Method And System For Gross Settlement By Use Of An Opaque Blockchain

  • Published: Jun 1, 2017
  • Earliest Priority: Nov 24 2015
  • Family: 10
  • Cited Works: 2
  • Cited by: 2
  • Cites: 2
  • Additional Info: Full text
Abstract

A method for confirmation of an electronic transaction using a blockchain includes: receiving transaction data, the transaction data including a transaction amount and currency code; generating a transaction message formatted based on one or more standards including a first data element configured to store the transaction amount, a second data element configured to store the currency code, and a third data element configured to store an invoice identifier; transmitting the transaction message to a financial institution via a payment network; receiving a return message from the financial institution via the payment network formatted based on the one or more standards and including a data element configured to store the transaction amount, currency code, and invoice identifier; and generating a hash value based on application of hashing algorithms to the transaction amount, currency code, and invoice identifier stored in the data element included in the received return message.


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