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 a non-accounting transaction in the blockchain network including an output address, zero output amount, a recall indicator, and an identifier of an original transaction; and in response to identifying, generating a reverse transaction crediting an input address of the original transaction for an output amount of the original transaction.
1 . A computer-implemented method executed by one or more processors for recalling a transaction in a blockchain network, the method comprising:
identifying a non-accounting transaction in the blockchain network including an output address, zero output amount, a recall indicator, and an identifier of an original transaction; and
in response to identifying, generating a reverse transaction crediting an input address of the original transaction for an output amount of the original transaction.
2 . The method of claim 1 , further comprising:
identifying the reverse transaction by a member of the blockchain network associated with the input address of the original transaction; and
in response to identifying the reverse transaction, crediting, by the member, an account associated input address for the output amount of the original transaction.
3 . The method of claim 1 , further comprising:
identifying the reverse transaction by a member of the blockchain network associated with the output address of the original transaction; and
in response to identifying the reverse transaction, debiting, by the member, an account associated output address by the output amount of the original transaction.
4 . The method of claim 3 , wherein the member of the blockchain network is a financial institution.
5 . The method of claim 4 , wherein the account associated with the output address is a bank account managed by the member.
6 . The method of claim 5 , wherein the account is associated with the output address in an account database 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:
identifying a non-accounting transaction in the blockchain network including an output address, zero output amount, a recall indicator, and an identifier of an original transaction; and
in response to identifying, generating a reverse transaction crediting an input address of the original transaction for an output amount of the original transaction.
9 . The computer-readable medium of claim 8 , the operations further comprising:
identifying the reverse transaction by a member of the blockchain network associated with the input address of the original transaction; and
in response to identifying the reverse transaction, crediting, by the member, an account associated input address for the output amount of the original transaction.
10 . The computer-readable medium of claim 8 , the operations further comprising:
identifying the reverse transaction by a member of the blockchain network associated with the output address of the original transaction; and
in response to identifying the reverse transaction, debiting, by the member, an account associated output address by the output amount of the original transaction.
11 . The computer-readable medium of claim 10 , wherein the member of the blockchain network is a financial institution.
12 . The computer-readable medium of claim 11 , wherein the account associated with the output address is a bank account managed by the member.
13 . The computer-readable medium of claim 12 , wherein the account is associated with the output address in an account database 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 a non-accounting transaction in the blockchain network including an output address, zero output amount, a recall indicator, and an identifier of an original transaction; and
in response to identifying, generating a reverse transaction crediting an input address of the original transaction for an output amount of the original transaction.
16 . The system of claim 15 , the operations further comprising:
identifying the reverse transaction by a member of the blockchain network associated with the input address of the original transaction; and
in response to identifying the reverse transaction, crediting, by the member, an account associated input address for the output amount of the original transaction.
17 . The system of claim 15 , the operations further comprising:
identifying the reverse transaction by a member of the blockchain network associated with the output address of the original transaction; and
in response to identifying the reverse transaction, debiting, by the member, an account associated output address by the output amount of the original transaction.
18 . The system of claim 17 , wherein the member of the blockchain network is a financial institution.
19 . The system of claim 18 , wherein the account associated with the output address is a bank account managed by the member.
20 . The system of claim 19 , wherein the account is associated with the output address in an account database managed by the member.