20240013173. SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED PAYMENT TRANSACTIONS, ALERTS, AND DISPUTE SETTLEMENT, USING A BLOCKCHAIN INTERFACE SERVER simplified abstract (Worldpay, LLC)

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SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED PAYMENT TRANSACTIONS, ALERTS, AND DISPUTE SETTLEMENT, USING A BLOCKCHAIN INTERFACE SERVER

Organization Name

Worldpay, LLC

Inventor(s)

Ramesh Vijayaraghavan of Mason OH (US)

SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED PAYMENT TRANSACTIONS, ALERTS, AND DISPUTE SETTLEMENT, USING A BLOCKCHAIN INTERFACE SERVER - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240013173 titled 'SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED PAYMENT TRANSACTIONS, ALERTS, AND DISPUTE SETTLEMENT, USING A BLOCKCHAIN INTERFACE SERVER

Simplified Explanation

The patent application describes a system and method for conducting blockchain-based payment transactions, alerts, and dispute settlement. The system includes a blockchain interface server that facilitates the processing of transaction events stored in a shared ledger.

  • The method involves receiving a transaction identifier for a series of transaction events stored in the ledger.
  • The system then identifies a new transaction event in the series and presents it to the participants of the transaction.
  • It determines if the new transaction event indicates a dispute of one or more attributes of the transaction by a participant.
  • If a dispute is indicated, the system receives a proposed change to the disputed attribute from the participant.
  • The indication of the dispute and the proposed change are presented to other participants, who are prompted to respond.
  • A dispute settlement process is executed to determine revised attributes of the transaction.
  • The system presents the revised attributes to the participants.

Potential applications of this technology:

  • Payment transactions: The system can be used for secure and transparent payment transactions using blockchain technology.
  • Alerts: The system can provide real-time alerts to participants regarding transaction events, ensuring transparency and accountability.
  • Dispute settlement: The system enables efficient and fair dispute settlement processes by involving all participants and providing a transparent record of events.

Problems solved by this technology:

  • Lack of transparency: The system addresses the issue of transparency in payment transactions by providing a shared ledger accessible to all participants.
  • Dispute resolution: The system streamlines the dispute settlement process by involving all participants and providing a clear record of events, reducing the time and effort required for resolution.

Benefits of this technology:

  • Security: The use of blockchain technology ensures the security and integrity of payment transactions and dispute settlement processes.
  • Efficiency: The system automates various aspects of payment transactions and dispute settlement, reducing manual effort and increasing efficiency.
  • Transparency: The shared ledger provides transparency to all participants, enhancing trust and accountability in the system.


Original Abstract Submitted

systems and methods are disclosed for blockchain-based payment transactions, alerts, and dispute settlement, using a blockchain interface server. one method includes: receiving a transaction identifier for a series of transaction events stored in a shared ledger; and performing iterations of: identifying a new transaction event in the series of transaction events; presenting the new transaction event to participants of the transaction; determining whether the identified new transaction event indicates a dispute of one or more attributes of the transaction by a transaction participant; if the identified new transaction event indicates a dispute, receiving a proposed change to the disputed attribute of the transaction by the participant of the transaction; presenting the indication of the dispute and the proposed change to other participants; prompting the other participants to respond to the indication; executing a dispute settlement process to determine revised attributes of the transaction; and presenting the revised attributes.

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