20240029036. DECENTRALIZED PEER-TO-PEER TRANSACTION SERVICE simplified abstract (NCR Corporation)

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DECENTRALIZED PEER-TO-PEER TRANSACTION SERVICE

Organization Name

NCR Corporation

Inventor(s)

Ian James Frederick Bennett of Stratford (CA)

Kamran Khashayar Fekri of Guelph (CA)

Robert Anders Loberg of London (CA)

Jacob Rodrick Parr of Guelph (CA)

DECENTRALIZED PEER-TO-PEER TRANSACTION SERVICE - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240029036 titled 'DECENTRALIZED PEER-TO-PEER TRANSACTION SERVICE

Simplified Explanation

The abstract describes a patent application for a system that enables the buying and selling of blockchain-based media of value using fiat currency. The system involves the creation of a transaction identifier and the transfer of blockchain-based media of value from the seller's wallet to the buyer based on agreed-upon terms. A smart contract controls the release of the media of value. The buyer can deposit fiat currency at a self-service terminal (SST), which verifies the deposit and notifies the smart contract. The smart contract then transfers the cryptocurrency to the seller's wallet. The deposited fiat currency can be withdrawn by the seller or automatically credited to a financial account associated with the seller.

  • The system enables the buying and selling of blockchain-based media of value using fiat currency.
  • A transaction identifier is created, and the seller's blockchain-based media of value is obtained.
  • Instructions for a smart contract are created to control the release of the media of value.
  • The buyer can deposit fiat currency at an SST, which verifies the deposit and notifies the smart contract.
  • The smart contract transfers the cryptocurrency to the seller's wallet.
  • The deposited fiat currency can be withdrawn by the seller or automatically credited to a financial account.

Potential Applications:

  • Facilitating the exchange of blockchain-based media of value for fiat currency.
  • Enabling secure and transparent transactions between buyers and sellers.
  • Streamlining the process of buying and selling digital assets.

Problems Solved:

  • Eliminating the need for intermediaries in the exchange of blockchain-based media of value.
  • Ensuring the security and authenticity of transactions through the use of smart contracts.
  • Simplifying the process of converting fiat currency into cryptocurrency.

Benefits:

  • Increased efficiency and speed in buying and selling blockchain-based media of value.
  • Enhanced security and transparency in transactions.
  • Reduced reliance on traditional financial institutions for currency exchange.


Original Abstract Submitted

a seller of blockchain-based media of value for fiat currency is matched to a buyer of the blockchain-based media of value. terms or conditions of a transaction are agreed to between the parties. a transaction identifier for the transaction is created and blockchain-based media of value of the seller is obtained from the seller's wallet. instructions for a smart contract are created; the smart contract controls release of the blockchain-based media of value based on its terms. the buyer visits a self-service terminal (sst) deposits fiat currency in an amount dictated by the terms and the sst verifies the deposit and notifies the smart contract. the instructions of the smart contract cause the crypto currency to be transferred to the seller's wallet. the deposited fiat currency can be withdrawn at an sst by the seller or credited automatically to a financial account associated with the seller.

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