Systems and methods for issuing and tracking digital tokens within distributed network nodes

US11341488B2 · kind B2 · utility

Assignee

• Northern Trust Corporation · US

Inventors

• Justin Chapman · London, GB
• Andrew Czupek · Chicago, US
• Andrew Monks · Chicago, US
• Anthony Stevens · Hereford, GB
• Arijit Das · Naperville, US
• Christopher Price · Plainfield, US
• Wayne Hannaway · Southend-on-Sea, GB
• Zabrina Smith · London, GB

Key dates

• Filing date: Dec 18, 2017
• Grant date: May 24, 2022
• Expiry date: Dec 18, 2037

Classification

• Technology area (CPC H): Electricity
• CPC primary: H04L2209/56
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Systems and methods described herein may generate a digital payment token associated with a payor-user indicating the status of a payment obligation of the payor-user. The systems and methods may generate a first block containing the digital payment token and append the first block to a blockchain. The systems and methods may receive a confirmation message from a third-party transaction server that the payor-user has either fully or partially fulfilled his or her payment obligation. Based upon the confirmation message, the systems and methods may retrieve the block containing the digital payment token and update the digital payment token to generate an updated digital payment token. The system and methods may generate a second block containing the updated digital payment token to supersede the first block and append the second block to the blockchain. The updated digital payment token may indicate that the digital payment token has expired.