SYSTEM AND METHOD FOR EXECUTING FINANCIAL TRANSACTIONS

• US 20150356555A1
• Filed: 06/04/2014
• Published: 12/10/2015
• Est. Priority Date: 06/04/2014
• Status: Active Grant

• Current Assignee: Antti Pennanen
• Original Assignee: Antti Pennanen
• Inventors: Pennanen, Antti
• Granted Patent: US 9,818,092 B2
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/06 Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
• CPC Class Codes: G06Q 20/326 Payment applications installed on the mobile devices
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/389 Keeping log of transactions for guaranteeing non-repudiation of a transaction
• CPC Class Codes: G06Q 20/4014 Identity check for transactions

Abstract

A system for implementing at least one cryptocurrency transaction at a point-of-sale by using a mobile terminal is provided. The system is operable to provide authentication for implementing the one or more cryptocurrency transactions, wherein the system is operable to send at least one authentication request for the at least one cryptocurrency transaction from a payment terminal to a payment service hosted via one or more virtual computing machines, wherein the payment service is operable to provide a request for a PIN code at the mobile terminal; to send the PIN code from the mobile terminal via a secure channel to open a vault in the one or more virtual machines, wherein the vault contains one or more private keys (PKI) which are useable for authenticating the at least one cryptocurrency transaction; and to confirm execution of the at least one cryptocurrency transaction to at least the payment terminal.

Claims

1. A system for implementing at least one cryptocurrency transaction at a point-of-sale by using a mobile terminal, wherein the system is operable to provide authentication for implementing the one or more cryptocurrency transactions, wherein the system is configured:

(a) to send at least one authentication request for the at least one cryptocurrency transaction from a payment terminal to a payment service hosted via one or more virtual computing machines, wherein the payment service is operable to provide a request for a PIN code at the mobile terminal;

(b) to send the PIN code from the mobile terminal via a secure channel to open a vault in the one or more virtual machines, wherein the vault contains one or more private keys (PKI) which are useable for authenticating the at least one cryptocurrency transaction; and

(c) to confirm execution of the at least one cryptocurrency transaction to at least the payment terminal.

2. A system as claimed in claim 1, wherein the secure channel is implemented via at least one secure USSD channel.

3. A system as claimed in claim 1, wherein the one or more private keys (PKI) are stored in non-volatile memory of the one or more virtual computing machines, and are read therefrom to random access memory (RAM) for use as an authentication script in a cryptocurrency transaction authentication session for implementing the at least one cryptocurrency transaction.

4. A system as claimed in claim 1, wherein the non-volatile memory is implemented as hard disk memory of the one or more virtual computing machines.

5. A system as claimed in claim 3 wherein the one or more private keys (PKI) are stored in an encrypted state in the non-volatile memory, and are decrypted using the PIN code to generate the authentication script for use in authenticating the one or more cryptocurrency transactions.

6. A system as claimed in claim 3, wherein the one or more private keys decrypted and read to the random access memory (RAM) are deleted therefrom after the at least one cryptocurrency transaction has been authenticated.

7. A system as claimed in claim 1, wherein the system is operable to implement the at least one cryptocurrency transaction using a bitcoin cryptocurrency.

8. A system as claimed in claim 1, wherein the payment terminal and the mobile telephone are provided with a near-field communication arrangement for mutually communicating via the near-field communication arrangement, when initiating the at least one cryptocurrency transaction.

9. A system as claimed in claim 8, wherein the near-field communication arrangement is implemented using RFID apparatus associated with the payment terminal and the mobile terminal.

11. A method as claimed in claim 1, wherein the method includes implementing the secure channel via at least one secure USSD channel.

10. A method of using a system for implementing at least one cryptocurrency transaction at a point-of-sale by using a mobile terminal, wherein the system is operable to provide authentication for implementing the one or more cryptocurrency transactions, wherein the method includes:

(a) sending at least one authentication request for the at least one cryptocurrency transaction from a payment terminal to a payment service hosted via one or more virtual computing machines, wherein the payment service is operable to provide a request for a PIN code at the mobile terminal;

(b) sending the PIN code from the mobile terminal via a secure channel to open a vault in the one or more virtual machines, wherein the vault contains one or more private keys (PKI) which are useable for authenticating the at least one cryptocurrency transaction; and

(c) confirming execution of the at least one cryptocurrency transaction to at least the payment terminal.

12. A method as claimed in claim 10, wherein the method includes storing the one or more private keys (PKI) in non-volatile memory of the one or more virtual computing machines, and reading the one or more private keys (PKI) therefrom to random access memory (RAM) for use as an authentication script in a cryptocurrency transaction authentication session for implementing the at least one cryptocurrency transaction.

13. A method as claimed in claim 10, wherein the method includes implementing the non-volatile memory as hard disk memory of the one or more virtual computing machines.

14. A method as claimed in claim 12, wherein the method includes storing the one or more private keys (PKI) in an encrypted state in the non-volatile memory, and decrypting the one or more private keys (PKI) using the PIN code to generate the authentication script for use in authenticating the one or more cryptocurrency transactions.

15. A method as claimed in claim 12, wherein the method includes deleting the read one or more decrypted private keys from the random access memory (RAM) after the at least one cryptocurrency transaction has been authenticated.

16. A method as claimed in claim 10, wherein the method includes operating the system to implement the at least one cryptocurrency transaction using a bitcoin cryptocurrency.

17. A method as claimed in claim 10, wherein the method includes providing the payment terminal and the mobile telephone with a near-field communication arrangement for mutually communicating via the near-field communication arrangement, when initiating the at least one cryptocurrency transaction.

18. A method as claimed in claim 17, wherein the method includes implementing the near-field communication arrangement using RFID apparatus associated with the payment terminal and the mobile terminal.

19. A computer program products comprising a non-transitory computer-readable storage medium having computer-readable instructions stored thereon, the computer-readable instructions being executable by a computerized device comprising processing hardware to execute a method as claimed in claim 10.