US 12,293,369 B2
Validating transactions electronically using proof of reception validation protocol
Sean Koh, Fort Lee, NJ (US)
Filed by Sean Koh, Fort Lee, NJ (US)
Filed on Nov. 29, 2022, as Appl. No. 18/071,163.
Claims priority of provisional application 63/400,226, filed on Aug. 23, 2022.
Claims priority of provisional application 63/283,789, filed on Nov. 29, 2021.
Prior Publication US 2023/0169510 A1, Jun. 1, 2023
Int. Cl. G06Q 20/40 (2012.01); G06Q 20/38 (2012.01)
CPC G06Q 20/4016 (2013.01) [G06Q 20/3825 (2013.01); G06Q 20/3829 (2013.01); G06Q 20/389 (2013.01); G06Q 20/40145 (2013.01); G06Q 2220/00 (2013.01)] 50 Claims
OG exemplary drawing
 
1. A method comprising:
receiving, by a second computing node of a computerized distributed transaction network via a network connection, a data record from a first computing node of the computerized distributed transaction network, wherein the data record comprises:
an indication of a proposed transaction,
an indication of a transaction value associated with the proposed transaction, and
an indication of a smart contract associated with the proposed transaction, wherein the smart contract indicates one or more terms, and wherein the smart contract comprises a computer program configured to automatically execute an aspect of the proposed transaction in accordance with the one or more terms;
validating, by the second computing node, the proposed transaction according to a decentralized computerized validation protocol, wherein validating the proposed transaction according to the decentralized computerized validation protocol comprises:
determining that the first computing node is in possession of the transaction value, and
determining that the second computing node satisfies one or more requirements specified by the smart contract; and
upon validating the proposed transaction:
receiving, by the second computing node, the transaction value from the first computing node,
transmitting, by the second computing node, a second data record to the first computing node, wherein the second data record comprises an indication of a second transaction value in accordance with the smart contract,
determining, by the second computing node, that the first computing node validated the second transaction value,
responsive to determining that the first computing node validated the second transaction value, transmitting, by the second computing node, the second transaction value to the first computing node, and
adding, by the second computing node, a transaction record to a distributed ledger of the computerized distributed transaction network indicating receipt of the transaction value from the first computing node in accordance with the smart contract, wherein the distributed ledger is maintained on two or more computing nodes of the computerized distributed transaction network.