Method and system for conversion of digital assets to fiat currency

US11556922B2 · kind B2 · utility

Assignee

• MASTERCARD INTERNATIONAL INCORPORATED · US

Inventors

• Thomas TREITLINGER · Portmarnock, IE
• Jose Pereira · Dublin, IE
• Eduardo Andrade · Dublin, IE
• Sébastien Le Callonnec · Greystones, IE
• Lauren Grendon · Dublin, IE

Key dates

• Filing date: May 20, 2021
• Grant date: Jan 17, 2023
• Expiry date: Jul 22, 2041

Classification

• Technology area (CPC H): Electricity
• CPC primary: H04L9/50
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A method for conversion of digital assets to fiat currency using a secondary blockchain and mirrored accounting includes: receiving transaction data corresponding to a first blockchain transaction processed using a first blockchain, the transaction data including a payer identifier, recipient identifier, and blockchain currency amount; validating an entity as an authorized entity associated with the payer identifier; determining a fiat currency amount based on the blockchain currency amount; generating a second blockchain transaction, the second blockchain transaction including an unspent transaction output, destination address associated with the authorized entity, and the blockchain currency amount and/or the fiat currency amount; confirming addition of the second blockchain transaction to a second blockchain; and initiating a transfer for the fiat currency amount from a first transaction account to a second transaction account, the second transaction account being associated with the authorized entity.