Application US20190205873

SECURE CONTROL OF TRANSACTIONS USING BLOCKCHAIN
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US20190205873

1. A computer-implemented method for controlling transactions, where the method includes: (6) (6)

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.

2. The computer-implemented method of claim 1, further comprising verifying that either the seller digital signature or the intermediary digital signature is partially based on data within the first refund transaction block before the refund of the committed funds. (0)

3. The computer-implemented method of claim 1, further comprising verifying that either the first buyer digital signature or the intermediary digital signature is partially based on data within the first payment transaction block before the transfer of the committed funds. (0)

4. The computer-implemented method of claim 1, where the identifier of the buyer entity is a public key. (0)

5. The computer-implemented method of claim 1, where: (0) (1)

6. The computer-implemented method of claim 1, where: (0) (4)

the method includes creating a multisignature address using a public key for the first buyer entity, a public key for the seller entity, and a public key for the intermediary entity;

creating a first contract block on a blockchain for a transaction comprises creating the first contract block on the blockchain with the multisignature address and a transfer script that requires at least two of the public key for the first buyer entity, the public key for the seller entity, and the public key for the intermediary entity to transfer the committed funds for the first transaction;

creating a first refund transaction block configured to refund the committed funds for the first transaction to the first buyer entity includes signing the first refund transaction block by the first buyer entity such that the first refund transaction block is configured to transfer the committed funds for the first transaction to the first buyer entity when data in the first refund transaction block is signed by the intermediary entity; and

creating a first payment transaction block configured to transfer the committed funds for the first transaction to the seller entity includes signing the first payment transaction block by the first buyer entity such that the first payment transaction block is configured to transfer the committed funds for the first transaction to the seller entity when data in the first payment transaction block is signed by the intermediary entity.

7. The computer-implemented method of claim 1, where the method further includes: (0) (5)

in response to receiving a second transaction, creating a second contract block on the blockchain, the second contract block storing the identifier of the seller entity, an identifier of a second buyer entity and the identifier of the intermediary entity;

storing funds data for the second transaction to the blockchain, the funds data indicating funds are committed to the second transaction by the first buyer entity;

creating a second refund transaction block configured to refund the committed funds for the second transaction to the second buyer entity when data of the second refund transaction block is signed by at least one of the seller entity and the intermediary entity and linking the second refund transaction block to the second contract block;

creating a second payment transaction block configured to transfer the committed funds for the second transaction to the seller entity when data of the second payment transaction block is signed by at least one of the second buyer entity and the intermediary entity and linking the second payment transaction block to the second contract block; and

refunding the committed funds for the first transaction to the first buyer entity by signing the first refund transaction block by at least one of the seller entity and the intermediary entity.

8. A computer-implemented method for controlling auction transactions on a blockchain, the method comprising: (3) (6)

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.

9. The computer-implemented method of claim 8, where the method includes: (2) (7)

in response to receiving a second bid transaction, creating a second auction transaction data block on the blockchain, the second bid transaction block storing the identifier of the seller entity, an identifier of a second bidder entity and the identifier of the intermediary entity;

storing second funds data to the blockchain, the second funds data indicating funds are committed to the second bid transaction by the second bidder entity;

creating a second refund code authorized by a second refund transaction block, the second refund code configured to refund the committed funds for the second transaction to the identifier of the second bidder entity when the seller digital signature or the intermediary digital signature are received;

linking the second refund transaction block to the second auction transaction data block;

creating a second payment code authorized by a second payment transaction block, the second payment code configured to transfer the committed funds for the second transaction to the account of the seller entity when a second bidder entity digital signature or the intermediary entity digital signature are received;

linking the second payment transaction block to the second auction transaction data block; and

refunding the committed funds for the first transaction to the identifier of the first bidder entity by the intermediary digitally signing the first refund transaction block.

10. The computer-implemented method of claim 9, where step of refunding the committed funds for the first transaction to identifier of the first bidder entity is performed automatically responsive to receiving the second bid transaction. (0)

11. The computer-implemented method of claim 9, where the method includes at least one of the steps of: (1) (4)

verifying that either the seller digital signature or the intermediary digital signature is partially based on data within the first refund transaction block before the refund of the committed funds for the first bid transaction to the first buyer entity;

verifying that either the seller digital signature or the intermediary digital signature is partially based on data within the second refund transaction block before the refund of the committed funds for the second bid transaction to the second buyer entity;

verifying that either the first buyer digital signature or the intermediary digital signature is partially based on data within the first payment transaction block before transferring the committed funds for the first bid transaction to the seller entity; and

verifying that either the second buyer digital signature or the intermediary digital signature is partially based on data within the second payment transaction block before transferring the committed funds for the second bid transaction to the seller entity.

12. The computer-implemented method of claim 11, where at least one of: (0) (4)

the identifier of the first bidder entity comprises a public key for the first bidder entity;

the identifier of the second bidder entity comprises a public key for the second bidder entity;

the identifier of the seller entity comprises a public key for the seller entity; and

the identifier of the intermediary entity comprises a public key for the intermediary entity.

13. The computer-implemented method of claim 8, the method including: (0) (3)

creating a genesis auction contract data block by the intermediary, the genesis auction contract data block storing the identifier of the seller entity and the identifier of the intermediary entity;

the step of creating a first auction transaction data block on a blockchain for a first bid transaction includes linking the first auction transaction data block to the genesis auction contract data block; and

the genesis auction contract data block includes code that, when executed by a blockchain platform, perform methods for one or more of the steps of creating a first auction transaction data block on a blockchain for a first bid transaction, creating a first refund transaction block configured to refund the committed funds for the first bid transaction to the first buyer entity, and creating a first payment transaction block configured to transfer the committed funds for the first transaction to the seller entity.

14. The computer-implemented method of claim 8, the method including: (0) (2)

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: (5) (6)

storing funds data to the blockchain, the funds data indicating funds are committed to the first transaction by the first buyer entity;

linking the first refund transaction block to the first contract block;

linking the first payment transaction block to the first contract block.

16. The computer storage media of claim 15, the method further comprising at least one of: (0) (2)

17. The computer storage media of claim 15, where at least one of: (0) (3)

18. The computer storage media of claim 15, where the method includes: (0) (1)

19. The computer storage media of claim 15, where: (0) (4)

the method includes creating a multisignature address using a public key for the first buyer entity, a public key for the seller entity, and a public key for the intermediary entity;

20. The computer storage media of claim 15, where the method further includes: (0) (5)

creating a second contract block on the blockchain for a second transaction, the second contract block storing the identifier of the seller entity, an identifier of a second buyer entity and the identifier of the intermediary entity;

committing funds for the second transaction to the blockchain by the second buyer entity;

creating a second refund transaction block configured to refund the committed funds for the second transaction to the second buyer entity when data in the second refund transaction block is signed by at least one of the seller entity and the intermediary entity and linking the second refund transaction block to the second contract block;

creating a second payment transaction block configured to transfer the committed funds for the second transaction to the seller entity when data in the second payment transaction block is signed by at least one of the second buyer entity and the intermediary entity and linking the second payment transaction block to the second contract block; and

refunding the committed funds for the first transaction to the first buyer entity by signing data in the first refund transaction block by at least one of the seller entity and the intermediary entity.

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Application US20190205873

SECURE CONTROL OF TRANSACTIONS USING BLOCKCHAIN

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