NCR Corporation (20240242215). SYSTEM AND METHOD FOR PROVIDING A DECENTRALIZED EXCHANGE FOR CREDIT LENDING simplified abstract
Contents
SYSTEM AND METHOD FOR PROVIDING A DECENTRALIZED EXCHANGE FOR CREDIT LENDING
Organization Name
Inventor(s)
Bryan Walser Nonni of Atlanta GA (US)
SYSTEM AND METHOD FOR PROVIDING A DECENTRALIZED EXCHANGE FOR CREDIT LENDING - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240242215 titled 'SYSTEM AND METHOD FOR PROVIDING A DECENTRALIZED EXCHANGE FOR CREDIT LENDING
The abstract describes a system and method for conducting a financial transaction using digital currency as collateral. An application on a server requests the transaction and sends a message to potential lenders. The lenders respond with proposed terms, and upon confirmation, access to the collateral is granted.
- Application requests financial transaction secured by digital currency collateral
- Semantic ask message with transaction parameters sent to potential lenders
- Lenders respond with proposed terms in a bid message
- Credentials for the first party are forwarded to lenders
- Access to collateral granted upon transaction confirmation
Potential Applications: - Peer-to-peer lending platforms - Cryptocurrency-backed loans - Decentralized finance applications
Problems Solved: - Facilitates secure financial transactions using digital currency collateral - Streamlines the lending process between parties - Enhances trust and security in peer-to-peer transactions
Benefits: - Efficient and secure way to access financing - Enables individuals to leverage their digital assets for loans - Reduces the need for traditional financial intermediaries
Commercial Applications: Title: Decentralized Financial Transaction System This technology can be used in peer-to-peer lending platforms, cryptocurrency lending services, and decentralized finance applications. It has the potential to disrupt traditional lending systems and provide individuals with more accessible and secure ways to access financing.
Questions about Decentralized Financial Transaction System: 1. How does this system ensure the security of the financial transactions? - The system utilizes digital currency collateral and decentralized web nodes to secure and verify transactions, enhancing security and trust between parties. 2. What are the potential risks associated with using digital currency as collateral in financial transactions? - Risks may include price volatility of digital currencies and potential regulatory challenges, which need to be carefully managed by the parties involved.
Original Abstract Submitted
a system and method for performing a financial transaction are disclosed. an application running on a first server requests a financial transaction secured by collateral of a first party in the form of digital currency. the application generates a semantic ask message encoded with parameters defining the requested financial transaction. the semantic ask message is sent to one or more second parties via a decentralized web node thereof. a bid message is received from at least one of the one or more second parties defining proposed terms for the requested financial transaction. credentials for the first party are forwarded from a decentralized web node of the first party, the credentials defined in the bid message. access is provided to the collateral of the first party to the second party upon receipt of confirmation of the financial transaction from the second party.
