18073736. RECURSIVE DISTRIBUTED LEDGER FOR CRYPTOCURRENCY simplified abstract (Bank of America Corporation)
Contents
RECURSIVE DISTRIBUTED LEDGER FOR CRYPTOCURRENCY
Organization Name
Inventor(s)
Steven Greene of New York NY (US)
Jayachandra Varma of Irving TX (US)
Siten Sanghvi of Westfield NJ (US)
Prabhat Ranjan of Plano TX (US)
RECURSIVE DISTRIBUTED LEDGER FOR CRYPTOCURRENCY - A simplified explanation of the abstract
This abstract first appeared for US patent application 18073736 titled 'RECURSIVE DISTRIBUTED LEDGER FOR CRYPTOCURRENCY
Simplified Explanation: The patent application relates to a computing platform that synchronizes databases to store user account information, including a distributed ledger for fiat currency balances. The platform can transfer custody of cryptocurrency for users to enterprise organizations and process event requests using the distributed ledger.
- The computing platform synchronizes databases to store user account information.
- A distributed ledger is established to store fiat currency balances for users.
- Custody of cryptocurrency can be transferred to enterprise organizations.
- Event processing requests from user devices are processed using the distributed ledger.
Key Features and Innovation:
- Synchronization of databases for storing user account information.
- Establishment of a distributed ledger for fiat currency balances.
- Transfer of cryptocurrency custody to enterprise organizations.
- Processing of event requests using the distributed ledger.
Potential Applications: The technology can be applied in financial institutions, cryptocurrency exchanges, and enterprise organizations for secure custody and processing of cryptocurrency transactions.
Problems Solved: The technology addresses the need for secure storage and transfer of cryptocurrency custody, as well as efficient processing of event requests using distributed ledgers.
Benefits: The benefits include enhanced security for cryptocurrency custody, streamlined processing of transactions, and improved transparency in account information storage.
Commercial Applications: Potential commercial applications include cryptocurrency exchanges, financial institutions, and enterprise organizations looking to enhance their cryptocurrency custody and transaction processing capabilities.
Prior Art: No specific prior art information is provided in the abstract.
Frequently Updated Research: There is ongoing research in the field of cryptocurrency custody and transaction processing using distributed ledger technology.
Questions about Cryptocurrency Technology: Question 1: How does the computing platform ensure the security of cryptocurrency custody during transfers? Answer: The computing platform uses secure protocols and encryption methods to safeguard cryptocurrency custody during transfers.
Question 2: What are the potential risks associated with transferring cryptocurrency custody to enterprise organizations? Answer: Potential risks include unauthorized access to cryptocurrency funds and mismanagement of custody by the enterprise organization.
Original Abstract Submitted
Aspects of the disclosure relate to cryptocurrency. A computing platform may synchronize a database with another database to store account information for a user, which may include establishing a distributed ledger to store the account information, and where the account information includes a balance of fiat currency for the user. The computing platform may receive a request to transfer custody of cryptocurrency, on behalf of the user, to an enterprise organization corresponding to the computing platform. The computing platform may store, using a wrapper database integrated with the database, information of the custody of the cryptocurrency. The computing platform may receive, from a user device of the user, an event processing request. The computing platform may process, using the distributed ledger, the event processing request using one or more of: the fiat currency or the cryptocurrency.
