CRYPTOCONOMY SOLUTION FOR ADMINISTRATION AND GOVERNANCE IN A DISTRIBUTED SYSTEM

• US 20170300876A1
• Filed: 04/12/2017
• Published: 10/19/2017
• Est. Priority Date: 04/14/2016
• Status: Active Grant

• Current Assignee: PwC Product Sales LLC
• Original Assignee: PricewaterhouseCoopers LLP (Pricewaterhousecoopers International Limited)
• Inventors: MUSIALA, JR., Robert A., PROKOP, George
• Granted Patent: US 11,010,729 B2
• Time in Patent Office: Days
• CPC Class Codes: G06Q 20/0655 e-cash managed centrally
• CPC Class Codes: G06Q 20/36 using electronic wallets or electronic money safes
• CPC Class Codes: G06Q 20/381 Currency conversion
• 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
• CPC Class Codes: H04L 9/50 using hash chains, e.g. blockchains or hash trees

Abstract

A computer-implemented process, system, and computer readable medium are provided for administration and governance of fiat and cryptocurrency funds in a distributed computer system. In one example, a process includes, at an electronic device with one or more processors and memory, accessing a list of a plurality of participant nodes, which may include a fund administrator receiving a list of participants or nodes. The method further includes transferring crypto-currency (e.g., that is pegged to U.S. dollars, local currency, or the like) to one or more of the participant nodes. Each of the participant nodes may include an interface portal (e.g., a web-portal) for viewing transferred crypto-currency and for transacting (e.g., bidding, soliciting, etc.) with other participant nodes of the list of participant nodes with the crypto-currency.

Claims

1. A computer-implemented method for administration and governance of fiat and cryptocurrency funds in a distributed computer system, the method comprising:

at an electronic device with one or more processors and memory;

accessing a list of a plurality of participant nodes;

transferring crypto-currency to one or more of the participant nodes, wherein each of the participant nodes includes an interface portal for viewing transferred crypto-currency and for transacting with other participant nodes of the list of participant nodes with the crypto-currency;

monitoring transactions of crypto-currency amongst the list of participant nodes;

maintaining a blockchain ledger of the transactions of crypto-currency; and

approving fiat fund conversion requests from the plurality of participant nodes based at least on the maintained blockchain ledger.

2. The method of claim 1, further comprising serving the interface portal to the participant node.

3. The method of claim 1, wherein the participant node may transfer crypto-currency via the interface portal.

4. The method of claim 1, wherein the participant nodes may solicit and bid on transactions using the crypto-currency.

5. The method of claim 1, wherein the participant node exchanges crypto-currency for fiat funds via the interface portal.

6. The method of claim 1, wherein the fiat conversions are based on realized profit of the participant node.

7. The method of claim 1, wherein each participant node maintains a blockchain ledger.

8. The method of claim 1, wherein each unit of cryptocurrency is linked directly to fiat funds held in escrow.

9. The method of claim 1, further comprising rules associated with one or more participant nodes that govern allowable transactions with other participant nodes.

11. The electronic device of claim 1, further comprising instructions for serving the interface portal to the participant node.

12. The electronic device of claim 1, wherein the participant node may transfer crypto-currency via the interface portal.

13. The electronic device of claim 1, wherein the participant nodes may solicit and bid on transactions using the crypto-currency.

14. The electronic device of claim 1, wherein the participant node exchanges crypto-currency for fiat funds via the interface portal.

15. The electronic device of claim 1, wherein the fiat conversions are based on realized profit of the participant node.

16. The electronic device of claim 1, wherein each participant node maintains a blockchain ledger.

17. The electronic device of claim 1, wherein each unit of cryptocurrency is linked directly to fiat funds held in escrow.

18. The electronic device of claim 1, further comprising rules associated with one or more participant nodes that govern allowable transactions with other participant nodes.

20. The non-transitory computer-readable storage medium of claim 1, further comprising instructions for serving the interface portal to the participant node.

21. The non-transitory computer-readable storage medium of claim 1, wherein the participant node may transfer crypto-currency via the interface portal.

22. The non-transitory computer-readable storage medium of claim 1, wherein the participant nodes may solicit and bid on transactions using the crypto-currency.

23. The non-transitory computer-readable storage medium of claim 1, wherein the participant node exchanges crypto-currency for fiat funds via the interface portal.

24. The non-transitory computer-readable storage medium of claim 1, wherein the fiat conversions are based on realized profit of the participant node.

25. The non-transitory computer-readable storage medium of claim 1, wherein each participant node maintains a blockchain ledger.

26. The non-transitory computer-readable storage medium of claim 1, wherein each unit of cryptocurrency is linked directly to fiat funds held in escrow.

27. The non-transitory computer-readable storage medium of claim 1, further comprising rules associated with one or more participant nodes that govern allowable transactions with other participant nodes.

10. An electronic device, comprising:

one or more processors;

memory; and

one or more programs stored in memory, the one or more programs including instructions for;

accessing a list of a plurality of participant nodes;

transferring crypto-currency to one or more of the participant nodes, wherein each of the participant nodes includes an interface portal for viewing transferred crypto-currency and for transacting with other participant nodes of the list of participant nodes with the crypto-currency;

monitoring transactions of crypto-currency amongst the list of participant nodes;

maintaining a blockchain ledger of the transactions of crypto-currency; and

approving fiat fund conversion requests from the plurality of participant nodes based at least on the maintained blockchain ledger.

19. A non-transitory computer-readable storage medium comprising one or more programs for execution by one or more processors of a first electronic device, the one or more programs including instructions which, when executed by the one or more processors, cause the first electronic device to perform the method of:

accessing a list of a plurality of participant nodes;

transferring crypto-currency to one or more of the participant nodes, wherein each of the participant nodes includes an interface portal for viewing transferred crypto-currency and for transacting with other participant nodes of the list of participant nodes with the crypto-currency;

monitoring transactions of crypto-currency amongst the list of participant nodes;

maintaining a blockchain ledger of the transactions of crypto-currency; and

approving fiat fund conversion requests from the plurality of participant nodes based at least on the maintained blockchain ledger.