Wells Fargo Bank, N.A. (20240211955). SYSTEMS AND METHODS FOR EXPEDITING MATH-BASED CURRENCY TRANSACTIONS simplified abstract
Contents
SYSTEMS AND METHODS FOR EXPEDITING MATH-BASED CURRENCY TRANSACTIONS
Organization Name
Inventor(s)
Ashish Kurani of Burlingame CA (US)
Wayne Barakat of Novato CA (US)
Martin Barrs of San Francisco CA (US)
Dominik Vltavsky of Belmont CA (US)
SYSTEMS AND METHODS FOR EXPEDITING MATH-BASED CURRENCY TRANSACTIONS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240211955 titled 'SYSTEMS AND METHODS FOR EXPEDITING MATH-BASED CURRENCY TRANSACTIONS
Simplified Explanation: The patent application describes systems, methods, and computer-readable storage media used in math-based currency (MBC) exchange with MBC transaction guarantees.
- Receiving payment reimbursement requests from a merchant point of sale (POS) terminal with a guarantee identifier linked to an MBC transfer.
- Analyzing transaction information associated with the guarantee identifier to determine if it is linked to a failed transaction by accessing disputed transactions on an MBC blockchain.
- Initiating an MBC payment to the merchant's MBC address in response to identifying a failed transaction.
- Providing payment confirmation to the merchant POS terminal.
Key Features and Innovation:
- Utilization of MBC transaction guarantees to ensure secure and reliable transactions.
- Automated analysis of transaction information to identify failed transactions.
- Seamless initiation of MBC payments to merchants in case of failed transactions.
- Real-time payment confirmation provided to merchant POS terminals.
Potential Applications: This technology can be applied in various industries such as e-commerce, retail, and financial services for secure MBC transactions.
Problems Solved:
- Ensures transaction security and reliability in MBC exchanges.
- Streamlines the process of handling failed transactions and initiating reimbursements.
- Provides a transparent and efficient payment confirmation system for merchants.
Benefits:
- Enhanced security and trust in MBC transactions.
- Reduced risk of transaction disputes and fraud.
- Improved efficiency in handling payment reimbursements.
Commercial Applications: The technology can be utilized by online retailers, financial institutions, and cryptocurrency exchanges to facilitate secure MBC transactions and enhance customer trust.
Prior Art: Readers interested in prior art related to this technology can explore existing patents in the field of cryptocurrency transaction guarantees and blockchain-based payment systems.
Frequently Updated Research: Stay updated on the latest developments in MBC transaction guarantees and blockchain technology to leverage advancements in secure digital transactions.
Questions about MBC Transaction Guarantees: 1. How does the system ensure the accuracy and reliability of transaction information? 2. What measures are in place to prevent fraudulent activities in MBC exchanges?
Original Abstract Submitted
systems, methods, and computer-readable storage media utilized in math-based currency (mbc) exchange utilizing mbc transaction guarantees. one method includes receiving, from a merchant point of sale (pos) terminal, a payment reimbursement request comprising a guarantee identifier associated with an mbc transfer. the method further includes determining, utilizing the guarantee identifier, transaction information. the method further includes determining, utilizing the transaction information, the guarantee identifier is associated with a failed transaction based on accessing and analyzing a plurality of disputed transactions on an mbc blockchain. the method further includes, in response to identifying the failed transaction, initiating an mbc payment from the financial computing system to an mbc address of a merchant. the method further includes providing, to the merchant pos terminal, a payment confirmation.
