20240046230. SYSTEMS AND METHODS FOR HYPERLEDGER-BASED PAYMENT TRANSACTIONS, ALERTS, AND DISPUTE SETTLEMENT, USING SMART CONTRACTS simplified abstract (Worldpay, LLC)

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SYSTEMS AND METHODS FOR HYPERLEDGER-BASED PAYMENT TRANSACTIONS, ALERTS, AND DISPUTE SETTLEMENT, USING SMART CONTRACTS

Organization Name

Worldpay, LLC

Inventor(s)

Ramesh Vijayaraghavan of Mason OH (US)

SYSTEMS AND METHODS FOR HYPERLEDGER-BASED PAYMENT TRANSACTIONS, ALERTS, AND DISPUTE SETTLEMENT, USING SMART CONTRACTS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240046230 titled 'SYSTEMS AND METHODS FOR HYPERLEDGER-BASED PAYMENT TRANSACTIONS, ALERTS, AND DISPUTE SETTLEMENT, USING SMART CONTRACTS

Simplified Explanation

The patent application describes decentralized computer systems and methods for conducting payment transactions, alerts, and dispute settlement using smart contracts on a hyperledger-based platform.

  • The method involves receiving transaction information, including transaction data and attributes, for a transaction originating at a merchant.
  • The transaction data and attributes are stored in a smart contract generated or updated by a smart contract application.
  • The smart contract is deployed into one or more blockchain networks, with each network serving one or more business functions of the transaction.
  • An inter-ledger protocol is used to transfer some or all of the transaction data and attributes to another blockchain network through one or more iterations.
  • This process enables the transaction to be processed and validated across multiple blockchain networks, ensuring transparency and security.

Potential applications of this technology:

  • Payment transactions: This technology can be used to facilitate secure and transparent payment transactions between merchants and customers.
  • Alerts: The system can generate real-time alerts and notifications to keep parties informed about the status of their transactions.
  • Dispute settlement: The use of smart contracts and blockchain networks can streamline and automate the dispute settlement process, reducing the need for intermediaries.

Problems solved by this technology:

  • Lack of transparency: By utilizing blockchain networks, this technology provides a transparent and immutable record of transactions, reducing the risk of fraud and disputes.
  • Inefficiencies in payment processing: The use of smart contracts and decentralized systems can streamline payment processing, reducing the need for manual intervention and improving efficiency.
  • Dispute resolution complexities: The technology simplifies and automates the dispute settlement process, reducing the time and effort required to resolve disputes.

Benefits of this technology:

  • Security: The use of blockchain networks and smart contracts ensures the security and integrity of payment transactions, protecting sensitive information.
  • Transparency: The decentralized nature of the system provides transparency, allowing all parties involved to access and verify transaction data.
  • Efficiency: By automating processes and eliminating intermediaries, this technology improves the efficiency of payment transactions and dispute settlement.


Original Abstract Submitted

decentralized computer systems and methods are disclosed for hyperledger-based payment transactions, alerts, and dispute settlement, using smart contracts. one method includes: receiving transaction information comprising transaction data of transaction attributes for a transaction for a good or service originating at a merchant; storing the transaction data of the transaction attributes for the transaction, in a smart contract generated or updated by a smart contract application; deploying the smart contract into one or more blockchain networks, wherein at least one of the one or more blockchain networks; performing one or more iterations of enabling, using an inter ledger protocol, to transfer at least some of the transaction data of the transaction attributes of the transaction to another of the one or more blockchain networks, wherein each of the one or more blockchain networks serves one or more business functions of the transaction.

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