Bank-driven model for preventing double spending of digital currency coexisting on multiple DLT networks

US11526875B1 · kind B1 · utility

Assignee

• Wells Fargo Bank, N.A. · US

Inventors

• Abhijit Shetti · Pleasanton, US
• Laura Marie Fontana · San Francisco, US
• Rameshchandra Bhaskar Ketharaju · 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: Dec 13, 2022
• Expiry date: Dec 6, 2040

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q2220/00
• 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 DLT networks. The system and method includes creating, based on a unit of fiat currency, a first digital currency of a first type on a first DLT network and a second digital currency of a second type on a second DLT network. Each of the first digital currency and the second digital currency simultaneously represent a value associated with the unit of fiat currency. 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 system and method include locking, responsive to detecting the transaction request, the first digital currency onto the first DLT network to prevent a transfer of the first digital currency from the first DLT network to another DLT network responsive to a subsequent transaction request.