US 2024/0193585 A1 · SYSTEMS AND METHODS FOR TRANSFERRING FIAT CURRENCY VIA MAPPED MATH-BASED CURRENCY ACCOUNTS

Abstract

A system, method, and computer-readable storage media for performing a transaction for a customer of a financial institution using math-based currency (MBC), the system comprising a permissioned ledger banking system comprising a transaction circuit comprising a transaction processor and a transaction memory, an account mapping circuit comprising an account mapping processor and an account mapping memory, and an MBC account database comprising an MBC account of the customer, a fiat banking system comprising an account management circuit and a customer fiat accounts database, and the permissioned ledger banking system and the fiat banking system are connected via a communications network, wherein the account management circuit comprises an account management processor and an account management memory storing executable account management instructions that when executed by the account management processor causes the account management processor to perform steps of storing a fiat account of the customer in the customer fiat accounts database.

Claims20

Dependent claims

A system for performing a transaction for a customer of a financial institution using math-based currency (MBC), the system comprising:

a permissioned ledger banking system comprising a transaction circuit comprising a transaction processor and a transaction memory, an account mapping circuit comprising an account mapping processor and an account mapping memory, and an MBC account database comprising an MBC account of the customer;
wherein the account mapping memory stores executable account mapping instructions that when executed by the account mapping processor, cause the account mapping processor to perform steps comprising:
when the transaction processor determines transaction information corresponds to a credit transaction:
mining an amount of MBC corresponding to an amount of fiat currency within a wallet account on a permissioned blockchain system;
increasing the amount of MBC in the MBC account according to the mined amount of MBC;
causing a fiat account of the customer to be credited according to the amount of fiat currency;
when the transaction processor determines the transaction information corresponds to a debit transaction:
decreasing the amount of MBC in the MBC account of the customer based on the amount of fiat currency debited from the fiat account of the customer;
and
burning, once the amount of MBC has been decreased from the MBC account of the customer, an MBC amount within the wallet account.

7 more elements

One or more non-transitory computer-readable storage media having instructions stored thereon that, when executed by at least one processing circuit, cause the at least one processing circuit to:

upon determining that a requested transaction is a credit transaction:
mine an amount of MBC corresponding to an amount of fiat currency within a wallet account on a permissioned blockchain system;
increase the amount of MBC in an MBC account of a customer according to the mined amount of MBC;
causing a fiat account of the customer to be credited according to the amount of fiat currency;
upon determining that the requested transaction is a debit transaction:
decrease the amount of MBC in the MBC account of the customer based on the amount of fiat currency debited from the fiat account of the customer;
and
burn, once the amount of MBC has been decreased from the MBC account of the customer, an MBC amount within the wallet account.

5 more elements

Dependencies are inferred from the claim text.

Systems and methods for transferring fiat currency via mapped math-based currency accounts

Life of this patent

Systems and methods for transferring fiat currency via mapped math-based currency accounts

Life of this patent

Abstract

Claims20