Real-time processing distributed ledger system

• US 10,643,202 B2
• Filed: 07/25/2017
• Issued: 05/05/2020
• Est. Priority Date: 07/25/2017
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Castinado, Joseph Benjamin, Kendall, Charles Russell, McClellan, Martha Sain, Proud, Lee Ann, Sachedina, Ayeesha, Tackett, Jr., Calvin William
• Primary Examiner(s): Kucab, Jamie R
• Application Number:
  US15/659,215
• Publication Number:
  US 20190034922A1
• Time in Patent Office: 1,015 Days
• Field of Search: None
• CPC Class Codes: G06F 16/1815 Journaling file systems
• CPC Class Codes: G06F 16/182 Distributed file systems
• CPC Class Codes: G06Q 20/065 using e-cash
• CPC Class Codes: G06Q 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/3829 involving key management
• CPC Class Codes: G06Q 20/389 Keeping log of transactions for guaranteeing non-repudiation of a transaction
• CPC Class Codes: G06Q 20/401 Transaction verification
• CPC Class Codes: G06Q 2220/00 Business processing using cryptography postage metering system using cryptography G06Q2250/05
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system, computer program product, and method for executing real-time processing of resource transfers using distributed ledger technology is provided. In particular, the system utilizes a private or semi-private blockchain to create a distributed ledger which comprises a record of all resource transfers between a number of entities. The real-time processing system addresses a number of computer technology-centric challenges associated with executing resource transfers. In particular, executing resource transfers on a real-time basis allows the nodes of the blockchain to more evenly distribute computing workload over time when compared to more traditional resource transfer systems that use batch processing to execute transfers.

Claims

1. A system for processing a real-time resource transfer using distributed ledger technology, the system comprising:

a first entity node comprising;

a processor;

a communication interface; and

a memory having a blockchain application stored therein, wherein the blockchain application comprises a blockchain comprising a plurality of data records, wherein the blockchain application, when executed by the processor, causes the processor to;

receive a resource transfer request from a user device associated with a user, wherein the resource transfer request is a request to transfer resources from an account associated with the user to an account associated with a recipient;

generate a pending data record on the blockchain;

validate the pending data record for a first entity, wherein validating the pending data record for the first entity comprises verifying that a unique identifier associated with the user is associated with the account associated with the user;

detect that the pending data record has been validated by a second entity, wherein detecting that the pending data record has been validated by the second entity comprises detecting that a unique identifier associated with the recipient is associated with the account associated with the recipient;

convert the pending data record to a permanent data record;

append the permanent data record to the blockchain; and

based on detecting that the permanent data record is appended to the blockchain, transfer, in real-time, the resources from the account associated with the user to the account associated with the recipient.

2. The system according to claim 1, wherein the blockchain application further comprises smart code portions configured to:

read the data within the permanent data record;

detect that data within the permanent data record references an amount of resources over a threshold; and

selectively authorize a third party computing system to access the permanent data record.

3. The system according to claim 1, wherein validating the pending data record for the first entity further comprises verifying that a threshold number of first entity nodes have validated the pending data record.

4. The system according to claim 1, wherein detecting that the pending data record has been validated by the second entity further comprises verifying that a threshold number of second entity nodes have validated the pending data record.

5. A computer program product for processing a real-time resource transfer using distributed ledger technology, 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 for receiving a resource transfer request from a user device associated with a user, wherein the resource transfer request is a request to transfer resources from an account associated with the user to an account associated with a recipient;

an executable portion for generating a pending data record on a blockchain;

an executable portion for validating the pending data record for a first entity, wherein validating the pending data record for the first entity comprises verifying that a unique identifier associated with the user is associated with the account associated with the user;

an executable portion for detecting that the pending data record has been validated by a second entity, wherein detecting that the pending data record has been validated by the second entity comprises detecting that a unique identifier associated with the recipient is associated with the account associated with the recipient;

an executable portion for converting the pending data record to a permanent data record;

an executable portion for appending the permanent data record to the blockchain; and

an executable portion for, based on detecting that the permanent data record is appended to the blockchain, transferring, in real-time, the resources from the account associated with the user to the account associated with the recipient.

6. The computer program product according to claim 5, the computer-readable program code portions further comprising:

an executable portion for reading the data within the permanent data record;

an executable portion for detecting that data within the permanent data record references an amount of resources over a threshold; and

an executable portion for selectively authorizing a third party computing system to access the permanent data record.

7. The computer program product according to claim 5, wherein validating the pending data record for the first entity further comprises verifying that a threshold number of first entity nodes have validated the pending data record.

8. The computer program product according to claim 5, wherein detecting that the pending data record has been validated by the second entity further comprises verifying that a threshold number of second entity nodes have validated the pending data record.

9. A computer-implemented method for processing a real-time resource transfer using distributed ledger technology, said method comprising:

receiving a resource transfer request from a user device associated with a user, wherein the resource transfer request is a request to transfer resources from an account associated with the user to an account associated with a recipient;

generating a pending data record on a blockchain;

validating the pending data record for a first entity, wherein validating the pending data record for the first entity comprises verifying that a unique identifier associated with the user is associated with the account associated with the user;

detecting that the pending data record has been validated by a second entity, wherein detecting that the pending data record has been validated by the second entity comprises detecting that a unique identifier associated with the recipient is associated with the account associated with the recipient;

converting the pending data record to a permanent data record;

appending the permanent data record to the blockchain; and

based on detecting that the permanent data record is appended to the blockchain, transferring, in real-time, the resources from the account associated with the user to the account associated with the recipient.

10. The computer-implemented method according to claim 9, the method further comprising:

reading the data within the permanent data record;

detecting that data within the permanent data record references an amount of resources over a threshold; and

selectively authorizing a third party computing system to access the permanent data record.

11. The computer-implemented method according to claim 9, wherein validating the pending data record for the first entity further comprises verifying that a threshold number of first entity nodes have validated the pending data record.

12. The computer-implemented method according to claim 9, wherein detecting that the pending data record has been validated by the second entity further comprises verifying that a threshold number of second entity nodes have validated the pending data record.