| CPC G06Q 20/387 (2013.01) [G06Q 20/02 (2013.01); G06Q 20/065 (2013.01); G06Q 20/389 (2013.01); G06Q 20/407 (2013.01); G06Q 40/10 (2013.01); H04L 9/50 (2022.05)] | 5 Claims |
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1. A blockchain based voucher system, wherein the blockchain system ensures secure and efficient resource allocation to promote financial inclusion through targeted voucher issuance, comprising:
a blockchain controller, implemented as a cryptographically secure module, controllable by a user computing device of a user with at least one blockchain based voucher, configured to initiate recordal of a purchase request in a blockchain network, wherein the purchase request comprises a proposed purchase with an authorized provider, a purchase amount, and a blockchain-based voucher, wherein the voucher comprises a sum of cryptocurrency encoded with a unique cryptographic identifier, and bound by a set of smart contract-enforced rules earmarking the voucher to be usable only in transactions between the user and any of a set of one or more authorized providers of goods or services, and wherein the purchase amount is a value that is less than or equal to the total value of the voucher;
wherein the system facilitates transactions for users with limited access to traditional financial services, enhancing financial inclusion through blockchain-based solutions,
a blockchain network configured to
i) validate the eligibility of the purchase request using distributed consensus mechanism, verifying compliance with the smart contract-enforced rules binding the voucher;
ii) Trigger a smart contract event to unbind the set of rules from the purchase amount of the voucher upon the completion of the proposed purchase; and
iii) record a cryptocurrency transaction in the blockchain network, the cryptocurrency transaction comprising a transfer of the purchase amount from a user identifier associated with the user to an authorized provider identifier associated with the authorized provider; and an immutable audit trail, ensuring transparency and accountability; and
wherein the blockchain based voucher system further comprising a regulating authority server, configured to interface securely with the blockchain network via encrypted communication protocols, wherein:
the blockchain network is configured to:
receive an encrypted voucher application transaction from the user, the voucher application transaction comprising at least a user identifier associated with the user, wherein the transaction is secured using asymmetric cryptographic key pairs (public and private keys) to ensure secure transmission and authentication of the user's identity, and
verify that the user is an eligible user by decrypting the user identifier and comparing data associated with the user against one or more eligibility criteria stored immutably on the blockchain or accessible via secure data oracles, ensuring accurate and tamper-proof validation; and
the regulating authority server is configured to:
initiate generation of a voucher by the blockchain network, said generation of the voucher comprising binding a sum of cryptocurrency with the set of cryptographically enforced rules,
earmark the voucher for exclusive use in transactions between user and a predefined set of authorized providers of goods or services, and recordal in the blockchain network of a voucher allocation transaction whereby the voucher is allocated to the user identifier, through a cryptographically signed transfer, ensuring transparency, traceability, and compliance with regulatory standards,
wherein the regulating authority server is configured to initiate generation of one or more vouchers that are valid for discharging tax obligations and are governed by smart contracts to automate compliance with taxation requirements, wherein the vouchers:
(i) are valid for paying tax to a taxation authority once unbound, with the unbinding process governed by a smart contract that ensures compliance with tax regulations and automatically triggers tax payment functionality; and/or
(ii) are cryptographically bound by one or more rules encoded in the blockchain, specifying that they are usable for paying taxes to a taxation authority such that the taxation authority is effectively an authorized provider; and/or
(iii) are associated with a tax credit, immutably recorded in the blockchain ledger, enabling the user to discharge tax obligations securely and transparently by presenting the vouchers to the taxation authority; and/or
(iv) are bound by a set of smart contract-enforceable rules earmarking the vouchers to be usable only in transactions between the user and any of a predefined subset of the authorized providers, or in purchasing a predefined set of goods and/or services, and are issued in advance of when any associated taxes, or taxes generally in an instant tax period, become payable by authorized providers accepting the vouchers so earmarked,
wherein the blockchain network is further configured to:
(iv) unbind the set of rules from the purchase amount of the voucher after expiry of a predefined refund period for making a refund without a refund being made, by triggering a smart contract event that ensures compliance with the refund policy and records the unbinding transaction immutably in the blockchain ledger; or
(v) unbind the set of rules from the purchase amount of the voucher after expiry of a refund period for making a refund without a refund being made, and to subject the voucher to a hoarding tax scheme via a smart contract, which dynamically calculates and deducts tax based on voucher's inactivity once the voucher has been unbound from the set of rules, wherein the hoarding tax deduction are recorded as cryptographically signed transactions in the blockchain ledger, ensuring transparency, traceability, and compliance with regulatory requirements.
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