METHOD AND SYSTEM FOR PROCESSING BLOCKCHAIN-BASED TRANSACTIONS ON EXISTING PAYMENT NETWORKS
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United States of America Patent
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Issued Date -
Nov 24, 2016
app pub date -
May 21, 2015
filing date -
May 21, 2015
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Abstract
A method for authorizing a blockchain-based transaction includes: receiving a transaction request, the request including a network identifier associated with a blockchain network, a transaction amount, and one of: a public key and an address identifier; generating an address identifier using at least the public key included in the received transaction request and one or more hashing algorithms if the received transaction request does not include an address identifier; generating a transaction message, the message including a first data element configured to store a transaction amount and a second data element reserved for private use, and the first data element includes a zero value and the second data element includes at least (i) the network identifier or an encoded value based on the network identifier, (ii) the address identifier, and (iii) the transaction amount; and transmitting the transaction message to a financial institution using a payment network.
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