CorCo Systems a.s. (20240346467). System and Method for Digital Currency Distribution and Transactions simplified abstract
Contents
System and Method for Digital Currency Distribution and Transactions
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System and Method for Digital Currency Distribution and Transactions - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240346467 titled 'System and Method for Digital Currency Distribution and Transactions
The abstract of this patent application describes a method for providing digital currency that can be used at participating businesses, allowing customers to pay for goods using the digital currency. The method involves allocating digital currency to registered consumers, distributing the currency, receiving transaction notices from businesses, validating the transactions, and transmitting validation notices.
- The method allocates digital currency from issued funds to registered consumers.
- The digital currency is accepted by participating businesses.
- The method distributes the digital currency to registered consumers, along with a transaction code.
- Transaction notices are received from participating businesses, including the digital currency associated with a transaction and the transaction code.
- The method validates the transaction notices and transmits validation notices to the businesses.
Potential Applications: - Retail transactions - Online purchases - Loyalty programs
Problems Solved: - Providing a convenient digital currency option for customers - Streamlining payment processes for businesses
Benefits: - Increased convenience for customers - Enhanced efficiency for businesses - Potential for increased customer loyalty
Commercial Applications: Digital currency payment systems for retail stores, online businesses, and loyalty programs.
Questions about the technology: 1. How does this method improve the customer experience? 2. What security measures are in place to protect the digital currency transactions?
Frequently Updated Research: Stay informed about advancements in digital currency technology and payment systems to enhance the efficiency and security of transactions.
Original Abstract Submitted
this disclosure provides methods, components, devices, and systems for providing a type of digital currency acceptable at participating businesses, allowing customers to pay at least a portion of the goods using the digital currency. some aspects, more specifically, relate to a method that allocates an amount of digital currency from issued funds to a registered consumer. the digital currency is accepted by at least one participating business. the method also distributes the amount of the digital currency to the registered consumer, including a transaction code, and receives a transaction notice from the participating business, including a portion of the digital currency associated with a transaction at the participating business and the transaction code. the method further validates the transaction notice, including the transaction code and the portion of the digital currency that is available to the registered consumer, and transmits a validation notice to the participating business.
