Secure funding and payout of cryptographic currency from fiat currency purchases

Inventors: Kenneth Irwin, Jr. (Dawsonville, GA); Brian Keith Cash (Riverview, FL); Michael Louis Polito (Lakeland, FL)

Assignee: IGT Global Solutions Corporation

G06Q20/3678 G06Q20/385 G06Q20/3829

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Quick Facts

Patent No.: US 11,651,355
App. No.: 17/662,487
Granted: May 16, 2023
Kind: B2

External Links

USPTO Patent Center↗ Full Patent PDF↗

Abstract

Systems and methods for enabling the secure use of cryptocurrencies (such as but not limited to Bitcoin, Ethereum, or Litecoin) in prize funds or gift cards that accept purchases or wagers in fiat currencies and payout in cryptocurrency. The prize funds can be associated with lotteries, charitable gaming, or casino environments with the inherent volatility of cryptocurrencies optionally mitigated and cryptocurrency payouts enabled for consumers or players without prior digital wallets as well as consumers or players with preexisting digital wallets.

Claims (41)

1. A method of producing a physical payable on demand document that can be purchased with fiat currency and that is payable in cryptocurrency, the method comprising:

generating, by a gaming management processor, the payable on demand document, wherein the payable on demand document comprises a substrate;

associating, by the gaming management processor, a unique redemption code to the generated payable on demand document;

causing, by the gaming management processor, the unique redemption code to be printed on the substrate;

recording, by the gaming management processor, the associated redemption code in a first database;

generating, by the gaming management processor, a digital wallet with asymmetrical cryptographic public and private keys;

storing, by the gaming management processor, the digital wallet in a second database;

creating, by the gaming management processor, a link to the digital wallet stored in the second database;

assigning, by the gaming management processor, the created link to the unique redemption code;

storing, by the gaming management processor, the assigned link in the first database;

receiving, by the gaming management processor, a request to access the digital wallet stored in the second database via the created link;

accessing, by the gaming management processor, the digital wallet;

determining, by the gaming management processor, confirmation that the redemption code was validated by a central site was received; and

based on the determination, by the gaming management processor, that the confirmation of the redemption code validated by a central site was received, funding the accessed digital wallet stored in the second database from a source server.

2. The method of claim 1 , wherein the link assigned to the redemption code stored in the first data base and the digital wallet stored in the second database is the digital wallet's public key.

3. The method of claim 1 , wherein the link assigned to the redemption code stored in the first database and the digital wallet stored in the second database is a cryptographic hash of the asymmetrical cryptographic public and private keys.

4. The method of claim 1 , which comprises deleting the private key from the second database after the private key has been printed on the substrate of the payable on demand document.

5. The method of claim 1 , wherein the payable on demand document comprises a lottery instant ticket with a Scratch-Off Coating (SOC) covering a portion of the substrate of the payable on demand document.

6. The method of claim 5 , which comprises printing the private and public keys of a cold wallet as indicia containing a barcode and human readable characters on the substrate of the payable on demand document under the Scratch-Off Coating (SOC).

7. The method of claim 6 , which comprises printing a redemption activation barcode indicia on the substrate of the payable on demand document under the Scratch-Off Coating (SOC).

8. The method of claim 5 , which comprises printing barcode and human readable indicia that links to an Internet site that embodies the public and private keys of a hot digital wallet on the substrate of the payable on demand document and concealing the indicia under the Scratch-Off Coating (SOC).

9. The method of claim 1 , wherein the payable on document is a physical draw game ticket.

10. The method of claim 1 , wherein the payable on demand document is a physical Ticket In Ticket Out (Tito) ticket.

11. The method of claim 1 , wherein the payable on demand document is a physical gift card.

12. The method of claim 1 , which comprises enabling funding of the digital wallet by a physical consumer device scanning and decoding the redemption code printed on the substrate of the payable on demand document.

13. A method of producing a physical payable on demand document that can be purchased with fiat currency and that is payable in cryptocurrency, the method comprising:

generating, by a gaming management processor, the payable on demand document with an unique redemption code and recording the redemption code in a first database, wherein the payable on demand document comprises a physical card with a Near Field Communications (NFC) chip and an antenna;

associating, by the gaming management processor, a unique redemption code to the generated payable on demand document;

causing, by the gaming management processor, the unique redemption code to be stored on the Near Field Communications (NFC) chip;