NCR Corporation (20240257237). BLOCKCHAIN-BASED FIAT CURRENCY CONVERSIONS AND TRANSFERS simplified abstract
Contents
BLOCKCHAIN-BASED FIAT CURRENCY CONVERSIONS AND TRANSFERS
Organization Name
Inventor(s)
Bryan Walser Nonni of Atlanta GA (US)
BLOCKCHAIN-BASED FIAT CURRENCY CONVERSIONS AND TRANSFERS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240257237 titled 'BLOCKCHAIN-BASED FIAT CURRENCY CONVERSIONS AND TRANSFERS
Simplified Explanation: The abstract describes a system where a cloud-based service facilitates the transfer of cryptocurrency from a sender to a recipient, converting it into fiat currency along the way.
Key Features and Innovation:
- Cloud-based service for remittance transactions
- Use of cryptocurrency for transfers
- Conversion of cryptocurrency to fiat currency
- Direct transfer of fiat currency to recipient's financial account
Potential Applications: This technology can be used for international remittances, cross-border payments, and other financial transactions that require currency conversion.
Problems Solved: This technology addresses the challenges of transferring money across borders, high conversion rates, and delays in traditional banking systems.
Benefits:
- Faster and more cost-effective remittance transactions
- Secure and transparent transfer of funds
- Elimination of intermediaries in the conversion process
Commercial Applications: The technology can be utilized by money transfer companies, financial institutions, and individuals looking to send money internationally.
Prior Art: Prior art related to this technology may include existing cloud-based remittance services, cryptocurrency exchange platforms, and blockchain-based payment systems.
Frequently Updated Research: Research on the efficiency and security of cloud-based remittance services, advancements in cryptocurrency technology, and regulatory developments in the financial industry are relevant to this technology.
Questions about Cloud-Based Remittance Services: 1. How does the use of cryptocurrency benefit the remittance process? 2. What security measures are in place to protect the transfer of funds through cloud-based services?
Another relevant generic question: 1. How does this technology compare to traditional banking systems for international remittances?
Original Abstract Submitted
instances of a cloud-based service are provided. a first instance resides in a sender's country associated with a sender of a remittance; a second instance resides in a recipient's country associated with a recipient of the remittance. the sender provides the first instance a financial account of the recipient in the recipient's country. the sender sends an amount of cryptocurrency from a sender's wallet to a custodial wallet of the sender that is maintained by the first instance in a pooled wallet. while the transfer is pending on a blockchain (bc), the pooled wallet is used by the second instance to locate an exchange with a lowest conversion rate for redeeming the amount into a fiat current associated with the recipient's country. the amount is redeemed through the exchange and while the exchange is pending the second instance transfers the fiat currency directly to the recipient's financial account.
