30/00
• CPC Class Codes: H04L 63/08 for authentication of entities cryptographic mechanisms or cryptographic arrangements for entity authentication H04L9/32
• CPC Class Codes: H04L 63/102 Entity profiles
• CPC Class Codes: H04L 9/3239 involving non-keyed hash functions, e.g. modification detection codes [MDCs], MD5, SHA or RIPEMD
• CPC Class Codes: H04L 9/50 using hash chains, e.g. blockchains or hash trees

Abstract

Systems, computer program products, and methods are described herein for a system for allowing external validation of data in a process data network. The present invention is configured to create a block chain of resource information based on at least aggregated information associated with past transfer of resources executed by an entity; receive an indication that the entity has executed a transfer of resources at a terminal; receive information associated with the transfer of resources based on at least receiving the indication that the entity has executed the transfer of resources; and update the block chain of transaction information with the transaction activity executed by the entity.

Claims

1. A system operatively connected with a block chain distributed network and for using the block chain distributed network for allowing external validation of data in a process data network, the system comprising:

a memory device storing logic and rules for the block chain distributed network; and

a processing device operatively coupled to the memory device, wherein the processing device is configured to execute computer-readable program code to;

receive an indication that an entity has executed a transfer of resources with a host institution;

receive host institution transaction data associated with the entity based on at least determining that the entity has executed the transfer of resources;

record the host institution transaction data in a distributed ledger of the block chain distributed network, wherein the distributed ledger of the block chain distributed network further comprises transaction records of one or more financial institutions, wherein the transactions records of the one or more financial institutions comprise at least a first source institution transaction data associated with the entity and a second source institution transaction data associated with the entity;

determine a financial standing associated with the entity based on at least the transaction records of the entity recorded in the distributed ledger of the block chain distributed network, wherein the financial standing indicates whether the entity is associated with a misappropriate activity;

retrieve information associated with the misappropriate activity, wherein the information comprises one or more recommended actions for the entity to redeem the financial standing;

determine that the entity has executed the one or more recommended actions;

update the financial standing to indicate that the entity is no longer associated with the misappropriate activity;

identify a smart contract stored in the block chain distributed network between the host institution, a first source institution, and a second source institution, wherein the smart contract comprises logic and rules associated with the smart contract;

determine that the recorded host institution transaction data meets the logic and rules of the smart contract by at least comparing the recorded host institution transaction data to the logic and rules of the smart contract to match a stored authentication key of the block chain distributed network to a provided authentication key of the recorded host institution data; and

validate the host institution transaction data and the updated financial standing associated with the entity in response to determining that the recorded host institution data meets the logic and rules of the smart contract.

2. The system of claim 1, wherein the processing device is configured to execute computer-readable program code further to:

receive an indication that the entity has executed a transfer of resources with the one or more financial institutions, wherein the transfer of resources comprises one or more transactions executed using one or more financial credentials associated with the one or more financial institutions receive information associated with each of the one or more transactions based on at least receiving the indication that the entity has executed the one or more transactions; and

record the information associated with each of the one or more transactions in the distributed ledger of the block chain distributed network.

3. The system of claim 2, wherein the processing device is configured to execute computer-readable program code further to:

receive a request from the one or more financial institutions to access the distributed ledger of the block chain distributed network to update the distributed ledger of the block chain distributed network, information associated with transaction activity of the entity, wherein the entity is associated with the one or more financial institutions;

determine that the one or more financial institutions is a member institution, wherein a member institution has authorized access to the distributed ledger of the block chain distributed network; and

authorize the one or more financial institutions to access the distributed ledger of the block chain distributed network; and

update the distributed ledger of the block chain distributed network with the information received from the one or more financial institutions.

4. The system of claim 3, wherein the processing device is configured to execute computer-readable program code further to:

receive one or more authentication credentials from the one or more financial institutions to authorize the one or more financial institutions to access the distributed ledger of the block chain distributed network;

validate the one or more authentication credentials; and

authorize the one or more financial institutions to access the distributed ledger of the block chain distributed network in response to validating the one or more authentication credentials.

5. The system of claim 2, wherein the processing device is configured to execute computer-readable program code further to:

initiate a request to receive information associated with transaction activity of the entity with one or more member institutions having access to the distributed ledger of the block chain distributed network;

receive information associated with the transaction activity of the entity with the one or more member institutions based on at least the initiated request; and

update the distributed ledger of the block chain distributed network with the transaction activity executed by the entity.

6. The system of claim 2, wherein the processing device is configured to execute computer-readable program code further to:

initiate a request to receive information associated with transaction activity of the entity with one or more member institutions having access to the distributed ledger of the block chain distributed network based on at least one or more specific transaction types;

receive information associated with the transaction activity of the entity with the one or more member institutions based on at least the initiated request, wherein the transaction activity is associated with a transaction type; and

update the distributed ledger of the block chain distributed network with the transaction activity of the entity associated with the one or more specific transaction types executed by the entity with the one or more member institutions.

7. The system of claim 6, wherein the processing device is configured to execute computer-readable program code further to:

update the distributed ledger of the block chain distributed network with the transaction activity executed by the entity with the one or more member institutions;

transmit a request to the one or more member institutions to validate the transaction activity based on the logic and rules associated with the smart contractor; and

post validated transaction activity to distributed ledger of the block chain distributed network.

20. The system of claim 1, wherein the processing device is configured to execute computer-readable program code further to:

continuously track the financial standing of the entity based on at least the transaction records in the distributed ledger of the block chain distributed network.

8. A computerized method for using the block chain distributed network for using the block chain distributed network for allowing external validation of data in a process data network, the method comprising:

receiving an indication that an entity has executed a transfer of resources with a host institution;

receiving host institution transaction data associated with the entity based on at least determining that the entity has executed the transfer of resources;

recording the host institution transaction data in a distributed ledger of the block chain distributed network, wherein the distributed ledger of the block chain distributed network further comprises transaction records of one or more financial institutions, wherein the transactions records of the one or more financial institutions comprise at least a first source institution transaction data associated with the entity and a second source institution transaction data associated with the entity;

determining a financial standing associated with the entity based on at least the transaction records of the entity recorded in the distributed ledger of the block chain distributed network, wherein the financial standing indicates whether the entity is associated with a misappropriate activity;

retrieving information associated with the misappropriate activity, wherein the information comprises one or more recommended actions for the entity to redeem the financial standing;

determining that the entity has executed the one or more recommended actions;

updating the financial standing to indicate that the entity is no longer associated with the misappropriate activity;

identifying a smart contract stored in the block chain distributed network between the host institution, a first source institution, and a second source institution, wherein the smart contract comprises logic and rules associated with the smart contract;

determining that the recorded host institution transaction data meets the logic and rules of the smart contract by at least comparing the recorded host institution transaction data to the logic and rules of the smart contract to match a stored authentication key of the block chain distributed network to a provided authentication key of the recorded host institution data; and

validating the host institution transaction data and the updated financial standing associated with the entity in response to determining that the recorded host institution data meets the logic and rules of the smart contract.

9. The method of claim 8, wherein the method further comprises:

receiving an indication that the entity has executed a transfer of resources with the one or more financial institutions, wherein the transfer of resources comprises one or more transactions executed using one or more financial credentials associated with the one or more financial institutions receiving information associated with each of the one or more transactions based on at least receiving the indication that the entity has executed the one or more transactions; and

recording the information associated with each of the one or more transactions in the distributed ledger of the block chain distributed network.

10. The method of claim 9, wherein the method further comprises:

receiving a request from the one or more financial institutions to access the distributed ledger of the block chain distributed network to update the distributed ledger of the block chain distributed network, information associated with transaction activity of the entity, wherein the entity is associated with the one or more financial institutions;

determining that the one or more financial institutions is a member institution, wherein a member institution has authorized access to the distributed ledger of the block chain distributed network; and

authorizing the one or more financial institutions to access the distributed ledger of the block chain distributed network; and

updating the distributed ledger of the block chain distributed network with the information received from the one or more financial institutions.

11. The method of claim 10, wherein the method further comprises:

receiving one or more authentication credentials from the one or more financial institutions to authorize the one or more financial institutions to access the distributed ledger of the block chain distributed network;

validating the one or more authentication credentials; and

authorizing the one or more financial institutions to access the distributed ledger of the block chain distributed network in response to validating the one or more authentication credentials.

12. The method of claim 9, wherein the method further comprises:

initiating a request to receive information associated with transaction activity of the entity with one or more member institutions having access to the distributed ledger of the block chain distributed network;

receiving information associated with the transaction activity of the entity with the one or more member institutions based on at least the initiated request; and

updating the distributed ledger of the block chain distributed network with the transaction activity executed by the entity.

13. The method of claim 12, wherein the method further comprises:

updating the distributed ledger of the block chain distributed network with the transaction activity executed by the entity with the one or more member institutions;

transmitting a request to the one or more member institutions to validate the transaction activity based on the logic and rules associated with the smart contractor; and

posting validated transaction activity to distributed ledger of the block chain distributed network.

14. A computer program product for execution on a system operatively connected with the block chain distributed network, the computer program product for using the block chain distributed network for allowing external validation of data in a process data network, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:

an executable portion configured to receive an indication that an entity has executed a transfer of resources with a host institution;

an executable portion configured to receive host institution transaction data associated with the entity based on at least determining that the entity-has executed the transfer of resources;

an executable portion configured to record the host institution transaction data in a distributed ledger of the block chain distributed network, wherein the distributed ledger of the block chain distributed network further comprises transaction records of one or more financial institutions, wherein the transactions records of the one or more financial institutions comprise at least a first source institution transaction data associated with the entity and a second source institution transaction data associated with the entity;

an executable portion configured to determine a financial standing associated with the entity based on at least the transaction records of the entity recorded in the distributed ledger of the block chain distributed network, wherein the financial standing indicates whether the entity is associated with a misappropriate activity;

an executable portion configured to retrieve information associated with the misappropriate activity, wherein the information comprises one or more recommended actions for the entity to redeem the financial standing;

an executable portion configured to determine that the entity has executed the one or more recommended actions;

an executable portion configured to update the financial standing to indicate that the entity is no longer associated with the misappropriate activity;

an executable portion configured to identify a smart contract stored in the block chain distributed network between the host institution, a first source institution, and a second source institution, wherein the smart contract comprises logic and rules associated with the smart contract;

an executable portion configured to determine that the recorded host institution transaction data meets the logic and rules of the smart contract by at least comparing the recorded host institution transaction data to the logic and rules of the smart contract to match a stored authentication key of the block chain distributed network to a provided authentication key of the recorded host institution data; and

an executable portion configured to validate the host institution transaction data and the updated financial standing associated with the entity in response to determining that the recorded host institution data meets the logic and rules of the smart contract.

15. The computer program product of claim 14 further comprising an executable portion configured to:

receive an indication that the entity has executed a transfer of resources with the one or more financial institutions, wherein the transfer of resources comprises one or more transactions executed using one or more financial credentials associated with the one or more financial institutions receive information associated with each of the one or more transactions based on at least receiving the indication that the entity has executed the one or more transactions; and

record the information associated with each of the one or more transactions in the distributed ledger of the block chain distributed network.

16. The computer program product of claim 15 further comprising an executable portion configured to:

receive a request from the one or more financial institutions to access the distributed ledger of the block chain distributed network to update the distributed ledger of the block chain distributed network, information associated with transaction activity of the entity, wherein the entity is associated with the one or more financial institutions;

determine that the one or more financial institutions is a member institution, wherein a member institution has authorized access to the distributed ledger of the block chain distributed network; and

authorize the one or more financial institutions to access the distributed ledger of the block chain distributed network; and

update the distributed ledger of the block chain distributed network with the information received from the one or more financial institutions.

17. The computer program product of claim 16 further comprising an executable portion configured to:

receive one or more authentication credentials from the one or more financial institutions to authorize the one or more financial institutions to access the distributed ledger of the block chain distributed network;

validate the one or more authentication credentials; and

authorize the one or more financial institutions to access the distributed ledger of the block chain distributed network in response to validating the one or more authentication credentials.

18. The computer program product of claim 14, further comprising an executable portion configured to:

initiate a request to receive information associated with transaction activity of the entity with one or more member institutions having access to the distributed ledger of the block chain distributed network;

receive information associated with the transaction activity of the entity with the one or more member institutions based on at least the initiated request; and

updating the distributed ledger of the block chain distributed network with the transaction activity executed by the entity.

19. The computer program product of claim 18, further comprising an executable portion configured to:

update the distributed ledger of the block chain distributed network with the transaction activity executed by the entity with the one or more member institutions;

transmit a request to the one or more member institutions to validate the transaction activity based on the logic and rules associated with the smart contractor; and

post validated transaction activity to distributed ledger of the block chain distributed network.