Financial transactions system and method utilizing blockchain transfers
OwnerRoberto Enrique Kafatiinventor
Life of this patent
Estimating the term…
Abstract
A system and method for achieving financial transactions utilizing blockchain transfers wherein a microprocessor is coupled to at least one network adapter and is operable to access memory and execute computer-readable instructions to receive a transfer of a cryptocurrency amount into a first account; define a value to that cryptocurrency at that time and peg that value to the cryptocurrency until a subsequent financial transaction wherein at least a portion of the cryptocurrency is used to satisfy a transaction amount based upon a pegged value rather than a then current value. A hedging mechanism can be implemented to mitigate volatility of the incoming currency, such as a cryptocurrency.
Claims24
A financial transaction method utilizing blockchain transfers, said method comprising:
- creating a user account;
- monitoring transactions with said user account via at least one network adaptor;
- transferring an amount of cryptocurrency into said user account;
- identifying said amount of cryptocurrency transferred to said user account via said at least one network adapter, and assigning a second value, corresponding to current value of a second value classification different from said cryptocurrency's value classification, to said amount of cryptocurrency;
- initiating a financial transaction of a transaction value with a second account;
- defining a transaction amount of said cryptocurrency required to satisfy said transaction value as a proportion of said second value assigned to said amount of cryptocurrency compared to said transaction value, independent of a current value of said cryptocurrency in said second value classification;
- allocating, via said at least one network adaptor, said transaction amount of said cryptocurrency to satisfy said amount of said transaction value;
- and
- transferring, via said at least one network adapter, to said second account said transaction value.
A system for conducting financial transaction utilizing blockchain transfers, said system comprising:
- a first account maintained and defined on a first microprocessor, said first microprocessor structured to receive and store data associated with a series of blocks of a bock chain corresponding to an amount of cryptocurrency;
- at least one system microprocessor;
- at least one network adapter;
- and
- at least one memory storing computer-executable instructions, wherein said at least one system microprocessor is coupled to said at least one network adapter and is operable to access said at least one memory and execute said computer-readable instructions to:
- identify said amount of cryptocurrency transferred to said first account;
- assigning a second value, corresponding to a current value of a second value classification different from said cryptocurrency's value classification, to said amount of cryptocurrency in said first account;
- identify a financial transaction with a second account initiated from said first account and determining a transaction value of said financial transaction;
- define a transaction amount of said cryptocurrency in said first account required to satisfy said transaction value as a proportion of said second value assigned to said amount of cryptocurrency compared to said transaction value, independent of a then current value of said cryptocurrency in said second value classification;
- allocate said transaction amount of said cryptocurrency to satisfy said amount of said transaction value;
- transfer said transaction value into said second account.
Dependencies are inferred from the claim text.