Transaction authorization process using blockchain

A computer-based system for processing transaction authorizations, comprising:

• a processor;
• and
• a tangible, non-transitory memory configured to communicate with the processor, the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the processor, cause an issuer system to perform operations comprising:
• receiving, by an issuer system, a transaction authorization request comprising a merchant ID, a transaction account number, a transaction amount, and a transaction ID;
• retrieving, by the issuer system in electronic communication with an issuer repository, a merchant public key based on the merchant ID, a smart contract based on the merchant ID, and a user public key based on the transaction account number;
• invoking, by the issuer system, the smart contract by passing the user public key and the transaction ID to the smart contract;
• and
• propagating, by the issuer system, the merchant ID, the transaction account number, the payment amount, and a transaction status to a blockchain network for writing to a blockchain according to the invoked smart contract.

A method, comprising:

• requesting, by a merchant system in electronic communication with a merchant blockchain wallet, a merchant public key and a merchant private key from the merchant blockchain wallet;
• selecting, by the merchant system, a smart contract;
• deploying, by the merchant system, the smart contract to a blockchain;
• and
• transmitting, by the merchant system in electronic communication with the issuer system, the merchant ID, the merchant public key, and the smart contract to the issuer system to register a merchant-to-smart contract relationship.