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

US12008552B1 · 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: Dec 12, 2022
• Grant date: Jun 11, 2024
• Expiry date: Dec 12, 2042

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 a first digital currency of a first type on the first DLT network stored in a digital wallet, the first digital currency associated with a second digital currency of a second type on a second DLT network, configuring a monitoring agent on the node, the monitoring agent configured to intercept at least one of a function call, a message, or an event on the digital wallet, and locking, responsive to intercepting the at least one of the function call, the message, or the event, the first digital currency onto the first DLT network to prevent a transfer of the first digital currency from the digital wallet on the first DLT network to another DLT network responsive to a subsequent transaction request.