METHOD AND SYSTEM FOR PROCESSING BLOCKCHAIN-BASED TRANSACTIONS ON EXISTING PAYMENT NETWORKS

• US 20160342989A1
• Filed: 05/21/2015
• Published: 11/24/2016
• Est. Priority Date: 05/21/2015
• Status: Active Application

• Current Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Original Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Inventors: DAVIS, Steven Charles
• Application Number:
  US14/718,930
• Publication Number:
  US 20160342989A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/065 using e-cash
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/3825 Use of electronic signatures
• CPC Class Codes: G06Q 20/3827 Use of message hashing
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: H04L 2209/56 Financial cryptography, e.g. electronic payment or e-cash
• CPC Class Codes: H04L 9/50 using hash chains, e.g. blockchains or hash trees

Abstract

A method for authorizing a blockchain-based transaction includes: receiving a transaction request, the request including a network identifier associated with a blockchain network, a transaction amount, and one of: a public key and an address identifier; generating an address identifier using at least the public key included in the received transaction request and one or more hashing algorithms if the received transaction request does not include an address identifier; generating a transaction message, the message including a first data element configured to store a transaction amount and a second data element reserved for private use, and the first data element includes a zero value and the second data element includes at least (i) the network identifier or an encoded value based on the network identifier, (ii) the address identifier, and (iii) the transaction amount; and transmitting the transaction message to a financial institution using a payment network.

Claims

1. A method for authorizing a blockchain-based transaction, comprising:

receiving, by a receiving device, a transaction request, wherein the transaction request includes at least a network identifier associated with a blockchain network, a transaction amount, and one of;

a public key and an address identifier;

generating, by a processing device, an address identifier using at least the public key included in the received transaction request and one or more hashing and/or encoding algorithms if the received transaction request does not include an address identifier;

generating, by the processing device, a transaction message, wherein

the transaction message is formatted based on one or more standards and includes a plurality of data elements, including at least a first data element configured to store a transaction amount and a second data element reserved for private use, and

the first data element includes a zero value and the second data element includes at least (i) the network identifier or an encoded value based on the network identifier, (ii) the address identifier, and (iii) the transaction amount; and

transmitting, by a transmitting device, the transaction message to a financial institution using a payment network.

2. The method of claim 1, further comprising:

receiving, by the receiving device, a return transaction message from the financial institution using the payment network, wherein the return transaction message includes a third data element configured to store a response code.

3. The method of claim 2, further comprising:

transmitting, by the transmitting device, the return transaction message in response to the received transaction request.

4. The method of claim 2, wherein if the response code is indicative of approval of a transaction associated with the generated transaction message, the second data element further includes a reference identifier.

5. The method of claim 4, wherein the reference identifier is at least one of:

a value associated with a transaction conducted using the associated blockchain network and a digital signature generated based on at least a portion of the data included in the second data element included in the generated transaction message.

6. The method of claim 1, wherein the one or more standards includes at least the ISO 8583 standard.

7. The method of claim 1, wherein the transaction message includes a message type indicator indicative of an authorization message.

8. The method of claim 1, wherein the encoded value based on the network identifier is a hexadecimal value generated using at least the network identifier and one or more algorithms.

9. The method of claim 1, wherein the one or more hashing and/or encoding algorithms includes the use of Base58Check encoding.

10. The method of claim 1, wherein the transaction message includes a third data element configured to store a processing code indicative of a non-currency transaction.

11. A system for authorizing a blockchain-based transaction, comprising:

a receiving device configured to receive a transaction request, wherein the transaction request includes at least a network identifier associated with a blockchain network, a transaction amount, and one of;

a public key and an address identifier;

a processing device configured to

generate an address identifier using at least the public key included in the received transaction request and one or more hashing and/or encoding algorithms if the received transaction request does not include an address identifier, and

generate a transaction message, wherein

the transaction message is formatted based on one or more standards and includes a plurality of data elements, including at least a first data element configured to store a transaction amount and a second data element reserved for private use, and

the first data element includes a zero value and the second data element includes at least (i) the network identifier or an encoded value based on the network identifier, (ii) the address identifier, and (iii) the transaction amount; and

a transmitting device configured to transmit the transaction message to a financial institution using a payment network.

12. The system of claim 11, wherein the receiving device is further configured to receive a return transaction message from the financial institution using the payment network, wherein the return transaction message includes a third data element configured to store a response code.

13. The system of claim 12, wherein the transmitting device is further configured to transmit the return transaction message in response to the received transaction request.

14. The system of claim 12, wherein if the response code is indicative of approval of a transaction associated with the generated transaction message, the second data element further includes a reference identifier.

15. The system of claim 14, wherein the reference identifier is at least one of:

a value associated with a transaction conducted using the associated blockchain network and a digital signature generated based on at least a portion of the data included in the second data element included in the generated transaction message.

16. The system of claim 11, wherein the one or more standards includes at least the ISO 8583 standard.

17. The system of claim 11, wherein the transaction message includes a message type indicator indicative of an authorization message.

18. The system of claim 11, wherein the encoded value based on the network identifier is a hexadecimal value generated using at least the network identifier and one or more algorithms.

19. The system of claim 11, wherein the one or more hashing and/or encoding algorithms includes the use of Base58Check encoding.

20. The system of claim 11, wherein the transaction message includes a third data element configured to store a processing code indicative of a non-currency transaction.