Decentralized computer systems and methods for efficient transaction dispute management using blockchain

A computer system for efficient transaction dispute management using blockchain, the system comprising:

• a memory storing computer-readable instructions for improving the efficiency of managing disputes in transactions using blockchain;
• and
• a processor configured to execute the computer-readable instructions to perform a method including:
• receiving, by a computer system of a merchant, transaction information corresponding to a transaction for a good or service initiated by a consumer;
• receiving, by a blockchain server, dispute information from one or more of the consumer, the merchant, an issuer of a payment source account of the consumer for applying resources to the transaction, and an acquirer of a payment account of the merchant for depositing the applied resources for the transaction;
• encrypting, by the blockchain server, the dispute information;
• generating, by the blockchain server, a blockchain entry that stores the encrypted dispute information to a blockchain, the blockchain accessible to permissioned participants of the blockchain, the blockchain rendered immutable ensuring that the blockchain entry cannot be changed;
• entering, by the blockchain server, the blockchain entry into the blockchain;
• prompting, by the blockchain server, one or more of the permissioned participants to respond to the dispute information by accepting or rejecting a proposed change to the transaction information;
• determining, by the blockchain server, whether one of the permissioned participants of the blockchain rejects the proposed change;
• executing, by the blockchain server, a dispute settlement process by executing a smart contract, using one or more terms of the smart contract stored as attributes of the transaction on the blockchain, to determine a first dispute resolution, the first dispute resolution including revised transaction information;
• generating, by the blockchain server, an additional blockchain entry that stores the first dispute resolution to the blockchain;
• prompting the permissioned participants of the blockchain to respond to the additional blockchain entry that stores the first dispute resolution by accepting or rejecting the revised transaction information;
• and
• upon receiving, from one of the permissioned participants of the blockchain, a rejection of the additional blockchain entry that stores the first dispute resolution, transmitting, to a server for a payment network used in the payment transaction, the additional blockchain entry that stores the first dispute resolution, to prompt a second dispute resolution.

A non-transitory machine-readable medium storing instructions that, when executed by a computer system, cause the computer system to perform a method for efficient transaction dispute management using blockchain, the method including:

• receiving, by a computer system of a merchant transaction information corresponding to a transaction for a good or service initiated by a consumer;
• receiving, by a blockchain server, dispute information from one or more of the consumer, the merchant, an issuer of a payment source account of the consumer for applying resources to the transaction, and an acquirer of a payment account of the merchant for depositing the applied resources for the transaction;
• encrypting, by the blockchain server, the dispute information;
• generating, by the blockchain server, a blockchain entry that stores the encrypted dispute information to a blockchain, the blockchain accessible to permissioned participants of the blockchain, the blockchain rendered immutable ensuring that the blockchain entry cannot be changed;
• entering, by the blockchain server, the blockchain entry into the blockchain;
• prompting, by the blockchain server, one or more of the permissioned participants to respond to the dispute information by accepting or rejecting a proposed change to the transaction information;
• determining, by the blockchain server, whether one of the permissioned participants of the blockchain rejects the proposed change;
• executing, by the blockchain server, a dispute settlement process by executing a smart contract, using one or more terms of the smart contract stored as attributes of the transaction on the blockchain, to determine a first dispute resolution, the first dispute resolution including revised transaction information;
• generating, by the blockchain server, an additional blockchain entry that stores the first dispute resolution to the blockchain;
• prompting the permissioned participants of the blockchain to respond to the additional blockchain entry that stores the first dispute resolution by accepting or rejecting the revised transaction information;
• and
• upon receiving, from one of the permissioned participants of the blockchain, a rejection of the additional blockchain entry that stores the first dispute resolution, transmitting, to a server for a payment network used in the payment transaction, the additional blockchain entry that stores the first dispute resolution, to prompt a second dispute resolution.