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

US11983705B1 · 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: Jul 21, 2022
• Grant date: May 14, 2024
• Expiry date: Nov 13, 2042

Classification

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

Abstract

A method for preventing the double-spending of digital currency that transfers between multiple distributed ledger technology (DLT) networks. The method includes receiving a message including a smart contract and executing the smart contract. The method further includes detecting a transaction request to transfer the first digital currency from the first DLT network to the second DLT network. The method further includes destroying the digital currency and creating, based on the unit of fiat currency, a second digital currency of a second type on the second DLT network. The method further includes transferring, responsive to detecting the transaction request, the first digital currency from the first DLT network to the second DLT network.