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Application US20190205873
Published 2019-07-04
Secure Control Of Transactions Using Blockchain
Technologies are shown for controlling a transaction on a digitally stored blockchain by creating a contract data block for a transaction involving entities and by event code executed after receipt of digital signatures from the entities. A refund transaction may be digitally signed by entities and linked to the contract block within the blockchain. A payment transaction block may also be digitally signed by entities and linked to the contract block. Code authorized to execute by the blocks executes based on receipt of digital signature events.
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- 1. A computer-implemented method for controlling transactions, where the method includes:
in response to receiving a first transaction, creating a first contract block on a blockchain, the first contract block storing an identifier of a seller entity, an identifier of a first buyer entity, and an identifier of an intermediary entity; storing funds data to the blockchain, the funds data indicating funds are committed to the first transaction by the first buyer entity; creating a refund code authorized by a first refund transaction block, the refund code configured to refund the committed funds for the first transaction when a seller digital signature or an intermediary digital signature are received; linking the first refund transaction block to the first contract block; creating a payment code authorized by a first payment transaction block, the payment code configured to transfer the committed funds for the first transaction to an account of the seller entity when a first buyer entity digital signature or the intermediary entity digital signature are received; and linking the first payment transaction block to the first contract block.
- 8. A computer-implemented method for controlling auction transactions on a blockchain, the method comprising:
in response to receiving a first bid transaction, creating a first auction transaction data block on a blockchain for the first bid transaction, the first bid transaction block storing an identifier of a seller entity, an identifier of a first bidder entity and an identifier of an intermediary entity; storing first funds data to the blockchain, the first funds data indicating funds are committed to the first bid transaction by the first bidder entity; creating a first refund code authorized by a first refund transaction block, the first refund code configured to refund the committed funds for the first bid transaction to the identifier of the first bidder entity when a seller digital signature or an intermediary digital signature are received; linking the first refund transaction block to the first auction transaction data block; and creating a first payment code authorized by a first payment transaction block, the first payment code configured to transfer the committed funds for the first bid transaction to an account for the seller entity when a first bidder entity digital signature or the intermediary entity digital signature are received; and linking the first payment transaction block to the first auction transaction data block.
- 15. Computer storage media having computer executable instructions stored thereon which, when executed by one or more processors, cause the processors to execute a computer-implemented method for controlling transactions, the method comprising:
in response to receiving a first transaction, creating a first contract block on a blockchain, the first contract block storing an identifier of a seller entity, an identifier of a first buyer entity, and an identifier of an intermediary entity; storing funds data to the blockchain, the funds data indicating funds are committed to the first transaction by the first buyer entity; creating a refund code authorized by a first refund transaction block, the refund code configured to refund the committed funds for the first transaction when a seller digital signature or an intermediary digital signature are received; linking the first refund transaction block to the first contract block; creating a payment code authorized by a first payment transaction block, the payment code configured to transfer the committed funds for the first transaction to an account of the seller entity when a first buyer entity digital signature or the intermediary entity digital signature are received; and linking the first payment transaction block to the first contract block.
