Mastercard International Incorporated (20240265357). METHOD AND SYSTEM OF BLOCKCHAIN DISBURSEMENTS simplified abstract

From WikiPatents
Jump to navigation Jump to search

METHOD AND SYSTEM OF BLOCKCHAIN DISBURSEMENTS

Organization Name

Mastercard International Incorporated

Inventor(s)

Soumyajit Mitra of New York NY (US)

Jamal Khan of Ridgefield NJ (US)

Oskar Duris of Walnut Creek CA (US)

Sasyasri Geedipalli of Rye Brooke NY (US)

Shashi Raghunandan of Old Greenwich CT (US)

METHOD AND SYSTEM OF BLOCKCHAIN DISBURSEMENTS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240265357 titled 'METHOD AND SYSTEM OF BLOCKCHAIN DISBURSEMENTS

The abstract describes a method for facilitating benefit disbursements using tokens and blockchain technology.

  • Receiving beneficiary information with a beneficiary identifier.
  • Storing a blockchain data entry with a disbursement token and recipient value.
  • Receiving a redemption message with the disbursement token, digital signature, transaction account data, and redemption amount.
  • Validating the digital signature using a cryptographic key pair.
  • Transmitting a transfer message with transaction account data and redemption amount.

Potential Applications: - Streamlining benefit disbursements for government programs. - Enhancing security and transparency in financial transactions. - Improving efficiency in fund distribution for charitable organizations.

Problems Solved: - Ensuring secure and verifiable benefit disbursements. - Reducing the risk of fraud and unauthorized access to funds. - Simplifying the process of tracking and managing disbursements.

Benefits: - Increased trust and confidence in benefit distribution systems. - Enhanced accountability and auditability of financial transactions. - Cost savings through automation and reduced administrative overhead.

Commercial Applications: Title: "Blockchain-Based Benefit Disbursement System" This technology could be utilized by government agencies, non-profit organizations, and financial institutions to streamline benefit distribution processes, improve security, and enhance transparency in financial transactions.

Questions about Benefit Disbursement System: 1. How does blockchain technology improve the security of benefit disbursements? 2. What are the potential cost savings associated with implementing this system?

Frequently Updated Research: Stay informed about the latest developments in blockchain technology and its applications in financial services and public sector benefit programs.


Original Abstract Submitted

a method for facilitating benefit disbursements through the use of tokens and blockchain includes: receiving beneficiary information from a first computing system, the beneficiary information including a beneficiary identifier; storing a blockchain data entry, the blockchain data entry including a disbursement token associated with the beneficiary information and a recipient value generated using a public key of a cryptographic key pair; receiving a redemption message from a second computing system, the redemption message including the disbursement token, a digital signature generated using a private key of the cryptographic key pair, transaction account data, and a redemption amount; validating the digital signature using the public key of the cryptographic key pair; and transmitting a transfer message to the first computing system, the transfer message including the transaction account data and the redemption amount.

Retrieved from "http://wikipatents.org/index.php?title=Mastercard_International_Incorporated_(20240265357)._METHOD_AND_SYSTEM_OF_BLOCKCHAIN_DISBURSEMENTS_simplified_abstract&oldid=212882"