American Express Travel Related Services Company, Inc. (20240273530). TRANSACTION AUTHORIZATION PROCESS USING BLOCKCHAIN simplified abstract

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TRANSACTION AUTHORIZATION PROCESS USING BLOCKCHAIN

Organization Name

American Express Travel Related Services Company, Inc.

Inventor(s)

Balaji Balaraman of Bangalore (IN)

Andras L. Ferenczi of Peoria AZ (US)

Sathish B. Muthukrishnan of Phoenix AZ (US)

Harish R. Naik of Phoenix AZ (US)

TRANSACTION AUTHORIZATION PROCESS USING BLOCKCHAIN - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240273530 titled 'TRANSACTION AUTHORIZATION PROCESS USING BLOCKCHAIN

The patent application describes systems and methods for transaction authorizations using a distributed database. Registered transaction account holders and merchants can interact and complete transactions according to workflows enforced by smart contracts.

  • The system includes an issuer system that receives a transaction authorization request with a merchant ID, transaction account number, transaction amount, and transaction ID.
  • The issuer system retrieves a merchant public key and a smart contract based on the merchant ID, as well as a user public key based on the transaction account number.
  • The smart contract is invoked by passing the user public key and transaction ID to enforce transaction rules.
  • Transaction data is propagated to a blockchain network for writing to a blockchain based on the invoked smart contract.

Potential Applications: - Secure and efficient transaction processing for financial institutions - Enhanced security and transparency in online transactions - Streamlined payment processes for e-commerce platforms

Problems Solved: - Ensuring secure and authorized transactions - Reducing fraud and unauthorized access to transaction data - Improving trust between transaction parties

Benefits: - Increased security and transparency in transactions - Efficient and automated transaction processing - Enhanced trust and confidence in online transactions

Commercial Applications: Title: Secure Transaction Authorization System for Financial Institutions This technology can be used by banks, payment processors, and e-commerce platforms to streamline transaction processes, enhance security, and improve customer trust. The market implications include increased efficiency, reduced fraud, and improved customer satisfaction.

Prior Art: Readers can start searching for prior art related to blockchain-based transaction authorization systems, smart contracts in financial transactions, and distributed database systems.

Frequently Updated Research: Stay updated on advancements in blockchain technology, smart contract development, and transaction security protocols to enhance the efficiency and security of transaction authorization systems.

Questions about Transaction Authorization Systems: 1. How does this technology improve transaction security compared to traditional authorization methods? - This technology enhances security by using smart contracts and a distributed database to enforce transaction rules and ensure authorized transactions, reducing the risk of fraud and unauthorized access.

2. What are the potential challenges in implementing this system on a large scale? - Implementing this system on a large scale may require significant infrastructure and resource investments, as well as addressing regulatory and compliance issues to ensure seamless integration with existing financial systems.


Original Abstract Submitted

systems and methods for transaction authorizations using a distributed database are disclosed. the system may allow registered transaction account holders and merchants to interact and complete transactions according to workflows enforced by smart contracts. the system may include an issuer system that receives a transaction authorization request comprising a merchant id, a transaction account number, a transaction amount, and a transaction id. the issuer system may retrieve a merchant public key and a smart contract based on the merchant id, and a user public key based on the transaction account number. the issuer system may invoke the smart contract by passing the user public key and the transaction id to the smart contract. the system may propagate transaction data (e.g., the merchant id, the transaction account number, the payment amount, a transaction status, etc.) to a blockchain network for writing to a blockchain according to the invoked smart contract.

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