System and method for processing transactions
AssigneeBlockskye, Inc
InventorBrook Armstrong
Life of this patent
Estimating the term…
Abstract
A system (200) and method (900) for facilitating transactions (70) that involve more than two parties (100). A ledger (500) is used to transcend the information silos resulting from parties (100) and IT platforms (210) that would otherwise impede the efficiency and accuracy of the system (200).
Claims20
A computer-enabled transaction clearinghouse system (200) for a transaction (60) involving a plurality of parties (100), the plurality of parties (100) including an individual (112), an organization (110) with whom the individual (112) has an association (106), and a vendor (130) entering into the transaction (60) with the individual (112), said system (200) comprising:
- a plurality of processors (222) connected to a network (260), wherein the individual (112) interacts with the system (200) through said first processor (220), wherein the organization (110) interacts with the system (200) through a second processor (220) and vendor (130) interacts with the system (200) through a third processor (220);
- a ledger (500) that is selectively accessible to the parties (100), wherein said ledger (500) is a blockchain ledger (502) selectively accessible to said plurality of processors (222);
- a transaction subsystem (300) adapted to execute the transaction (60) between the individual (112) and the vendor (130), wherein the transaction (60) is recorded on the ledger (500) that is accessible to the individual (112) through said first processor (220), accessible to the organization (110) through said second processor (220), and accessible to the vendor (130) through said third processor (220);
- and
- a settlement subsystem (350) adapted to effectuate a settlement (80) from the organization (110) to the vendor (130), wherein the settlement (80) is enabled by an expense authorization (96) that is stored on the ledger (500) that is accessible to the individual (112) through said first processor (220), accessible to the organization (110) through said second processor (220), and accessible to the vendor (130) through said third processor (220);
- wherein said transaction subsystem (300) enables the organization (110) to authorize said transaction (60) between the individual (112) and the vendor (130) before said transaction (60) is executed between the individual (112) and the vendor (130);
- wherein said settlement subsystem (350) enables the organization (110) to directly effectuate a settlement (80) to the vender (130) rather than indirectly through a reimbursement to the individual (112);
- wherein said blockchain ledger (502) includes a ledger record (520) that includes both a transaction record (530) of said transaction (60) and a settlement record (540) of said settlement (80);
- wherein said ledger record (520) is accessible to the individual (112) through said first processor (220);
- wherein said ledger record (520) is accessible to the organization (110) through said second processor (220);
- and
- wherein said ledger record (520) is accessible to the vendor (130).
A computer-enabled transaction clearinghouse system (200) for a transaction (60) involving a plurality of parties (100), the plurality of parties (100) including an individual (112), the organization (110) with whom the individual (112) has an association, and a vendor (130) entering into the transaction (60) with the individual (112), said system (200) comprising:
- a plurality of processors (222) connected to a network (260), wherein the individual (112) interacts with the system (200) through said first processor (220), wherein the organization (110) interacts with the system (200) through a second processor (220) and vendor (130) interacts with the system (200) through a third processor (220);
- a ledger (500) that is selectively accessible to the parties (100), wherein said ledger (500) is a blockchain ledger (502) selectively accessible to said plurality of processors (222);
- a transaction subsystem (300) adapted to execute the transaction (60) between the individual (112) and the vendor (130), wherein the transaction (60) is recorded on the ledger (500) that is accessible to the individual (112) through said first processor (220), accessible to the organization (110) through said second processor (220), and accessible to the vendor (130) through said third processor (220);
- and wherein an expense authorization (96) by the organization is used by the individual (112) as monetary consideration (70) for the transaction (60), wherein the transaction (60) includes non-monetary consideration (62) in the form of a business travel service (63) provided by the vendor (130) to the individual (112);
- and
- a settlement subsystem (350) adapted to effectuate a settlement (80) from the organization (110) to the vendor (130), wherein the settlement (80) is enabled by an expense authorization (96) stored on the ledger (500) that is accessible to the individual (112) through said first processor (220), accessible to the organization (110) through said second processor (220), and accessible to the vendor (130) through said third processor (220), and wherein the settlement (80) does not involve a credit authorization (77) or a debit card authorization (78)
- wherein said blockchain ledger (502) includes a ledger record (520) that includes both a transaction record (530) of said transaction (60) and a settlement record (540) of said settlement (80);
- wherein said ledger record (520) is accessible to the individual (112) through said first processor (220);
- wherein said ledger record (520) is accessible to the organization (110) through said second processor (220);
- and
- wherein said ledger record (520) is accessible to the vendor (130) through said third processor.
A computer-enabled transaction clearinghouse method (900) for a transaction (70) involving a plurality of parties (100) interacting with each other and a ledger (500) from a plurality of processors (220), the plurality of parties (100) including an individual (112) utilizing a first processor (220), the organization (110) with whom the individual (112) has an association utilizing a second processor (220), and a vendor (130) entering into the transaction (60) with the individual (112) utilizing a third processor (220), said method (900) comprising:
- recording a transaction (60) between an individual (112) from said first processor (220) and a vendor (130) from said third processor (220) onto a blockchain ledger (502) that is selectively assessable to the individual (112) from said first processor (220), the organization (110) from said second processor (220), and the vendor (130) from said third processor (220), wherein the transaction (60) includes a monetary consideration (70) in the form of an expense authorization (96) from the organization (110) associated with the individual (112) and a non-monetary consideration (62) provided by the vendor (130) to the individual (112), wherein the expense authorization (96) is generated from said second processor (220), and wherein non-monetary consideration (62) provided by the vendor (130) is specified through said third processor (220);
- and
- settling the transaction (60) by a settlement subsystem (350) adapted to effectuate a settlement (80) from the organization (110) utilizing said second processor (220) to the vendor (130) utilizing said third processor (220), wherein the settlement (80) is enabled by an expense authorization (96) stored on the blockchain ledger (502), and wherein the settling of the transaction (60) is further recorded onto the blockchain ledger (502);
- wherein said transaction subsystem (300) enables the organization (110) to selectively authorize said transaction (60) between the individual (112) and the vendor (130) before said transaction (60) is executed;
- and
- where said settlement subsystem (350) enable the organization (110) to directly effectuate a settlement (80) to the vendor (130).
Dependencies are inferred from the claim text.