Wells Fargo Bank, N.A. (20240289779). BANK-DRIVEN MODEL FOR PREVENTING DOUBLE SPENDING OF DIGITAL CURRENCY TRANSFERRED BETWEEN MULTIPLE DLT NETWORKS USING A TRUSTED INTERMEDIARY simplified abstract

BANK-DRIVEN MODEL FOR PREVENTING DOUBLE SPENDING OF DIGITAL CURRENCY TRANSFERRED BETWEEN MULTIPLE DLT NETWORKS USING A TRUSTED INTERMEDIARY

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. Bhaskarketharaju of Hyderabad (IN)

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 TRANSFERRED BETWEEN MULTIPLE DLT NETWORKS USING A TRUSTED INTERMEDIARY - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240289779 titled 'BANK-DRIVEN MODEL FOR PREVENTING DOUBLE SPENDING OF DIGITAL CURRENCY TRANSFERRED BETWEEN MULTIPLE DLT NETWORKS USING A TRUSTED INTERMEDIARY

Simplified Explanation:

This patent application describes a method for preventing the double-spending of digital currency across multiple distributed ledger technology networks. The method involves executing a smart contract, detecting a transaction request to transfer digital currency between networks, destroying the original digital currency, and creating a new digital currency on the receiving network.

• The method involves receiving a message with a smart contract and executing it.
• It detects a transaction request to transfer digital currency between different distributed ledger technology networks.
• The original digital currency is destroyed to prevent double-spending.
• A new digital currency of a different type is created on the receiving network.
• The first digital currency is then transferred to the second network.

Key Features and Innovation:

• Prevents double-spending of digital currency across different distributed ledger technology networks.
• Utilizes smart contracts to facilitate secure transactions.
• Destroys original digital currency to ensure no duplication.
• Creates new digital currency on the receiving network based on fiat currency units.
• Enables seamless transfer of digital currency between networks.

Potential Applications:

• Cross-border transactions.
• Interoperability between different blockchain networks.
• Secure digital asset transfers.
• Decentralized finance applications.
• Tokenization of real-world assets.

Problems Solved:

• Double-spending of digital currency.
• Interoperability issues between different blockchain networks.
• Ensuring the security and integrity of digital transactions.
• Simplifying the process of transferring digital assets between networks.

Benefits:

• Enhanced security for digital transactions.
• Improved interoperability between blockchain networks.
• Reduced risk of fraud and duplication.
• Streamlined process for transferring digital assets.

Commercial Applications:

• Cross-border payment solutions.
• Asset tokenization platforms.
• Decentralized exchanges.
• Supply chain management systems.
• Digital identity verification services.

Prior Art:

Prior art related to this technology may include research on cross-chain interoperability solutions, smart contract execution in blockchain networks, and methods for preventing double-spending in digital currencies.

Frequently Updated Research:

Researchers are continually exploring new methods for enhancing cross-chain interoperability, improving smart contract security, and developing more efficient ways to transfer digital assets between different blockchain networks.

Questions about Digital Currency Transfer Technology:

1. How does this method ensure the security of digital currency transfers between different blockchain networks? 2. What are the potential challenges in implementing this technology on a large scale?

Original Abstract Submitted

a method for preventing the double-spending of digital currency that transfers between multiple distributed ledger technology (dlt) networks. the method includes receiving a message including a smart contract and executing the smart contract. the method further includes detecting a transaction request to transfer the first digital currency from the first dlt network to the second dlt network. the method further includes destroying the digital currency and creating, based on the unit of fiat currency, a second digital currency of a second type on the second dlt network. the method further includes transferring, responsive to detecting the transaction request, the first digital currency from the first dlt network to the second dlt network.