Wells Fargo Bank N.A. (20240330907). BANK-DRIVEN MODEL FOR PREVENTING DOUBLE SPENDING OF DIGITAL CURRENCY COEXISTING ON MULTIPLE DLT NETWORKS simplified abstract

BANK-DRIVEN MODEL FOR PREVENTING DOUBLE SPENDING OF DIGITAL CURRENCY COEXISTING ON MULTIPLE DLT NETWORKS

Organization Name

Wells Fargo Bank N.A.

Inventor(s)

Abhijit Shetti of Pleasanton CA (US)

Laura Marie Fontana of San Francisco CA (US)

Rameshchandra B. Ketharaju of San Francisco CA (US)

Andrew J. Garner, Iv of State Road NC (US)

Nikolai Stroke of Gilbert AZ (US)

Duc Trinh of Golden Valley MN (US)

Mabel Oza of San Francisco CA (US)

Todd Biggs of San Francisco CA (US)

BANK-DRIVEN MODEL FOR PREVENTING DOUBLE SPENDING OF DIGITAL CURRENCY COEXISTING ON MULTIPLE DLT NETWORKS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240330907 titled 'BANK-DRIVEN MODEL FOR PREVENTING DOUBLE SPENDING OF DIGITAL CURRENCY COEXISTING ON MULTIPLE DLT NETWORKS

The abstract describes a system and method for preventing the double-spending of digital currency across multiple DLT networks. This involves creating a first digital currency on one network that is associated with a second digital currency on another network, and using a monitoring agent to lock the first digital currency to prevent unauthorized transfers.

• The system prevents double-spending of digital currency across different DLT networks.
• It involves creating a first digital currency on one network associated with a second digital currency on another network.
• A monitoring agent is used to intercept and lock the first digital currency to prevent unauthorized transfers.
• This method enhances security and trust in cross-network digital currency transactions.
• It provides a solution to the challenge of preventing double-spending in decentralized systems.

Potential Applications: - Cross-network digital currency transactions - Secure and reliable digital asset transfers - Enhanced security measures for DLT networks

Problems Solved: - Double-spending of digital currency across multiple DLT networks - Ensuring the integrity and security of cross-network transactions

Benefits: - Increased security in digital currency transactions - Enhanced trust in cross-network transfers - Prevention of fraudulent activities in decentralized systems

Commercial Applications: Title: Secure Cross-Network Digital Currency Transactions This technology can be utilized by financial institutions, cryptocurrency exchanges, and blockchain platforms to facilitate secure and reliable cross-network digital currency transactions. It can enhance the security measures in place for transferring digital assets between different DLT networks, ultimately improving the trust and efficiency of such transactions.

Questions about the technology: 1. How does this system prevent double-spending of digital currency across multiple DLT networks? 2. What are the key features of the monitoring agent in locking the digital currency to prevent unauthorized transfers?

Original Abstract Submitted

a system and method for preventing the double-spending of digital currency that transfers between multiple dlt networks. the system and method includes creating a first digital currency of a first type on the first dlt network stored in a digital wallet, the first digital currency associated with a second digital currency of a second type on a second dlt network, configuring a monitoring agent on the node, the monitoring agent configured to intercept at least one of a function call, a message, or an event on the digital wallet, and locking, responsive to intercepting the at least one of the function call, the message, or the event, the first digital currency onto the first dlt network to prevent a transfer of the first digital currency from the digital wallet on the first dlt network to another dlt network responsive to a subsequent transaction request.