System and method for transferring currency using blockchain

A financial services system for transferring currency utilizing a user device and a blockchain to enable increased transfer speeds, reduced settlement times, and improved security, the blockchain having a blockchain ledger, the financial services system comprising:

• a host database including a non-transitory computer-readable medium including code and a host controller that executes the code, the host controller enabling communication between a first digital wallet on the user device and one of a local currency account and a digital currency account to initiate a deposit via one of the currency accounts, the deposit being assigned a transaction ID that is recorded to the blockchain ledger, the transaction ID including a deposit currency value, the host controller being configured to send and store the deposit in a pool account, the host controller being configured to assign a balance equal to the deposit currency value to one of the currency account and the first digital wallet, the balance being verified by the blockchain ledger, the host controller being configured to enable the blockchain to autonomously manage one or more workflows associated with payment processing, reducing a processing load on the host controller, the host controller being configured to dynamically determine one or more payment routes based on one or more of (i) payment delivery speed, (ii) available transfer channels, (iii) block mining times, and (iv) transaction fee structures, the host database includes an encrypted partition configured to store encrypted user data using a cryptographic key, and an encrypted tunnel configured to protect and prevent unauthorized access to the financial services system, wherein data within the host database is encrypted with asymmetric encryption that signs and verifies signatures for blockchain cryptography operations.

A financial services system for transferring currency utilizing a user device and a blockchain to enable increased transfer speeds, reduced settlement times, and improved security, the blockchain having a blockchain ledger, the financial services system comprising:

• a host database including a non-transitory computer-readable medium including code and a host controller that executes the code, the host controller enabling communication between a first digital wallet on the user device and one of a local currency account and a digital currency account to initiate a deposit via one of the currency accounts, the deposit being assigned a transaction ID that is recorded to the blockchain ledger, the transaction ID including a deposit currency value, the host controller being configured to send and store the deposit in a pool account, the host controller being configured to assign a balance equal to the deposit currency value to one of the currency account and the first digital wallet, the balance being verified by the blockchain ledger, the host controller being configured to enable the blockchain to autonomously manage one or more workflows associated with payment processing, reducing a processing load on the host controller, the host controller being configured to dynamically determine one or more payment routes based on one or more of (i) payment delivery speed, (ii) available transfer channels, (iii) block mining times, and (iv) transaction fee structures, the host database including an encrypted partition configured to store encrypted user data using a cryptographic key, and an encrypted tunnel configured to protect and prevent unauthorized access to the financial services system, wherein data within the host database is encrypted with asymmetric encryption that signs and verifies signatures for blockchain cryptography operations, wherein the encrypted tunnel uses transport layer security between at least one of servers, web infrastructure, and a security provider.