Cryptocurrency Transaction Process
OwnerVincent Bonoinventor
Life of this patent
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Abstract
An improved cryptocurrency transaction process is disclosed herein. The cryptocurrency transaction process involves the use of a payment card to verify a cryptocurrency transaction. The payment card interacts with a point of sale terminal having a processor. The processor communicates with a database that carries out most of the remaining steps of the process. The cryptocurrency transaction process disclosed herein is a significant improvement over known methods and solves a number of problems in multiple arts described further herein.
Claims20
A cryptocurrency transaction system comprising a payment card, a point of sale terminal, a transaction price, and a database wherein the point of sale terminal comprises a processor, the processor operable to:
- send an inbound authorization request to the database when the payment card interacts with the point of sale terminal;
- wherein the database is operable to:
- receive the inbound authorization request from the processor;
- verify an amount of cryptocurrency stored within a cardholder wallet;
- transmit an accept or a decline outbound authorization response from the database to the processor of the point of sale terminal;
- wherein the database transmits the accept outbound authorization response to the processor of the point of sale terminal when the amount of cryptocurrency stored within the cardholder wallet is at least equal to the transaction price;
- wherein the database transmits the decline outbound authorization response to the processor of the point of sale terminal when the amount of cryptocurrency stored within the cardholder wallet is less than the transaction price;
- the database further operable to initiate a settlement process for the cryptocurrency transaction when the outbound authorization response is the accept outbound authorization response, wherein the settlement process for the cryptocurrency transaction comprises the step of:
- transferring the amount of cryptocurrency equal to the transaction price stored within the cardholder wallet to a merchant wallet.
A method of using cryptocurrency to facilitate a transaction comprising the steps of:
- acquiring an amount of cryptocurrency, wherein the amount of cryptocurrency is stored in a cardholder wallet;
- providing a transaction price, a point of sale terminal, and a database;
- providing a payment card to the point of sale terminal;
- wherein a processor carries out the step of:
- sending an inbound authorization request to the database;
- wherein the database carries out the steps of:
- receiving an inbound authorization request;
- verifying the amount of cryptocurrency stored in the cardholder wallet;
- transmitting an outbound authorization response from the database to the processor of the point of sale terminal, wherein the outbound authorization response is an accept outbound authorization response when the amount of cryptocurrency stored in the cardholder wallet is at least equal to the transaction price, and the outbound authorization response is a decline outbound authorization response when the amount of cryptocurrency stored in the cardholder wallet is less than the transaction price;
- and
- initiating a settlement process for the transaction, the settlement process comprising the step of:
- transferring the amount of cryptocurrency equal to the transaction price stored in the cardholder wallet to a merchant wallet.
Dependencies are inferred from the claim text.