US Patent Application 17752318. METHOD AND SYSTEM FOR PROCESSING AN ASSET SWAP ACROSS TWO BLOCKCHAINS simplified abstract

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METHOD AND SYSTEM FOR PROCESSING AN ASSET SWAP ACROSS TWO BLOCKCHAINS

Organization Name

Mastercard International Incorporated

Inventor(s)

Saravana Perumal Shanmugam of Fremont CA (US)

Rajasekaran Dhamodharan of San Carlos CA (US)

Arnab Maity of South Plainfield NJ (US)

Mohammed Sadiq Ahmad of Dublin CA (US)

METHOD AND SYSTEM FOR PROCESSING AN ASSET SWAP ACROSS TWO BLOCKCHAINS - A simplified explanation of the abstract

This abstract first appeared for US patent application 17752318 titled 'METHOD AND SYSTEM FOR PROCESSING AN ASSET SWAP ACROSS TWO BLOCKCHAINS

Simplified Explanation

- The patent application describes a system that facilitates the transfer of digital assets between different blockchains. - A swap check oracle is used to verify the authenticity of the user and the digital asset to be transferred. - The first digital asset is transferred to a custodial blockchain address on the first blockchain. - A similar process is followed for a second digital asset from a second user on a second blockchain. - A central processing server is notified once the digital assets are successfully transferred to the custodial addresses on both blockchains. - The central processing server verifies the holding of the digital assets by the custodial addresses. - After verification, the central processing server initiates the release of the digital assets to the new parties on both blockchains.


Original Abstract Submitted

A swap check oracle receives a transfer request from a user or smart contract on a first blockchain indicating a first digital asset to be transferred. The swap check oracle verifies the authenticity of the user and/or digital asset and instructs the smart contract to transfer the first digital asset to a custodial blockchain address on the first blockchain. Another swap check oracle performs the same process for a second digital asset from a second user on a second blockchain. A central processing server is notified of the successful transfer of the digital assets to the custodial addresses on both blockchains, verifies the holding of the digital assets by the custodial addresses, and then initiates a release of the digital assets to the new parties on both of the blockchains.

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