Method and system for integration of market exchange and issuer processing for blockchain-based transactions

Patent metadata

Field	Value
Publication number	US-9870562-B2
Application number	US-201514719010-A
Country	US
Kind code	B2
Filing date	May 21, 2015
Priority date	May 21, 2015
Publication date	Jan 16, 2018
Grant date	Jan 16, 2018

Abstract

A method for authorization of a blockchain transaction includes: storing account profiles, each profile including an account identifier, fiat amount, and blockchain amount; receiving a transaction message, the transaction message being formatted based on transaction message standards and including a first data element that includes a specific account identifier and a second data element reserved for private use that includes a network identifier and transaction amount; identifying a specific account profile that includes the specific account identifier; identifying a risk value based on the transaction amount and at least one of: the fiat amount and blockchain amount; determining authorization of a transaction based on the identified risk value; modifying the transaction message based on the authorization determination; and transmitting the modified transaction message.

First claim

What is claimed is:

1. A method for authorization of a blockchain transaction, comprising:
storing, in an account database of a processing server, a plurality of account profiles, wherein each account profile includes data related to a consumer including at least an account identifier, a fiat currency amount, and one or more blockchain currency amounts, each blockchain currency amount being associated with a blockchain network;
receiving, by a receiving device of the processing server, via a payment network, a transaction message for a payment transaction, wherein the transaction message is formatted based on one or more standards and includes a plurality of data elements, including a first data element configured to store a personal account number that includes a specific account identifier and a second data element reserved for private use that includes at least a network identifier corresponding to a blockchain network and a transaction amount;
identifying, by a processing device of the processing server, a specific account profile stored in the account database where the included account identifier corresponds to the specific account identifier included in the first data element of the received transaction message;
identifying, by the processing device of the processing server, a risk value for the payment transaction, wherein the risk value is based on at least the transaction amount included in the second data element of the received transaction message and a combination of: the fiat currency amount and a blockchain currency amount associated with the blockchain network corresponding to the network identifier included in the second data element of the received transaction message included in the identified specific account profile;
determining, by the processing device of the processing server, authorization of the payment transaction based on at least the identified risk value;
modifying, by the processing device of the processing server, the received transaction message based on the authorization determination; and
transmitting, by a transmitting device, the modified transaction message.

2. The method of claim 1 , wherein the transaction amount is an amount of blockchain currency and identifying a risk value for the payment transaction is based on the transaction amount included in the second data element of the received transaction message and the blockchain currency amount associated with the blockchain network corresponding to the network identifier included in the second data element of the received transaction message included in the identified specific account profile.

3. The method of claim 1 , wherein the transaction amount is an amount of blockchain currency and identifying a risk value for the payment transaction is based on the transaction amount included in the second data element of the received transaction message, the fiat currency amount included in the identified specific account profile, and an exchange rate for exchange of blockchain currency to and/or from fiat currency.

4. The method of claim 1 , wherein modifying the received transaction message includes storing, in a third data element of the transaction message, a response code indicative of the authorization determination.

5. The method of claim 1 , wherein the one or more standards includes at least the ISO 8583 standard.

6. The method of claim 1 , further comprising:
generating, by the processing device, an address identifier for each account profile using at least the account identifier included in the respective account profile and one or more hashing and/or encoding algorithms.

7. The method of claim 6 , wherein the specific account identifier has a value equivalent to the address identifier generated using the account identifier included in the identified specific account profile.

8. The method of claim 6 , wherein the one or more hashing and/or encoding algorithms includes the use of Base58Check encoding.

9. The method of claim 1 , further comprising:
initiating, by the processing device, a blockchain transaction using the blockchain network corresponding to the network identifier included in the second data element of the received transaction message for the transaction amount from the specific account identifier.

10. The method of claim 9 , wherein modifying the received transaction message further includes adding, to the second data element, a reference identifier generated as a result of initiating the blockchain transaction.

11. A system for authorization of a blockchain transaction, comprising:
an account database of a processing server configured to store a plurality of account profiles, wherein each account profile includes data related to a consumer including at least an account identifier, a fiat currency amount, and one or more blockchain currency amounts, each blockchain currency amount being associated with a blockchain network;
a receiving device of the processing server configured to receive, via a payment network, a transaction message for a payment transaction, wherein the transaction message is formatted based on one or more standards and includes a plurality of data elements, including a first data element configured to store a personal account number that includes a specific account identifier and a second data element reserved for private use that includes at least a network identifier corresponding to a blockchain network and a transaction amount;
a processing device of the processing server configured to
identify a specific account profile stored in the account database where the included account identifier corresponds to the specific account identifier included in the first data element of the received transaction message,
identify a risk value for the payment transaction, wherein the risk value is based on at least the transaction amount included in the second data element of the received transaction message and a combination of: the fiat currency amount and the blockchain currency amount associated with a blockchain network corresponding to the network identifier included in the second data element of the received transaction message included in the identified specific account profile,
determine authorization of the payment transaction based on at least the identified risk value, and
modify the received transaction message based on the authorization determination; and

a transmitting device configured to transmit the modified transaction message.

12. The system of claim 11 , wherein the transaction amount is an amount of blockchain currency and identifying a risk value for the payment transaction is based on the transaction amount included in the second data element of the received transaction message and the blockchain currency amount associated with the blockchain network corresponding to the network identifier included in the second data element of the received transaction message included in the identified specific account profile.

13. The system of claim 11 , wherein the transaction amount is an amount of blockchain currency and identifying a risk value for the payment transaction is based on the transaction amount included in the second data element of the received transaction message, the fiat currency amount included in the identified specific account profile, and an exchange rate for exchange of blockchain currency to and/or from fiat currency.

14. The system of claim 11 , wherein modifying the received transaction message includes storing, in a third data element of the transaction message, a response code indicative of the authorization determination.

15. The system of claim 11 , wher

Assignees

• Mastercard International Inc

Inventors

• Davis Steven Charles
• Tetali Ashish Raghavendra

Classifications

• G06Q20/3676

  Balancing accounts · CPC title

• G06Q20/4016

  involving fraud or risk level assessment in transaction processing · CPC title

• G06Q20/02

  involving a neutral party, e.g. certification authority, notary or trusted third party [TTP] · CPC title

• G06Q20/382

  insuring higher security of transaction · CPC title

• G06Q20/3678

  e-cash details, e.g. blinded, divisible or detecting double spending · CPC title