US-20260127591-A1 - METHOD FOR TOKEN TRANSACTION USING SMART CONTRACTS BASED ON BLOCKCHAIN TECHNOLOGY

US20260127591A1US 20260127591 A1US20260127591 A1US 20260127591A1US-20260127591-A1

Abstract

The present invention relates to a method for processing a digital transaction comprising: receiving, by an issuer system in electronic communication with a smart contract, a transfer notification comprising a user's public blockchain address associated with the user's electronic wallet, a service provider's public blockchain address associated with the service provider's electronic wallet, and a transaction amount; the issuer system in electronic communication with the smart contract receiving the x first token(s) corresponding to the transaction amount from the user's electronic wallet and sending the transaction amount in form of an amount of y second token(s) corresponding to the transaction amount to the service provider's electronic wallet.

Inventors

Luca Felix OFFER
Fabian ECKART

Assignees

KOLIBRI GMBH

Dates

Publication Date: 20260507
Application Date: 20231013
Priority Date: 20221019

Claims (16)

1 . A method for processing a digital transaction comprising: receiving, by an issuer system in electronic communication with a smart contract, a transfer notification comprising a user's public blockchain address associated with the user's electronic wallet, a service provider's public blockchain address associated with the service provider's electronic wallet, and a transaction amount; the issuer system in electronic communication with the smart contract receiving the x first token(s) corresponding to the transaction amount from the user's electronic wallet and sending the transaction amount in form of an amount of y second token(s) corresponding to the transaction amount to the service provider's electronic wallet.
2 . A method according to claim 1 , further comprising the issuer system gets permission to execute transaction from and to the user's and service provider's electronic wallet, and wherein no direct transaction from between the user's and the service provider's wallet happens, but from the user to the smart contract's wallet and from the smart contract's wallet to the service provider
3 . A method according to claim 1 , further the issuer system in electronic communication with the smart contract retrieves the value of the first token in relation to the second token via the smart contract and/or from one or more centralized and/or decentralized exchange, wherein in particular said relation is an exchange rate of the first and second token.
4 . A method according to claim 1 , further comprising the following step: the second token is a token coupled in a specific range to a fiat money currency, in particular to a range >1% deviation of the fiat money currency in 99.9% of time.
5 . A method according to claim 1 , further comprising the following step: the issuer system comprising a database of authorized service providers and each authorized service provider a unique service provider identifier is assigned with the respective authorized service provider, wherein the unique service provider identifier is the public blockchain address of the service provider and/or a identifier representative for the service provider linked with said public blockchain address.
6 . A method according to claim 1 , wherein the issuer systemin electronic communication with the smart contract, once a transfer notification is received, checks whether a transaction is established between a user and an authorized service provider, and, if this is true, the issuer systems sends z % of the tokens received from the user back to the user's electronic wallet.
7 . A method according to claim 1 , wherein the smart contract interacts with a smart contract wallet comprising an amount A of first tokens and an amount B of second tokens, wherein the smart contract wallet is capable of sending and receiving first and second tokens to other electronic wallets, in particular to user and service provider wallets.
8 . A method according claim 1 , wherein the service provider's electronic wallet interacts with a further smart contract or a software program, wherein each time the service provider receives an amount of y of second tokens and/or at predefined dates and times and/or in specific time intervals, e.g. daily, weekly, monthly and/or once a certain threshold value is reached, the amount of second tokens stored in the service providers wallet is sold on a centralized and/or decentralized exchanged and it is requested to pay out the respective amount of fiat money received to the service providers bank account.
9 . A method according to claim 7 , wherein the service provider is registered at a centralized and/or decentralized exchange having an established electronic transfer process to the service providers bank account.
10 . A method according to one of the preceding claims claim 1 , wherein a mobile wallet application is provided on a mobile devices of the user which is connected with the user's wallet and is capable of receiving information from the user's wallet, wherein the user is able to confirm and deny transaction via this mobile wallet application, and wherein the mobile wallet app is connected with a financial service provider application, said financial service provider application is connected to a bank account, a debit card, a credit card and/or another electronic wallet of the user.
11 . The method according to claim 9 , wherein if the transaction amount exceeds the amount of first tokens in the user's wallet, the financial service provider application charges the bank account, the debit card and/or the credit card of the user to buy the respective amount of first tokens needed for completing the transaction and forward said to the user's wallet or transfers the amount of first tokens needed from the user's further wallet.
12 . The method according to claim 9 , wherein providing an option for collaboration with issuers, including both external issuers and internal issuers, to accommodate third-party currencies within the infrastructure or situations where the corporate group possesses the requisite licensing to issue stablecoins or similar digital assets, in particular utilizing their corresponding infrastructure for transaction processing.
13 . The method according to claim 1 , wherein a shop software is provided on a server, the shop software being connected to the issuer system, wherein a token pay button for payment of the first token is comprised to let users pay directly witch first tokens while the service provider receive second tokens and/or a payment in fiat money to his bank account.
14 . The method according to claim 1 , comprising the following steps, in particular in this order a) a user selects the token pay button to pay for his purchase an/or starts a payment with the help of a QR-Code or a NFC-payment method and/or the payment process is started via an API b) the issuer system issues and transfer notification comprising the user's public blockchain address associated with the user's electronic wallet, the service providers public blockchain address associated with the service provider's public wallet and the transaction amount; c) transferring the x first token(s) corresponding to the transaction amount from the user's electronic wallet to the smart contract wallet and sending the transaction amount in form of an amount of y second token(s) corresponding to the transaction amount from the smart contract wallet to the service provider's electronic wallet.
15 . A computer-based system for processing transactions, in particular a method according to claim 1 , comprising: a processor; and a tangible, non-transitory memory configured to communicate with the processor, the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the processor, cause an issuer system to perform operations comprising: receiving, by an issuer system in electronic communication with a smart contract, a transfer notification comprising a user's public blockchain address associated with the user's electronic wallet, a service provider's public blockchain address associated with the service provider's electronic wallet, and a transaction amount; the issuer system in electronic communication with the smart contract receiving the x first token(s) corresponding to the transaction amount from the user's electronic wallet and sending the transaction amount in form of an amount of y second token(s) corresponding to the transaction amount to the service provider's electronic wallet.
16 . The computer-based system according to claim 14 , further comprising: a mobile device associate with a user capable of running a mobile wallet application.

Description

The present invention relates to a method for token transactions using smart contracts based on blockchain technology. A blockchain is a distributed and public ledger which maintains records of all the transactions. A blockchain network is a truly peer-to-peer network and it does not require a trusted central authority or intermediaries to authenticate or to settle the transactions or to control the network infrastructure. Users can interact and transact with the blockchain networks through Externally Owned Account (EOAs), which are owned and controlled by the users. Such an EOA is as well as known as an “electronic wallet”. Each electronic wallet or EOA has a balance (in certain units of a Cryptocurrency associated with the Blockchain network) associated with it. EOAs do not have any associated code. All transactions on a blockchain network are initiated by EOAs. These accounts can send transactions to other EOAs or contract accounts. Another type of accounts support by second generation programmable Blockchain platforms are the Contract Accounts. A Contract Account is created and owned by an EOA and is controlled by the associated contract code which is stored with the account. Such contracts are as well known as “smart contracts”. The contract code execution is triggered by transactions sent by EOAs or messages sent by other contracts. Subsequently, the terms “smart contract” and “electronic wallets” are used for the above stated definitions subsequently to describe the scope of the present invention. Blockchain networks can either be public or private. Public blockchain networks are free and open to all and any user can create an account and participate in the consensus mechanism on a public blockchain and view all the transactions on the network. Private blockchain networks are usually controlled and operated by a single organization and the transactions can be viewed only by the users within the organization. Public blockchain networks are usually unpermissioned or permissionless, as any node can participate in consensus process. Some public blockchain networks adopt a permissioned model where the consensus process is controlled by a pre-selected set of nodes. Private blockchain networks usually adopt the permissioned model. While public blockchain networks can be considered as fully decentralized, private blockchain networks are partially decentralized. Organizations can have multiple private blockchain networks where each network is dedicated to a specific use case or department or business vertical. The blockchain networks within an organization may be created either using the same blockchain platform or technology or with different platforms or technologies. On each blockchain network, a user can create multiple elecotrnic wallets. Each electronic wallet has a public-private keypair associated with it. The account address is derived from the public key. When a new electronic wallet is created, a keyfile is created which has the public and private keys associated with the account. The private key is encrypted with the password which is provided while creating the account. For sending transactions to other accounts, the private key and the account password are required. Based on blockchains, tokens can be created that looks and feel for the user as the native blockchain token, but is just a derviate of the actual block chain. An example of such tokens are ERC20 tokens which are built on the Etherium Blockchain and ERC-721 token for non-fungible tokens (NFTs). The present invention aims on a method of using tokens on an existing blockchain to allow payments between entities, in particular between users and service providers. Of course, it may be possible that a new blockchain may be created as a basis of the invention and this is not excluded from the present disclosure. A payment refers to the liquidation of the bond/debt relationship between the parties to a transaction, which arises from various economic activities and financial transactions, through the transfer of monetary value. In the present case, in particular the transfer of a specific amount of money from a user in exchange for a good or service provided by a service provider. A payment service is the movement of money between economic entities and financial institutions. Users, who are economic agents, use payment services provided by payment service providers such as banks and credit card companies that provide payment services in order to make payments to service providers that provide services. However, payment services provided by payment service providers such as banks and credit card companies include online authentication companies, payment agencies (PG companies; payment gateway companies), and VAN companies that perform various auxiliary services between service providers and payment service providers. This is a complex, not always user friendly, and expensive process. In addition, in the conventional card payment network, since