American Express Travel Related Services Company, Inc. (20240257092). METHODS AND SYSTEMS OF CENTRAL BANK DIGITAL CURRENCY FACILITATED MICROPAYMENTS simplified abstract
Contents
METHODS AND SYSTEMS OF CENTRAL BANK DIGITAL CURRENCY FACILITATED MICROPAYMENTS
Organization Name
American Express Travel Related Services Company, Inc.
Inventor(s)
Lucky Bimolaksono of Hurlstone Park (AU)
Matthew Stephen Bodell of New York NY (US)
Jaime A. Cruz-herrera of Jersey City NJ (US)
Dean Ernest Arthur Nicolson of Wattle Grove (AU)
METHODS AND SYSTEMS OF CENTRAL BANK DIGITAL CURRENCY FACILITATED MICROPAYMENTS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240257092 titled 'METHODS AND SYSTEMS OF CENTRAL BANK DIGITAL CURRENCY FACILITATED MICROPAYMENTS
The patent application describes methods and systems for central bank digital currency (CBDC) facilitated micropayments. In simple terms, it outlines a system that can process small payments using digital currency issued by a central bank.
- The system can receive authorization requests for purchases, including the total transaction amount.
- It identifies a payment token and obtains multiple payee wallet addresses.
- Transaction amounts for each payee wallet address are received to match the total transaction amount.
- CBDC transfers are generated for each payee wallet address using a private key based on the payment token authorization.
- Each CBDC blockchain transfer includes a digital signature and is transmitted to a CBDC blockchain network.
Potential Applications: - Facilitating small transactions in a digital currency ecosystem. - Streamlining payment processes for multiple payees in a single transaction.
Problems Solved: - Simplifying micropayments using central bank digital currency. - Enhancing security and efficiency in processing multiple transactions simultaneously.
Benefits: - Increased convenience for users making small payments. - Improved transparency and traceability of transactions. - Enhanced security measures for digital currency transactions.
Commercial Applications: Title: "Efficient Micropayment Solutions with CBDC Technology" This technology could be utilized in online retail platforms, digital content distribution services, and peer-to-peer payment applications to enable seamless micropayments.
Prior Art: Readers interested in exploring prior art related to CBDC micropayments can start by researching existing patents in the field of digital currency transactions and blockchain technology.
Frequently Updated Research: Stay informed about the latest developments in CBDC technology, blockchain security protocols, and digital payment innovations to understand the evolving landscape of micropayments.
Questions about CBDC Facilitated Micropayments:
1. How does this technology impact the traditional banking system?
- The use of CBDC for micropayments could potentially reduce the reliance on traditional banking intermediaries for small transactions, leading to a more decentralized payment ecosystem.
2. What are the potential regulatory challenges associated with implementing CBDC micropayments?
- Regulatory bodies may need to address issues related to privacy, security, and anti-money laundering measures to ensure the safe and compliant use of CBDC for micropayments.
Original Abstract Submitted
disclosed are various embodiments of methods and systems for central bank digital currency (cbdc) facilitated micropayments. in at least some embodiments, a system can receive an authorization request for a purchase, the authorization request can include a total transaction amount. the system can identify a payment token associated with the authorization request and obtain a plurality of payee wallet addresses. the system can then receive a transaction amount for each of the plurality of payee wallet addresses, such that a sum of the transaction amounts for the plurality of payee wallet addresses is equal to the total transaction amount. the system can then generate a cbdc transfer for each of the plurality of payee wallet addresses using a private key based at least in part on an authorization for the payment token to use a blockchain address, each cbdc blockchain transfer comprising a digital signature and transmit each of the cbdc blockchain transfers for the purchase to a cbdc blockchain network.
