SYSTEMS AND METHODS FOR BLOCKCHAIN BASED PAYMENT NETWORKS

• US 20180075453A1
• Filed: 09/15/2016
• Published: 03/15/2018
• Est. Priority Date: 09/15/2016
• Status: Active Grant

• Current Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Durvasula, Sastry, Ferenczi, Andras, Mardikar, Upendra, Narsipur, Keshav, Subrahmanyam, Vishnuvajhala
• Granted Patent: US 10,832,247 B2
• Time in Patent Office: Days
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/3678 e-cash details, e.g. blinded, divisible or detecting double spending
• 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 20/4016 involving fraud or risk level assessment in transaction processing

Abstract

A system for operating a payment network with a blockchain-based ledger may prepare a request to complete a transaction from an account associated with a payer digital wallet for entry on the blockchain. The request may include an amount and payee address associated with a payee digital wallet. The system may also send the request to the blockchain using a blockchain interface. The system may approve or decline the request. The system may further adjust a balance of the payer a balance of the payee to reflect approval of the request. The adjustment may include writing the transaction to the blockchain.

Claims

1. A method comprising:

preparing, by a payment network, a request to complete a transaction from an account associated with a payer digital wallet for entry on a blockchain, wherein the request includes an amount and payee address associated with a payee digital wallet;

sending, by the payment network, the request to the blockchain using a blockchain interface;

approving, by the payment network, the request; and

adjusting, by the payment network, a balance of the payer digital wallet and a balance of the payee digital wallet to reflect approval of the request by writing the transaction to the blockchain.

2. The method of claim 1, further comprising assessing, by the payment network, a risk associated with the transaction.

3. The method of claim 2, further comprising approving, by the payment network, the transaction in response to the risk associated with the transaction being acceptable.

4. The method of claim 1, further comprising transmitting, by the payment network, a notification to the payee digital wallet that the transaction is successful.

5. The method of claim 4, wherein the notification comprises a push notification.

6. The method of claim 1, further comprising registering, by the payment network, the payee digital wallet having the payee address and a private key associated with the payee digital wallet in response to validating a bank account associated with the payee digital wallet against the blockchain.

7. The method of claim 6, wherein the payee address and the private key are generated by a user device and stored locally on the user device.

8. A computer-based system, comprising:

a processor;

a tangible, non-transitory memory configured to communicate with the processor, the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the processor, cause the processor to perform operations comprising;

preparing, by the processor, a request to complete a transaction from an account associated with a payer digital wallet for entry on a blockchain, wherein the request includes an amount and payee address associated with a payee digital wallet;

sending, by the processor, the request to the blockchain using a blockchain interface;

approving, by the processor, the request, and

adjusting, by the processor, a balance of the payer digital wallet and a balance of the payee digital wallet to reflect approval of the request by writing the transaction to the blockchain.

9. The computer-based system of claim 8, further comprising assessing, by the processor, a risk associated with the transaction.

10. The computer-based system of claim 9, further comprising approving, by the processor, the transaction in response to the risk associated with the transaction being acceptable.

11. The computer-based system of claim 8, further comprising transmitting, by the processor, a notification to the payee digital wallet that the transaction is successful.

12. The computer-based system of claim 11, wherein the notification comprises a push notification.

13. The computer-based system of claim 8, further comprising registering, by the processor, the payee digital wallet having the payee address and a private key associated with the payee digital wallet in response to validating a bank account associated with the payee digital wallet against the blockchain.

14. The computer-based system of claim 13, wherein the payee address and the private key are generated by a user device and stored locally on the user device.

15. An article of manufacture including a non-transitory, tangible computer readable storage medium having instructions stored thereon that, in response to execution by a payment network, cause the payment network to perform operations comprising:

preparing, by the payment network, a request to complete a transaction from an account associated with a payer digital wallet for entry on a blockchain, wherein the request includes an amount and payee address associated with a payee digital wallet;

sending, by the payment network, the request to the blockchain using a blockchain interface;

approving, by the payment network, the request; and

adjusting, by the payment network, a balance of the payer digital wallet and a balance of the payee digital wallet to reflect approval of the request by writing the transaction to the blockchain.

16. The article of claim 15, further comprising assessing, by the payment network, a risk associated with the transaction.

17. The article of claim 16, further comprising approving, by the payment network, the transaction in response to the risk associated with the transaction being acceptable.

18. The article of claim 15, further comprising transmitting, by the payment network, a notification to the payee digital wallet that the transaction is successful.

19. The article of claim 18, wherein the notification comprises a push notification.

20. The article of claim 15, further comprising registering, by the payment network, the payee digital wallet including the payee address and a private key associated with the payee digital wallet in response to validating a bank account associated with the payee digital wallet against the blockchain, wherein the payee address and the private key are generated by a user device and stored locally on the user device.