American Express Travel Related Services Company, Inc. (20240257111). CONVERSION OF CRYPTOCURRENCY TRANSACTIONS TO CENTRAL BANK DIGITAL CURRENCY FOR MERCHANT SYSTEMS simplified abstract
Contents
CONVERSION OF CRYPTOCURRENCY TRANSACTIONS TO CENTRAL BANK DIGITAL CURRENCY FOR MERCHANT SYSTEMS
Organization Name
American Express Travel Related Services Company, Inc.
Inventor(s)
Lucky Bimolaksono of Hurlstone Park (AU)
Dean Ernest Arthur Nicolson of Wattle Grove (AU)
CONVERSION OF CRYPTOCURRENCY TRANSACTIONS TO CENTRAL BANK DIGITAL CURRENCY FOR MERCHANT SYSTEMS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240257111 titled 'CONVERSION OF CRYPTOCURRENCY TRANSACTIONS TO CENTRAL BANK DIGITAL CURRENCY FOR MERCHANT SYSTEMS
Simplified Explanation: The patent application describes a system for converting cryptocurrency to central bank digital currency for transactions. This system involves a computing device that processes cryptocurrency requests and facilitates transactions using central bank digital currency.
- The system identifies a cryptocurrency request for a pending transaction involving a token.
- It determines a device identifier associated with the token and calculates the cryptocurrency amount for the transaction.
- A user interface on a client device is activated to request acceptance of the cryptocurrency amount.
- A withdrawal instruction is sent to a cryptocurrency exchange on behalf of the user to obtain the required cryptocurrency amount.
- A blockchain transfer of the transaction price with a central bank digital currency blockchain network is initiated.
Key Features and Innovation:
- Conversion of cryptocurrency to central bank digital currency for transactions.
- Identification of cryptocurrency requests and calculation of transaction amounts.
- User interface activation for transaction approval.
- Withdrawal instruction transmission to a cryptocurrency exchange.
- Blockchain transfer with a central bank digital currency blockchain network.
Potential Applications: This technology can be applied in various industries such as finance, e-commerce, and digital payments to facilitate secure and efficient transactions using central bank digital currency.
Problems Solved: This technology addresses the need for seamless conversion of cryptocurrency to central bank digital currency for transactions, ensuring transparency and compliance with regulatory requirements.
Benefits:
- Enhanced security and transparency in transactions.
- Streamlined process for converting cryptocurrency to central bank digital currency.
- Compliance with regulatory standards in financial transactions.
Commercial Applications: The technology can be utilized by financial institutions, e-commerce platforms, and payment processors to offer secure and compliant transactions using central bank digital currency, potentially revolutionizing the digital payment landscape.
Questions about Cryptocurrency Conversion to Central Bank Digital Currency: 1. How does the system ensure the security of transactions involving central bank digital currency? 2. What are the potential implications of this technology on the existing cryptocurrency market?
Frequently Updated Research: Ongoing research in the field of central bank digital currencies and blockchain technology may provide further insights into the implementation and impact of converting cryptocurrency to central bank digital currency for transactions.
Original Abstract Submitted
disclosed are various embodiments for converting cryptocurrency to central bank digital currency for transactions. in one example, among others, a system comprises a computing device and machine-readable instructions stored in the memory. the instructions cause the computing device to identify a cryptocurrency request for a pending transaction of an item, in which the pending transaction comprises a token. the instructions cause the computing device to determine a device identifier associated with the token and determine a cryptocurrency amount for the item. a user interface on a client device is activated in order to request an acceptance of the cryptocurrency amount. a withdrawal instruction is transmitted to a cryptocurrency exchange for the cryptocurrency amount on behalf of a user. in this non-limiting example, a blockchain transfer of a transaction price for the item with a central bank digital currency blockchain network is transmitted.
