DISTRIBUTED LEDGER SYSTEM FOR PROVIDING AGGREGATE TRACKING AND THRESHOLD TRIGGERING
First Claim
1. A system operatively connected with a block chain distributed network for facilitating real-time clearance aggregate tracking and threshold triggering, the system maintained by an entity, the system comprising:
- a memory device;
a network communication interface; and
a processing device operatively coupled to the memory device and the network communication interface, wherein the processing device is configured to execute computer-readable program code to;
receive, over a network via the network communication interface, an interaction record associated with a first entity and a second entity, wherein the interaction record comprises a previous interaction and a previous net position;
extract, from a node of the block chain distributed network, the previous net position associated with the first entity and the second entity recorded on a block of the block chain distributed network;
calculate an updated net position based on the interaction record associated with the first entity and the second entity;
communicate the updated net position to one or more other nodes of the block chain distributed network, wherein each of the one or more other nodes is configured to store at least a portion of a distributed ledger;
monitor, continuously, using a block chain smart contract application, the updated net position, wherein the block chain smart contract application generates a threshold amount for triggering a settlement of the updated net position;
based on determining that the updated net position has exceeded the threshold amount, trigger the settlement of the updated net position;
initiate a settlement transfer from the first entity to the second entity, wherein the settlement transfer at least reduces the updated net position below the threshold amount;
receive validation of the settlement transfer from a predetermined number of the one or more other nodes on the block chain distributed network; and
communicate a record of the settlement to the one or more other nodes on the block chain distributed network.
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Accused Products
Abstract
Embodiments provide a system operatively connected with a block chain distributed network and for using the network for providing aggregate tracking and threshold triggering. Embodiments receive, at a node of a blockchain distributed network, an interaction record associated with an interaction between a payor entity and a payee entity. The system accesses and updates a distributed ledger based on communications from the block chain and determines, from the distributed ledger, a net position between the entity and a third party. If the entity is the payor entity and the third party is the payee entity, the system debits the net position in the amount of the interaction; however, if the entity is the payee entity and the third party is the payor entity, the system credits the net position in the amount of the interaction. The system then updates and records an updated net position on the distributed ledger.
125 Citations
20 Claims
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1. A system operatively connected with a block chain distributed network for facilitating real-time clearance aggregate tracking and threshold triggering, the system maintained by an entity, the system comprising:
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a memory device; a network communication interface; and a processing device operatively coupled to the memory device and the network communication interface, wherein the processing device is configured to execute computer-readable program code to; receive, over a network via the network communication interface, an interaction record associated with a first entity and a second entity, wherein the interaction record comprises a previous interaction and a previous net position; extract, from a node of the block chain distributed network, the previous net position associated with the first entity and the second entity recorded on a block of the block chain distributed network; calculate an updated net position based on the interaction record associated with the first entity and the second entity; communicate the updated net position to one or more other nodes of the block chain distributed network, wherein each of the one or more other nodes is configured to store at least a portion of a distributed ledger; monitor, continuously, using a block chain smart contract application, the updated net position, wherein the block chain smart contract application generates a threshold amount for triggering a settlement of the updated net position; based on determining that the updated net position has exceeded the threshold amount, trigger the settlement of the updated net position; initiate a settlement transfer from the first entity to the second entity, wherein the settlement transfer at least reduces the updated net position below the threshold amount; receive validation of the settlement transfer from a predetermined number of the one or more other nodes on the block chain distributed network; and communicate a record of the settlement to the one or more other nodes on the block chain distributed network. - View Dependent Claims (2)
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3. A system operatively connected with a block chain distributed network and for using the block chain distributed network for facilitating real-time clearance aggregate tracking and threshold triggering, the system maintained by an entity, the system comprising:
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a memory device; and a processing device operatively coupled to the memory device, wherein the processing device is configured to execute computer-readable program code to; receive, at a node of a blockchain distributed network, an interaction record associated with an interaction between a payor and a payee, wherein the payor is associated with a payor entity and the payee is associated with a payee entity; access a distributed ledger, wherein the distributed ledger is updated based on communications from the block chain distributed network; determine, from the distributed ledger, a net position between the entity and a third party; determine whether the interaction record is associated with the entity as the payor entity or the payee entity and; if the entity is the payor entity and the third party is the payee entity, debit the net position in an amount of the interaction; and if the entity is the payee entity and the third party is the payor entity, credit the net position in the amount of the interaction, thereby resulting in an updated net position between the entity and the third party; and record the updated net position on the distributed ledger. - View Dependent Claims (4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A computer program product for using a block chain distributed network for facilitating real-time clearance aggregate tracking and threshold triggering, 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:
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an executable portion configured for receiving, at a node of a blockchain distributed network, an interaction record associated with an interaction between a payor and a payee, wherein the payor is associated with a payor entity and the payee is associated with a payee entity; an executable portion configured for accessing a distributed ledger, wherein the distributed ledger is updated based on communications from the block chain distributed network; an executable portion configured for determining, from the distributed ledger, a net position between an entity and a third party; an executable portion configured for determining whether the interaction record is associated with the entity as the payor entity or the payee entity and; an executable portion configured for debiting the net position in an amount of the interaction if the entity is the payor entity and the third party is the payee entity; and an executable portion configured for crediting the net position in the amount of the interaction if the entity is the payee entity and the third party is the payor entity, thereby resulting in an updated net position between the entity and the third party; and an executable portion configured for recording the updated net position on the distributed ledger. - View Dependent Claims (15, 16, 17, 18, 19, 20)
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Specification