Bank-driven model for preventing double spending of digital currency transferred between multiple DLT networks using a trusted intermediary

US11416848B1 · kind B1 · utility

Assignee

• Wells Fargo Bank, N.A. · US

Inventors

• Abhijit Shetti · Pleasanton, US
• Laura Marie Fontana · San Francisco, US
• Rameshchandra B. BhaskarKetharaju · Hyderabad, IN
• Andrew J. Garner, IV · State Road, US
• Nikolai Stroke · Gilbert, US
• Duc M. Trinh · Golden Valley, US
• Mabel Oza · San Francisco, US
• Todd Biggs · Littleton, US

Key dates

• Filing date: Feb 19, 2020
• Grant date: Aug 16, 2022
• Expiry date: Apr 9, 2040

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/405
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A system and method for preventing the double-spending of digital currency that transfers between multiple distributed ledger technology (DLT) networks. The system and method includes receiving an authorization to monitor transaction requests associated with a first DLT network. The system and method includes detecting a transaction request to transfer the first digital currency from the first DLT network to the second DLT network. The first digital currency is created on the first DLT network based on a unit of fiat currency. The system and method include transferring, responsive to detecting the transaction request, the first digital currency from the first DLT network to the second DLT network.