System for implementing a distributed ledger across multiple network nodes
First Claim
1. A system for validation and approval of a payment transaction, the system comprising:
- a block chain distributed network comprising a plurality of decentralized nodes, each decentralized node having a first memory and at least one first processing device operatively coupled to the first memory, wherein the first memory of decentralized nodes is configured to store a distributed ledger comprising a plurality of blocks that store data, wherein the block chain distributed network is configured to certify that the data stored in the blocks is authentic;
a second memory; and
a second processing device operatively coupled to the second memory, wherein the second processing device is configured to execute computer-readable program code to;
receive a transaction record associated with a payment transaction, wherein the transaction record comprises transaction data indicating a payor, a payee and an amount;
determine, by one of the plurality of decentralized nodes acting as an originating node associated with the transaction record, that the transaction record represents a valid transaction based on the amount being equal to or less than a current account balance associated with a payment instrument used to conduct the payment transaction;
store the transaction record on the distributed ledger, wherein storing further comprises inputting additional information indicating that the transaction record represents a valid transaction;
determine, by one or more validator nodes and based on the additional information in the distributed ledger, that the transaction record has been validated by the originating node, wherein the one or more validator nodes are different nodes than the originating node; and
approve, by the one or more validator nodes, the transaction record based on at least determining that the transaction record has been validated by the originating node.
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Accused Products
Abstract
Embodiments enable a system operatively connected with a block chain distributed network to use the block chain distributed network for validation (i.e., authorization) of a payment transaction. The system receives a transaction record associated with a payment transaction, wherein the transaction record comprises transaction data indicating a payor, a payee and an amount; accesses a distributed ledger stored in the memory device, wherein the distributed ledger is updated based on communications from a block chain distributed network; and, using payment transaction logic, determines whether the transaction record represents a valid transaction by, e.g., communicate the transaction record to a validating node for validation of the transaction record. Once validated, the system (or validating node) communicates validation of the transaction record to the block chain distributed network, e.g., by updating the distributed ledger with information indicating validation of the transaction record and providing access to the distributed ledger to the network.
130 Citations
17 Claims
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1. A system for validation and approval of a payment transaction, the system comprising:
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a block chain distributed network comprising a plurality of decentralized nodes, each decentralized node having a first memory and at least one first processing device operatively coupled to the first memory, wherein the first memory of decentralized nodes is configured to store a distributed ledger comprising a plurality of blocks that store data, wherein the block chain distributed network is configured to certify that the data stored in the blocks is authentic; a second memory; and a second processing device operatively coupled to the second memory, wherein the second processing device is configured to execute computer-readable program code to; receive a transaction record associated with a payment transaction, wherein the transaction record comprises transaction data indicating a payor, a payee and an amount; determine, by one of the plurality of decentralized nodes acting as an originating node associated with the transaction record, that the transaction record represents a valid transaction based on the amount being equal to or less than a current account balance associated with a payment instrument used to conduct the payment transaction; store the transaction record on the distributed ledger, wherein storing further comprises inputting additional information indicating that the transaction record represents a valid transaction; determine, by one or more validator nodes and based on the additional information in the distributed ledger, that the transaction record has been validated by the originating node, wherein the one or more validator nodes are different nodes than the originating node; and approve, by the one or more validator nodes, the transaction record based on at least determining that the transaction record has been validated by the originating node. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A method for validation and approval of a payment transaction, the method comprising:
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providing for a block chain distributed network comprising a plurality of decentralized nodes, each decentralized node having a first memory and at least one first processing device operatively coupled to the first memory, wherein the first memory of decentralized nodes is configured to store a distributed ledger comprising a plurality of blocks that store data, wherein the block chain distributed network is configured to certify that the data stored in the blocks is authentic receiving, by a computing processing device, a transaction record associated with a payment transaction, wherein the transaction record comprises transaction data indicating a payor, a payee and an amount; determining, by a computing processing device of one of the plurality of decentralized nodes acting as an originating node associated with the transaction record, that the transaction record represents a valid transaction based on the amount being equal to or less than a current account balance associated with a payment instrument used to conduct the payment transaction; storing, by a computing processing device, the transaction record on the distributed ledger, wherein storing further comprises inputting additional information indicating that the transaction record represents a valid transaction; determine, by a computing processing device of one or more validator nodes and based on the additional information in the distributed ledger, that the transaction record has been validated by the originating node, wherein the one or more validator nodes are different nodes than the originating node; and approve, by a computing processing device of the one or more validator nodes, the transaction record based on at least determining that the transaction record has been validated by the originating node. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17)
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Specification