Systems and methods for tracking the exchange of physical currency between entities

A computer-implemented method for tracking physical currency, the method implemented using a computing device including a processor in communication with at least one memory device for storing data, said method comprising:

• communicate with an application executable on a plurality of entity computing devices associated with a plurality of entities;
• storing a plurality of currency identifiers in the memory, the plurality of currency identifiers associated with a respective plurality of physical currency units, wherein each currency identifier uniquely identifies the respective physical currency unit;
• storing a plurality of entity identifiers in the memory, the plurality of entity identifiers associated with a respective plurality of individual currency accounts associated with the plurality of entities, wherein each entity identifier uniquely identifies the respective entity and the respective individual currency account;
• receiving, from the application executing on an initiating entity computing device of the plurality of entity computing devices, a first transfer initiation message including a first currency identifier of the plurality of currency identifiers and a first entity identifier and a second entity identifier of the plurality of entity identifiers, the first transfer initiation message indicating that a first entity of the plurality of entities, as identified by the first entity identifier, intends to transfer at least a portion of a value of a first physical currency unit, as identified by the first currency identifier, to a second entity of the plurality of entities, as identified by the second entity identifier;
• in response to the first transfer initiation message, verifying that the first transfer initiation message is legitimate by performing a lookup for a first record in a tracking database, wherein the first record indicates that the first entity is registered as an owner of the first physical currency unit;
• and
• in response to the verification, storing a second record in the tracking database, wherein the second record includes a second entity identifier of the second entity, registers the second entity as the registered owner of the at least portion of the value of the first physical currency unit associated with the first currency identifier, and indicates that the second entity received the at least portion of the value from the first entity;
• and
• adding the at least portion of the value of the first physical currency unit to a second individual currency account of the plurality of individual currency accounts, wherein the second individual currency account is associated with the second entity identifier, and wherein the application executing on a second entity computing device of the plurality of entity computing devices enables the second entity to access contents of the second individual currency account.

A non-transitory computer-readable storage medium that includes computer-executable instructions for tracking physical currency, wherein when executed by a computing device comprising a processor in communication with at least one memory device, the computer-executable instructions cause the processor to:

• communicate with an application executable on a plurality of entity computing devices associated with a plurality of entities;
• store a plurality of currency identifiers in the memory, the plurality of currency identifiers associated with a respective plurality of physical currency units, wherein each currency identifier uniquely identifies the respective physical currency unit;
• store a plurality of entity identifiers in the memory, the plurality of entity identifiers associated with a respective plurality of individual currency accounts associated with the plurality of entities, wherein each entity identifier uniquely identifies the respective entity and the respective individual currency account;
• receive, from the application executing on an initiating entity computing device of the plurality of entity computing devices, a first transfer initiation message including a first currency identifier of the plurality of currency identifiers and a first entity identifier and a second entity identifier of the plurality of entity identifiers, the first transfer initiation message indicating that a first entity of the plurality of entities, as identified by the first entity identifier, intends to transfer at least a portion of a value of a first physical currency unit, as identified by the first currency identifier, to a second entity of the plurality of entities, as identified by the second entity identifier;
• in response to the first transfer initiation message, verify that the first transfer initiation message is legitimate by performing a lookup for a first record in a tracking database, wherein the first record indicates that the first entity is registered as an owner of the first physical currency unit;
• and
• in response to the verification, store a second record in the tracking database, wherein the second record includes the second entity identifier of the second entity, registers the second entity as the registered owner of the at least portion of the value of the first physical currency unit associated with the first currency identifier, and indicates that the second entity received the at least portion of the value from the first entity;
• and
• add the at least portion of the value of the first physical currency unit to a second individual currency account of the plurality of individual currency accounts, wherein the second individual currency account is associated with the second entity identifier, and wherein the application executing on a second entity computing device of the plurality of entity computing devices enables the second entity to access contents of the second individual currency account.