20240020664. METHODS AND DEVICES FOR UTILIZING A CRYPTOCURRENCY BACKED DEBIT CARD simplified abstract (Signify Holdings, Inc.)

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METHODS AND DEVICES FOR UTILIZING A CRYPTOCURRENCY BACKED DEBIT CARD

Organization Name

Signify Holdings, Inc.

Inventor(s)

Yoon Kwan Kim of Brooklyn NY (US)

Charles Naut of Brooklyn NY (US)

Farooq Malike of San Antonio TX (US)

METHODS AND DEVICES FOR UTILIZING A CRYPTOCURRENCY BACKED DEBIT CARD - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240020664 titled 'METHODS AND DEVICES FOR UTILIZING A CRYPTOCURRENCY BACKED DEBIT CARD

Simplified Explanation

Methods and systems for conducting a debit card-based transaction using a user with a crypto-currency account are disclosed. The user can enter into a smart contract with an externally owned account (EOA). Based on the smart contract, an authorizing entity can allow or deny a transaction request from a point-of-sale device to the card processor, depending on confirmation of the on-chain transaction.

  • The patent application describes a method for using a debit card linked to a crypto-currency account.
  • The user can enter into a smart contract with an externally owned account (EOA).
  • An authorizing entity can determine whether to allow or deny a transaction request based on the smart contract.
  • The decision is made based on confirmation of the on-chain transaction.

Potential applications of this technology:

  • Facilitating transactions using crypto-currency accounts linked to debit cards.
  • Enabling users to make purchases using their crypto-currency funds.
  • Providing a secure and convenient way to use crypto-currencies for everyday transactions.

Problems solved by this technology:

  • Overcoming the limitations of using crypto-currencies for transactions.
  • Allowing users to easily access and use their crypto-currency funds for purchases.
  • Providing a reliable and efficient method for authorizing transactions using smart contracts.

Benefits of this technology:

  • Increased convenience for users by allowing them to use their crypto-currency funds for everyday transactions.
  • Enhanced security through the use of smart contracts and confirmation of on-chain transactions.
  • Expanded usability of crypto-currencies by linking them to debit cards, making them more widely accepted.


Original Abstract Submitted

methods and systems for conducting a debit card-based transaction using by a user having a crypto-currency account. a user may enter a smart contract between the user and an externally owned account (eoa). then based on the smart contract an authorizing entity may allow or deny a transaction request from a point-of-sale device to the card processor based on confirmation of the on-chain transaction.

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