Blockchain based account funding and distribution

A computer-implemented method for account funding and distribution using smart contracts stored on a blockchain maintained by a plurality of participants, the method comprising:

• receiving, at a processor coupled with a network interface, a request for funds from at least one participant, wherein the request for funds has a set of parameters;
• verifying, at the processor, the request for funds, wherein verifying includes accessing a smart contract stored on the blockchain and checking the set of parameters against a set of conditions stored in the smart contract, wherein the set of conditions is a list of requirements for funding an account stored on the blockchain corresponding to the transaction, and verifying that the at least one participant has ownership of an amount of funds being used to fund the account, and wherein when there is no account stored on the blockchain corresponding to the transaction, creating a new account on the blockchain for the at least one participant using the funds included in the transaction;
• and
• when the set of parameters satisfy the set of conditions,
• satisfying the request for funds by transmitting, via the processor coupled with the network interface, the corresponding amount of funds to the at least one participant;
• generating and transmitting, via the processor coupled with the network interface, a confirmation to the at least one participant that the request for funds has been approved;
• and
• generating, via the processor, a block of transactions representative of requests for funds containing the at least one request for funds, and transmitting, via the processor coupled with the network interface, the block of transactions to at least one participant;
• and
• when the set of parameters do not satisfy the set of conditions, generating and transmitting, via the processor coupled with the network interface, a rejection to the at least one participant that the request for funds has been rejected.

A computer system for account funding and distribution using smart contracts stored on a blockchain maintained by a plurality of participants, the computer system comprising:

• a memory configured to store non-transitory computer executable instructions;
• and
• a processor configured to interface with the memory, wherein the processor is configured to execute the non-transitory computer executable instructions to cause the processor to:
• receive at least one request for funds from at least one participant, wherein the at least one transaction has a set of parameters;
• validate the request for funds, wherein validate includes accessing a smart contract stored on the blockchain and checking the set of parameters against a set of conditions stored in the smart contract, wherein the set of conditions is a list of requirements for funding an account stored on the blockchain corresponding to the transaction, and verifying that the at least one participant has ownership of an amount of funds being used to fund the account, and wherein when there is no account stored on the blockchain corresponding to the transaction, creating a new account on the blockchain for the at least one participant using the funds included in the transaction;
• and
• when the set of parameters satisfy the set of conditions,
• indicate a change in a fund balance for the at least one participant;
• and
• generate and transmit a confirmation to the at least one participant that the transaction has been approved;
• and
• when the set of parameters do not satisfy the set of conditions, generate and transmit a rejection to the at least one participant that the transaction has been rejected.