CITIBANK, N.A. (20240211946). SYSTEMS AND METHODS FOR SEAMLESSLY PROCESSING TRANSACTIONS USING DISTRIBUTED LEDGER TECHNOLOGY IN A LEGACY SYSTEM INFRASTRUCTURE simplified abstract
SYSTEMS AND METHODS FOR SEAMLESSLY PROCESSING TRANSACTIONS USING DISTRIBUTED LEDGER TECHNOLOGY IN A LEGACY SYSTEM INFRASTRUCTURE
Organization Name
Inventor(s)
Aseem Agrawal of Singapore (SG)
Chirdeep Singh Chhabra of Singapore (SG)
Karim Abdelkader Chabane of Hong Kong (CN)
SYSTEMS AND METHODS FOR SEAMLESSLY PROCESSING TRANSACTIONS USING DISTRIBUTED LEDGER TECHNOLOGY IN A LEGACY SYSTEM INFRASTRUCTURE - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240211946 titled 'SYSTEMS AND METHODS FOR SEAMLESSLY PROCESSING TRANSACTIONS USING DISTRIBUTED LEDGER TECHNOLOGY IN A LEGACY SYSTEM INFRASTRUCTURE
The abstract describes a computer-implemented method for processing transactions seamlessly using distributed ledger technology. This method involves linking conventional accounts in a traditional banking system to DLT-based client accounts on a distributed ledger, storing wallet identifications, executing asset transfers, updating the distributed ledger, and communicating with clients.
- Linking conventional accounts to DLT-based client accounts
- Storing wallet identifications and mapping them to conventional accounts
- Executing asset transfers and completing transaction lifecycles
- Updating the distributed ledger based on asset transfers
- Sending appropriate messages to clients
Potential Applications: - Cross-border payments - Supply chain management - Smart contracts - Digital identity verification
Problems Solved: - Streamlining transaction processes - Enhancing security and transparency - Improving efficiency in financial transactions
Benefits: - Reduced transaction costs - Faster settlement times - Enhanced data integrity and security
Commercial Applications: Title: "Revolutionizing Financial Transactions with Distributed Ledger Technology" This technology can be applied in banking, finance, e-commerce, and various industries requiring secure and efficient transaction processing.
Questions about the technology: 1. How does this method improve traditional transaction processes? 2. What are the key advantages of linking conventional accounts to DLT-based client accounts?
Original Abstract Submitted
a computer-implemented method for seamlessly processing transactions using distributed ledger technology. the method may comprise: linking one or more conventional accounts hosted in a conventional banking infrastructure to one or more dlt-based client accounts hosted on a distributed ledger, wherein the dlt application comprises a routing address configured to be used in conventional transaction infrastructure using conventional communication protocols; storing one or more wallet identifications for the one or more dlt-based client accounts and a mapping of the one or more wallet identifications to the one or more conventional accounts hosted in the conventional banking infrastructure; exchanging a sequence of messages to execute an asset transfer and complete a transaction lifecycle, the sequence of messages based on the first asset type; updating the distributed ledger based on the asset transfer; and sending appropriate messages to clients.
