US 2023/0401575 A1Published application

System and method for facilitating blockchain based business transitions

OwnerMuhammad Adnan Saeedinventor

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Abstract

Provided is a system and method to facilitate blockchain-based business transactions between a community of users. The system comprises a novel platform that allows individual users to create scenario-based business transactions building blocks on the Internet and/or blockchain. Such user-created scenarios can be linked. The system generates and executes contracts based on linked scenarios that facilitate a seamless transaction of goods or services between two or more parties. Information relating to scenarios and contracts can be immutably stored on the blockchain and accessed by users. System users have access to community and personal dashboards configured to allow the users to manage their wallets, scenarios, contracts, transactions, notifications, and general settings.

Claims13

Dependent claims

A computer-implemented method for creating scenario-based business transactions, comprising:

receiving, by a processor and from a first user of a contracts echo system, a first plurality of information relating to a primary scenario, wherein the first plurality of information includes a scenario description and one or more scenario tags;
based on the obtained first plurality of information, generating, by the processor, the primary scenario, the primary scenario being accessible to users of the contracts echo system;
receiving, by the processor and from one or more non-first users, a second plurality of information relating to one or more auxiliary scenarios, wherein the second plurality of information includes one or more cost terms, one or more verification terms, and one or more resolution terms;
based on the obtained second plurality of information, generating, by the processor, the one or more auxiliary scenarios, the one or more auxiliary scenarios being accessible to users of the contracts echo system;
linking, by the processor, the one or more auxiliary scenarios to the primary scenario;
receiving, by the processor and from the first user, a request to convert the linked scenarios to one or more contracts;
and
in response to receiving the request from the first user, generating, by the processor and based on the first plurality of information and the second plurality of information, a contract for each linked auxiliary scenario, the one or more generated contracts each comprising the cost terms, the verification terms, the resolution terms, and one or more parties to the contract, the one or more generated contracts being accessible to users of the contracts echo system.

5 more elements

A non-transitory computer readable storage medium that stores instructions that, when executed by a processor, cause the processor to perform a method comprising:

receiving, from a first user of a contracts echo system, a first plurality of information relating to a primary scenario, wherein the first plurality of information includes a scenario description and one or more scenario tags;
based on the obtained first plurality of information, generating the primary scenario, the primary scenario being accessible to users of the contracts echo system;
receiving, from one or more non-first users, a second plurality of information relating to one or more auxiliary scenarios, wherein the second plurality of information includes one or more cost terms, one or more verification terms, and one or more resolution terms;
based on the obtained second plurality of information, generating the one or more auxiliary scenarios, the one or more auxiliary scenarios being accessible to users of the contracts echo system;
linking the one or more auxiliary scenarios to the primary scenario;
receiving, from the first user, a request to convert the linked scenarios to one or more contracts;
and
in response to receiving the request from the first user, generating, based on the first plurality of information and the second plurality of information, a contract for each linked auxiliary scenario, the one or more generated contracts each comprising the cost terms, the verification terms, the resolution terms, and one or more parties to the contract, the one or more generated contracts being accessible to users of the contracts echo system.

5 more elements

A system comprising one or more processors and one or more non-transitory computer-readable memories coupled to the one or more processors and configured with instructions executable by the one or more processors to cause the system to perform operations comprising:

receiving, by a processor and from a first user of a contracts echo system, a first plurality of information relating to a primary scenario, wherein the first plurality of information includes a scenario description and one or more scenario tags;
based on the obtained first plurality of information, generating, by the processor, the primary scenario, the primary scenario being accessible to users of the contracts echo system;
receiving, by the processor and from one or more non-first users, a second plurality of information relating to one or more auxiliary scenarios, wherein the second plurality of information includes one or more cost terms, one or more verification terms, and one or more resolution terms;
based on the obtained second plurality of information, generating, by the processor, the one or more auxiliary scenarios, the one or more auxiliary scenarios being accessible to users of the contracts echo system;
linking, by the processor, the one or more auxiliary scenarios to the primary scenario;
receiving, by the processor and from the first user, a request to convert the linked scenarios to one or more contracts;
in response to receiving the request from the first user, generating, by the processor and based on the first plurality of information and the second plurality of information, a contract for each linked auxiliary scenario, the one or more generated contracts each comprising the cost terms, the verification terms, the resolution terms, and one or more parties to the contract, the one or more generated contracts being accessible to users of the contracts echo system.
for each of the one or more generated contracts:
receiving, by the processor, an acceptance of the contract from each contracting party;
in response to receiving an acceptance of the contract from each contracting party, locking, by the processor, the contract;
verifying, by the processor, the validity of the contract;
receiving, by the processor, a confirmation that an exchange of a plurality of goods and services has occurred from each contracting party;
in response to receiving the one or more confirmations that an exchange of a plurality of goods and services has occurred, resolving, by the processor, one or more potential conflicts based on the one or more of the contract's conflict resolution terms;
transferring, by the processor, scenario funds based on the one or more cost terms;
and
storing, by the processor, a third plurality of information relating to the executed scenarios and contracts on the internet and/or blockchain.

13 more elements

Dependencies are inferred from the claim text.

Facts

Application: 17/837,183Filed 10 Jun 2022
Published: 14 Dec 2023
Term ends: Not estimatedThe source records don’t support an estimate.

Classification7 codes

G06Q 20/389
Payment protocols; Details thereof: keeping log of transactions for guaranteeing non-repudiation of a transaction
H04L 9/50
Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols: using hash chains, e.g.…
G06Q 20/102
Specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems: bill distribution or payments
G06Q 20/401
Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check…:…