Peer-to-Peer Financial Transactions Using A Private Distributed Ledger
Methods and systems for performing peer-to-peer financial transactions using a private distributed ledger are described. One example method includes identifying, by a member of a blockchain network, a blockchain transaction sending a particular amount from an address associated with the member; and in response to identifying the blockchain transaction, generating, by the member, a transaction according to a specification of the member to debit an account associated with the address by the particular amount.
1 . A computer-implemented method executed by one or more processors for applying blockchain transactions to corresponding account balances at participating entities, the method comprising:
identifying, by a member of a blockchain network, a blockchain transaction sending a particular amount from an address associated with the member; and
in response to identifying the blockchain transaction, generating, by the member, a transaction according to a specification of the member to debit an account associated with the address by the particular amount.
2 . The method of claim 1 , wherein the member is a first member, the address is a first address, the method further comprising:
identifying, by a second member of the blockchain network different than the first member, the blockchain transaction, wherein the blockchain transaction sends the particular amount from the first address to a second address associated with the second member; and
in response to identifying the blockchain transaction, generating, by the second member, a transaction according to a specification of the second member to credit an account associated with the second address by the particular amount.
3 . The method of claim 2 , wherein the first and second members are financial institutions.
4 . The method of claim 2 , further comprising in response to generating the transaction according to the specification of the second member, generating, by the second member, a blockchain transaction to transfer the particular amount from the second address to an address associated with the second member.
5 . The method of claim 1 , wherein identifying the blockchain transaction includes identifying the account associated with the address in a database associated with the member.
6 . The method of claim 1 , wherein the account associated with the address is a bank account managed by the member.
7 . The method of claim 1 , wherein the blockchain network is one of a Bitcoin network, a Ripple network, or an Ethereum network.
8 . A non-transitory, computer-readable medium storing instructions operable when executed to cause at least one processor to perform operations comprising: memory for storing data; and
one or more processors operable to perform operations comprising:
identifying, by a member of a blockchain network, a blockchain transaction sending a particular amount from an address associated with the member; and
in response to identifying the blockchain transaction, generating, by the member, a transaction according to a specification of the member to debit an account associated with the address by the particular amount.
9 . The computer-readable medium of claim 8 , wherein the member is a first member, the address is a first address, the operations further comprising:
identifying, by a second member of the blockchain network different than the first member, the blockchain transaction, wherein the blockchain transaction sends the particular amount from the first address to a second address associated with the second member; and
in response to identifying the blockchain transaction, generating, by the second member, a transaction according to a specification of the second member to credit an account associated with the second address by the particular amount.
10 . The computer-readable medium of claim 9 , wherein the first and second members are financial institutions.
11 . The computer-readable medium of claim 9 , the operations further comprising in response to generating the transaction according to the specification of the second member, generating, by the second member, a blockchain transaction to transfer the particular amount from the second address to an address associated with the second member.
12 . The computer-readable medium of claim 8 , wherein identifying the blockchain transaction includes identifying the account associated with the address in a database associated with the member.
13 . The computer-readable medium of claim 8 , wherein the account associated with the address is a bank account managed by the member.
14 . The computer-readable medium of claim 8 , wherein the blockchain network is one of a Bitcoin network, a Ripple network, or an Ethereum network.
15 . A system comprising:
memory for storing data; and
one or more processors operable to perform operations comprising:
identifying, by a member of a blockchain network, a blockchain transaction sending a particular amount from an address associated with the member; and
in response to identifying the blockchain transaction, generating, by the member, a transaction according to a specification of the member to debit an account associated with the address by the particular amount.
16 . The system of claim 15 , wherein the member is a first member, the address is a first address, the operations further comprising:
identifying, by a second member of the blockchain network different than the first member, the blockchain transaction, wherein the blockchain transaction sends the particular amount from the first address to a second address associated with the second member; and
in response to identifying the blockchain transaction, generating, by the second member, a transaction according to a specification of the second member to credit an account associated with the second address by the particular amount.
17 . The system of claim 16 , wherein the first and second members are financial institutions.
18 . The system of claim 16 , the operations further comprising in response to generating the transaction according to the specification of the second member, generating, by the second member, a blockchain transaction to transfer the particular amount from the second address to an address associated with the second member.
19 . The system of claim 15 , wherein identifying the blockchain transaction includes identifying the account associated with the address in a database associated with the member.
20 . The system of claim 15 , wherein the account associated with the address is a bank account managed by the member.