Using a nested random number-based security ecosystem for block chains for electronic cash tokens and other embodiments
AssigneeMatrics2, Inc.
InventorsMichael R. Arneson, William R. Bandy
Life of this patent
Estimating the term…
Abstract
Methods, systems, and apparatuses for block chain security schemes for electronic cash tokens are described herein.
Claims20
An Electronic Token (ET) system comprising a block chain that securely documents a financial transaction between a plurality of users and between the plurality of users and a plurality of authorized financial institutions, the block chain configured for the creation of ETs, by at least one of the plurality of authorized financial institutions, in exchange for funds or an equivalent monetary value of the ETs, the system comprising:
- a processing system comprising at least one processor circuit:
- and
- at least one memory that stores program instructions, that, when executed, configure the processing system to:
- receive a request for transferring an ET from a first account associated with a first user to a second account associated with a second user, the first account being associated with a first ownership block of the block chain;
- responsive to receiving the request, generate a transaction block for the block chain, the transaction block being associated with a first set of two random identification numbers, a first random identification number of the two random identification numbers being generated for and assigned to the transaction block, and a second random identification number of the two random identification numbers being further associated with the first ownership block associated with the first user;
- and
- associate a transaction number to a first random identification number of the two random identification numbers,
- wherein the first user of the plurality of users purchases the ET from at least one authorized financial institution of the plurality of authorized financial institutions.
A method implemented by a block chain for securely documenting a financial transaction between a plurality of users and between the plurality of users and a plurality of authorized financial institutions, comprising:
- creating an electronic token (ET) by at by at least one of the plurality of authorized financial institutions, in exchange for funds or an equivalent monetary value of the ETs;
- receiving a request for transferring the ET from a first account associated with a first user to a second account associated with a second user, the first account being associated with a first ownership block of the block chain;
- responsive to receiving the request, generating a transaction block for the block chain, the transaction block being associated with a first set of two random identification numbers, a first random identification number of the two random identification numbers being generated for and assigned to the transaction block, and a second random identification number of the two random identification numbers being further associated with the first ownership block associated with the first user;
- and
- associating a transaction number to a first random identification number of the two random identification numbers,
- wherein the first user of the plurality of users purchases the ET from the at least one authorized financial institution of the plurality of authorized financial institutions.
A computer-readable storage medium having program instructions recorded thereon that, when executed by at least one processor of a processing system, perform a method for securely documenting a financial transaction between a plurality of users and between the plurality of users and a plurality of authorized financial institutions, the method comprising:
- creating an electronic token (ET) by at by at least one of the plurality of authorized financial institutions, in exchange for funds or an equivalent monetary value of the ETs;
- receiving a request for transferring the ET from a first account associated with a first user to a second account associated with a second user, the first account being associated with a first ownership block of the block chain;
- responsive to receiving the request, generating a transaction block for the block chain, the transaction block being associated with a first set of two random identification numbers, a first random identification number of the two random identification numbers being generated for and assigned to the transaction block, and a second random identification number of the two random identification numbers being further associated with the first ownership block associated with the first user;
- and
- associating a transaction number to a first random identification number of the two random identification numbers,
- wherein the first user of the plurality of users purchases the ET from the at least one authorized financial institution of the plurality of authorized financial institutions.
Dependencies are inferred from the claim text.