Business-to-business netting
Systems and methods for performing netting of business-to-business payments for settlement of running balances between parties are provided. To that end, blockchain infrastructures allow smart contracts that may be suitable for subrogation and netting operations, and the smart contracts that facilitate the operations. Application-programming interfaces (APIs) are provided that may be used to interact with the smart contracts.
1. A blockchain system, comprising:
memory that comprises:
a replicate of a blockchain comprising a plurality of smart contracts;
instructions to:
receive portions of the blockchain from a second blockchain node; and
perform a consensus mechanism;
validate the replicate of the blockchain for the portions of the blockchain based on the completion of the consensus mechanism; and
instructions to cause processing circuitry of a blockchain node to perform at least one blockchain transaction request associated with a first smart contract of the plurality of smart contracts; and
wherein the plurality of smart contracts comprises:
an oracle smart contract configured to:
receive a set of swap requests, wherein the set of swap requests comprise swap requests from a plurality of parties;
identify a match of two or more of the set of swap requests based on determining a first swap identifier associated with a first swap request matches a second swap identifier associated with a second swap request, and wherein the first swap request comprises a debtor swap component and the second swap request comprises a creditor swap component; and
in response to identifying the match, create and transmit the matched swap request; and
an accountant smart contract configured to:
receive the matched swap request from the oracle smart contract, wherein the first swap request of the matched swap request is associated with a first party and the second swap request of the matched swap request is associated with a second party; and
settle the matched swap request by adjusting a swap balance between the first swap request associated with the first party and the second swap request associated with the second party based on the matched swap request.
2. The blockchain system of claim 1 , wherein the plurality of smart contracts comprises a registry smart contract that comprises a first settlement information associated with the first party and a second settlement information associated with the second party.
3. The blockchain system of claim 1 , wherein the accountant smart contract is configured to commit the matched swap request by adding the matched swap request to a list of swaps.
4. The blockchain system of claim 3 , wherein committing the matched swap request and settling the matched swap request are performed as a single blockchain transaction request.
5. The blockchain system of claim 1 , wherein the accountant smart contract is configured to perform an on-chain payment comprising an amount and adjust the swap balance based on the amount.
6. The blockchain system of claim 1 , wherein the accountant smart contract is configured to receive off-chain payment data and adjust the swap balance based on the off-chain payment data.
7. The blockchain system of claim 1 , wherein the oracle smart contract is configured to receive the first swap request of the set of swap requests from the first party and the second swap request of the set of swap requests from the second party.
8. The blockchain system of claim 1 , wherein the oracle smart contract comprises an event identifier, and wherein the oracle smart contract is created using an initial swap request comprising the event identifier.