System for external validation of secure process transactions

• US 10,135,870 B2
• Filed: 02/22/2016
• Issued: 11/20/2018
• 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, Thomas, Richard Huw, Kurian, Manu Jacob, Sifford, Eric Eugene
• Primary Examiner(s): Arani, Taghi
• Assistant Examiner(s): Champakesan, Badri
• Application Number:
  US15/050,375
• Publication Number:
  US 20170244757A1
• Time in Patent Office: 1,002 Days
• Field of Search: 726 1
• CPC Class Codes: H04L 2209/56 Financial cryptography, e.g. electronic payment or e-cash
• CPC Class Codes: H04L 63/08 for authentication of entities cryptographic mechanisms or cryptographic arrangements for entity authentication H04L9/32
• CPC Class Codes: H04L 63/10 for controlling access to devices or network resources
• CPC Class Codes: H04L 63/20 for managing network security; network security policies in general filtering policies H04L63/0227
• CPC Class Codes: H04L 9/3236 using cryptographic hash functions
• CPC Class Codes: H04L 9/3247 involving digital signatures
• CPC Class Codes: H04L 9/50 using hash chains, e.g. blockchains or hash trees
• CPC Class Codes: H05K 999/99 dummy group

Abstract

A closed-loop system is operatively connected with a block chain distributed network for using the block chain distributed network for facilitating operation of a transaction record sharing system between member institutions comprising a host system and a source system. Host and source institutions function to share the transaction records from member institutions such that a host institution that is a member of the block chain may obtain the transaction records of all source institutions of the block chain. The transaction records are validated on the block chain such that the transaction records are secure represent a source of truth.

Claims

1. A system operatively connected with a block chain distributed network and for using the block chain distributed network for facilitating an exchange of non-monetary transaction information between different member institutions comprising a host institution, a first source institution, a second source institution, and a user, the system comprising:

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

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

identify host institution transaction data associated with the user;

record the host institution transaction data in a distributed ledger of the block chain distributed network, wherein the distributed ledger further comprises transaction records of first source institution transaction data associated with the user and transaction records of second source institution transaction data associated with the user;

identify a smart contract stored in the block chain distributed network between the host institution, the first source institution, and the 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;

validate the host institution transaction data associated with the user in response to determining that the recorded host institution data meets the logic and rules of the smart contract;

receive a request from a computing device of the user for a consolidated transaction record, wherein the request comprises the host institution transaction data associated with the user, the first source institution transaction data associated with the user, and the second source institution transaction data associated with the user;

prompt the computing device of the user to request authentication credentials of the user;

receive, from the computing device of the user, the authentication credentials of the user;

in response to receiving the authentication credentials of the user, authenticate the user;

in response to authenticating the user, access the block chain distributed network;

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

validate the first source institution transaction data in response to determining that the transaction records of the first source institution transaction data meet the logic and rules of the smart contract;

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

validate the second source institution transaction data in response to determining that the transaction records of the second source institution transaction data meet the logic and rules of the smart contract;

compile the validated host institution transaction data, the validated first source institution transaction data, and the validated second source institution transaction data into a validated consolidated transaction record;

record the validated consolidated transaction record in the distributed ledger of the block chain distributed network; and

transmit the validated consolidated transaction record to the computing device of the user.

2. The system of claim 1, wherein the processing device is configured to execute computer-readable program code further to communicate validation of the host institution transaction data associated with the user to the block chain distributed network.

3. The system of claim 1, wherein the processing device is configured to execute computer-readable program code further to update the distributed ledger with information indicating validation of the host institution transaction data.

4. The system of claim 1, wherein the stored authentication key of the block chain distributed network is unique to the block chain distributed network.

5. The system of claim 1, wherein the logic and rules are stored in the distributed ledger of the block chain distributed network.

6. A computer implemented method for execution on a closed-loop system operatively connected with a block chain distributed network, a method for using the block chain distributed network for facilitating operation of a transaction record sharing system between different member institutions comprising a host institution, a first source institution, and a second source institution, the method comprising:

identifying host institution transaction data associated with a user;

recording the host institution transaction data in a distributed ledger of the block chain distributed network, wherein the distributed ledger further comprises transaction records of first source institution transaction data associated with the user and transaction records of second source institution transaction data associated with the user;

identifying a smart contract stored in the block chain distributed network between the host institution, the first source institution, and the 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;

validating the host institution transaction data associated with the user in response to determining that the recorded host institution data meets the logic and rules of the smart contract;

receiving a request from a computing device of the user for a consolidated transaction record, wherein the request comprises the host institution transaction data associated with the user, the first source institution transaction data associated with the user, and the second source institution transaction data associated with the user;

prompting the computing device of the user to request authentication credentials of the user;

receiving, from the computing device of the user, the authentication credentials of the user;

in response to receiving the authentication credentials of the user, authenticating the user;

in response to authenticating the user, accessing the block chain distributed network;

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

validating the first source institution transaction data in response to determining that the transaction records of the first source institution transaction data meet the logic and rules of the smart contract;

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

validating the second source institution transaction data in response to determining that the transaction records of the second source institution transaction data meet the logic and rules of the smart contract;

compiling the validated host institution transaction data, the validated first source institution transaction data, and the validated second source institution transaction data into a validated consolidated transaction record;

recording the validated consolidated transaction record in the distributed ledger of the block chain distributed network; and

transmitting the validated consolidated transaction record to the computing device of the user.

7. The method of claim 6, further comprising communicating validation of the host institution transaction data associated with the user to the block chain distributed network.

8. The method of claim 6, further comprising updating the distributed ledger with information indicating validation of the host institution transaction data.

10. The method of claim 6, wherein the stored authentication key of the block chain distributed network is unique to the block chain distributed network.

11. The method of claim 6, wherein the logic and rules are stored in the distributed ledger of the block chain distributed network.

9. A computer program product for execution on a system operatively connected with a block chain distributed network, the computer program product for using the block chain distributed network for facilitating operation of a transaction record sharing system between member institutions, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein comprising executable portions configured to:

identify host institution transaction data associated with the user;

record the host institution transaction data in a distributed ledger of the block chain distributed network, wherein the distributed ledger further comprises transaction records of first source institution transaction data associated with the user and transaction records of second source institution transaction data associated with the user;

identify a smart contract stored in the block chain distributed network between the host institution, the first source institution, and the 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;

validate the host institution transaction data associated with the user in response to determining that the recorded host institution data meets the logic and rules of the smart contract;

receive a request from a computing device of the user for a consolidated transaction record, wherein the request comprises the host institution transaction data associated with the user, the first source institution transaction data associated with the user, and the second source institution transaction data associated with the user;

prompt the computing device of the user to request authentication credentials of the user;

receive, from the computing device of the user, the authentication credentials of the user;

in response to receiving the authentication credentials of the user, authenticate the user;

in response to authenticating the user, access the block chain distributed network;

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

validate the first source institution transaction data in response to determining that the transaction records of the first source institution transaction data meet the logic and rules of the smart contract;

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

validate the second source institution transaction data in response to determining that the transaction records of the second source institution transaction data meet the logic and rules of the smart contract;

compile the validated host institution transaction data, the validated first source institution transaction data, and the validated second source institution transaction data into a validated consolidated transaction record;

record the validated consolidated transaction record in the distributed ledger of the block chain distributed network; and

transmit the validated consolidated transaction record to the computing device of the user.

12. The computer program product of claim 9, further comprising an executable portion configured to communicate validation of the host institution transaction data associated with the user to the block chain distributed network.

13. The computer program product of claim 9, further comprising an executable portion configured to update the distributed ledger of the block chain distributed network.

14. The computer program product of claim 9, wherein the stored authentication key of the block chain distributed network is unique to the block chain distributed network.

15. The computer program product of claim 9, wherein the logic and rules are stored in the distributed ledger of the block chain distributed network.