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Patent drawing for System for tracking transfer of resources in a process data network
US 10,387,878 B2
Business & commerce US 10,387,878 B2 Not in force

System for tracking transfer of resources in a process data network

This invention describes a system that uses a blockchain, a secure and unchangeable digital ledger, to track transfers of resources between people, especially those without traditional bank accounts. When one person sends resources to another, the system prompts the recipient to confirm the transaction. Once confirmed, this validated transfer is then recorded on the blockchain, creating a reliable history of transactions. The claims specifically detail the software logic for managing these updates and user access to the blockchain.

Why it matters: Filed when blockchain technology was still emerging, the infrastructure and tools for building and deploying distributed ledger systems are significantly more mature and accessible today. Additionally, the development of stablecoins since 2016 offers a more practical and less volatile medium for resource transfers, making the system more viable for everyday use by unbanked populations.

Status
Not in forceListed as no longer active. The specific reason is not in the record we hold.
How hard to build
SpecializedSoftware logic, distributed network, blockchain implementation

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