US 12,079,784 B2
Systems and methods for streamlining credit and/or debit card transactions utilizing blockchain supported credit tokens and/or debit tokens
Jun Yan, Palo Alto, CA (US)
Assigned to TraDove, Inc., Palo Alto, CA (US)
Filed by TraDove, Inc., Palo Alto, CA (US)
Filed on Jun. 3, 2022, as Appl. No. 17/832,542.
Application 17/832,542 is a continuation of application No. 16/920,340, filed on Jul. 2, 2020, granted, now 11,263,604.
Claims priority of provisional application 63/042,555, filed on Jun. 22, 2020.
Prior Publication US 2022/0300918 A1, Sep. 22, 2022
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 20/00 (2012.01); G06Q 20/06 (2012.01); G06Q 20/36 (2012.01); G06Q 20/38 (2012.01); G06Q 20/40 (2012.01); H04L 9/06 (2006.01); H04L 9/00 (2022.01)
CPC G06Q 20/065 (2013.01) [G06Q 20/36 (2013.01); G06Q 20/363 (2013.01); G06Q 20/385 (2013.01); G06Q 20/401 (2013.01); G06Q 20/4037 (2013.01); H04L 9/0637 (2013.01); G06Q 2220/00 (2013.01); H04L 9/50 (2022.05); H04L 2209/56 (2013.01)] 41 Claims
OG exemplary drawing
 
1. A system, comprising:
one or more processors; and
one or more memory devices storing instructions which, when executed by the one or more processors, cause the system to perform operations of:
receiving, at a first participating financial institution (“PFI”), a request for token credit;
approving, by the first PFI upon satisfaction of a creditworthiness requirement, a token credit line for a first network participant;
minting, at the first PFI upon approving the token credit line for the first network participant, a number of credit tokens equivalent to a token credit line limit associated with the approved token credit line;
depositing, responsive to a command issued by the first PFI, one or more of the minted credit tokens into a digital wallet of the first network participant;
issuing, by the first PFI, a token based payment card to the first network participant, wherein the token based payment card is linked to first network participant's digital wallet, and wherein the token based payment card is usable by the first network participant to transact with a second network participant to provide the credit tokens to the second network participant as a payment medium, and wherein the first PFI and second PFI are part of a consortium of a plurality of PFIs that are connected to the nodes of a blockchain via one of a PFI account and a PFI digital wallet, wherein the blockchain is hosted on a node controlled by one of a card network and a payment processing entity;
receiving, at the first PFI, a request by the second network participant to exchange for fiat currency an amount of credit tokens the second network participant received from the first network participant, wherein a credit token received by the second network participant from the first network participant comprises a receipt sufficient for the first PFI to execute a direct settlement with the second PFI via the blockchain, without communicating with a third party card network legacy system;
wherein each transaction conveying credit tokens from the digital wallet of the first network participant to the digital wallet of the second network participant is validated, processed and recorded by the blockchain, wherein validation, processing, and recording by the blockchain occur responsive to one or more commands sent from one or more of the first PFI and the second PFI through the one of the PFI account, the PFI digital wallet, and the PFI API.