US 12,579,545 B2 · Method for virtual asset transmission

Abstract

Disclosed is a method for use in a transmission of a virtual asset from a sender having a sending account at a sending virtual asset service provider (sending VASP) to a recipient having a receiving account at a receiving virtual asset service provider (receiving VASP). The method involves subsequent to verification that the receiving account at the receiving VASP is valid, determining, by a verification node, if the transmission has been recorded on a blockchain network; and subsequent to determination that the transmission has been recorded on the blockchain network, sending, by the verification node to the receiving VASP, a request to update the receiving account at the receiving VASP about the transmission of the virtual asset from the sender to the recipient. In the method, the verification node does not belong to either the sending VASP or the receiving VASP.

Claims24

Dependent claims

A method for use in a transmission of a virtual asset from a sender having a sending account at a sending virtual asset service provider (sending VASP) to a recipient having a receiving account at a receiving virtual asset service provider (receiving VASP), the method comprising:

subsequent to verification that the receiving account at the receiving VASP is valid, determining, by a verification node, if the transmission has been recorded on a blockchain network;
and
subsequent to determination that the transmission has been recorded on the blockchain network, sending, by the verification node to the receiving VASP, a request to update the receiving account at the receiving VASP about the transmission of the virtual asset from the sender to the recipient,
wherein the verification node does not belong to either the sending VASP or the receiving VASP.

1 more element

A method for use in a virtual asset transmission from a sender to a recipient, the method comprising:

receiving, by a verification node, information about a receiving account of the recipient at a receiving virtual asset service provider (VASP) and a unique identifier assigned to a transaction for a transmission of a virtual asset from the sender to the recipient;
processing, by the verification node, for verifying the information about the receiving account;
subsequent to verification that the information about the receiving account is valid, communicating with a blockchain network, by the verification node, to determine if the transaction has been recorded on the blockchain network using the unique identifier assigned to the transaction;
and
upon determining that the transaction has been recorded on the blockchain network, sending, by the verification node to the receiving VASP, a request to update the receiving account about the transaction of the transmission of the virtual asset from the sender to the recipient,
wherein the verification node does not belong to either the receiving VASP or a sending virtual asset service provider (VASP) at which the sender maintains a sending account.

3 more elements

Dependencies are inferred from the claim text.

Method for virtual asset transmission

Life of this patent

Method for virtual asset transmission

Life of this patent

Abstract

Claims24