Systems and methods for providing distributed ledger technology-based transactions

Abstract

Systems, methods, and computer-readable storage media configured to facilitate execution of transactions via a money transfer network are disclosed. During execution of the transactions, tokenized identity information may be utilized when exchanging transaction data between geographically distributed nodes of the money transfer network and the transactions are recorded to a distributed ledger maintained by the nodes. Smart contracts may be utilized to digitally sign transactions at various stages of transaction processing, such as at different stages of regulatory compliance validation and to authenticate the validity of the requested transaction (e.g., prevent double-spends). Utilizing tokenized identity information may reduce the likelihood that personally identifiable information (PII data) is obtained by or inadvertently provided to unauthorized third parties or systems. Additionally, the distributed ledger may record information in immutable records, thereby increasing the reliability and trustworthiness (e.g., for auditing purposes) of the data stored on the distributed ledger.

What is claimed is: 
     
         1 . A method for facilitating a transaction utilizing a distributed ledger, the method comprising:
 receiving, by a processor of a node of a money transfer network, a request to initiate a transaction between a sending party and a receiving party via the money transfer network, wherein the node of the money transfer network is associated with a first geographic region;   determining, by the processor, whether the receiving party is a local or remote user with respect to the first geographic region;   in response to a determination that the receiving party is a remote user with respect to the first geographic region:
 transmitting, by the processor, information associated with the receiving party to a remote node of the money transfer network, the remote node corresponding to a local node with respect to a location associated with the receiving party; and 
 receiving, by the processor, a tokenized identity corresponding to the receiving party; 
   generating, by the processor, a money transfer transaction based on the request, wherein the money transfer transaction comprises a tokenized identity of the sending party, the tokenized identity of the receiving party, and a send amount corresponding to an amount of funds to be provided to the receiving party in connection with the money transfer transaction;   initiating, by the processor, one or more validation processes to validate the money transfer transaction; and   in response to successful validation of the money transfer transaction by the one or more validation processes:
 recording, by the processor, at least a portion of the money transfer transaction at a distributed ledger maintained by the node of the money transfer network; and 
 transmitting, by the processor, an authorization to distribute the send amount to the receiving party to another node of the money transfer network. 
   
     
     
         2 . The method of  claim 1 , further comprising storing user data in a database that is decoupled from the distributed ledger, wherein the user data comprises personally identifiable information. 
     
     
         3 . The method of  claim 1 , wherein initiating the one or more validation processes to validate the money transfer transaction comprises executing, by the processor, one or more rules engines against transaction data associated with the money transfer transaction to determine whether the transaction data satisfies one or more sets of transaction criteria. 
     
     
         4 . The method of  claim 3 , wherein the one or more rules engines comprises at least one of an aggregation rules engine and an interdiction rules engine, wherein the aggregation rules engine is associated with a first set of transaction criteria associated with aggregation of transactions and the interdiction rules engine is associated with a second set of transaction criteria specifying users that are prohibited from participating in transactions via the money transfer network. 
     
     
         5 . The method of  claim 1 , wherein initiating the one or more validation processes to validate the money transfer transaction comprises:
 transmitting, by the processor, transaction data to the remote node; and   receiving, by the processor, information indicative of whether the transaction data satisfies one or more regulatory requirements associated with a geographic region corresponding to the remote node.   
     
     
         6 . The method of  claim 1 , wherein initiating the one or more validation processes to validate the money transfer transaction comprises:
 transmitting, by the processor, transaction data associated with the money transfer transaction to a notary node configured to validate at least a portion of the transaction data; and   receiving, by the processor, validation information from the notary node, wherein the validation information indicates an outcome of the validation performed by the notary node.   
     
     
         7 . The method of  claim 1 , further comprising transmitting, by the processor, transaction data representative of the money transfer transaction to an observer node of the money transfer network. 
     
     
         8 . The method of  claim 7 , wherein the observer node is located in the first geographic region. 
     
     
         9 . The method of  claim 7 , wherein the observer node is located in a third geographic region that is different from the first geographic region and a second geographic region corresponding to the location of the remote node. 
     
     
         10 . The method of  claim 1 , further comprising:
 receiving, by the processor, an audit request, wherein the audit request is configured to verify compliance with one or more regulatory requirements imposed on the money transfer network; and   generating, by the processor, one or more audit reports in response to the request.   
     
     
         11 . The method of  claim 10 , further comprising storing, by the processor, the one or more audit reports in an audit log database. 
     
     
         12 . The method of  claim 1 , further comprising displaying historical transaction data at a graphical user interface, wherein the historical transaction data comprises information that identifies: one or more geographic regions served by the money transfer network, transaction amount data corresponding to each of the one or more geographic regions, transaction summary information associated with a status of transactions executed in the one or more geographic regions, and a log of transactions executed in the one or more geographic regions, wherein the transaction amount data indicates an amount of funds transferred into each of the one or more geographic regions over at least one period of time and an amount of funds transferred from each of the one or more geographic regions over the at least one period of time, wherein the transaction summary information indicates metrics representative of successful transactions and failed transactions within the one or more geographic regions, and wherein the log of transactions provides a list of the transactions executed in the one or more geographic regions. 
     
     
         13 . The method of  claim 12 , wherein the historical transaction data is received from an observer node of the money transfer network, and wherein the log of transactions comprises tokenized identity information for each participant to a transaction included in the log of transactions. 
     
     
         14 . A non-transitory computer-readable storage medium storing instructions that, when executed by one or more processors, cause the one or more processor to perform operations for facilitating a transaction utilizing a distributed ledger, the operations comprising:
 receiving a request to initiate a transaction between a sending party and a receiving party via a money transfer network, wherein the node of the money transfer network is associated with a first geographic region;   determining whether the receiving party is a local or remote user with respect to the first geographic region;   in response to a determination that the receiving party is a remote user with respect to the first geographic region:
 transmitting information associated with the receiving party to a remote node of the money transfer network, the remote node corresponding to a local node with respect to a location associated with the receiving party; and 
 receiving a tokenized identity corresponding to the receiving party; 
   generating a money transfer transaction based on the request, wherein the money transfer transaction comprises a tokenized identity of the sending party, the tokenized identity of the receiving party, and a send amount corresponding to an amount of funds to be provided to the receiving party in connection with the money transfer transaction;   initiating one or more validation processes to validate the money transfer transaction; and   in response to successful validation of the money transfer transaction by the one or more validation processes:
 recording at least a portion of the money transfer transaction at a distributed ledger maintained by the node of the money transfer network; and 
 transmitting an authorization to distribute the send amount to the receiving party to another node of the money transfer network. 
   
     
     
         15 . The non-transitory computer-readable storage medium of  claim 14 , the operations further comprising storing user data in a database that is decoupled from the distributed ledger, wherein the user data comprises personally identifiable information. 
     
     
         16 . The non-transitory computer-readable storage medium of  claim 14 , wherein initiating the one or more validation processes to validate the money transfer transaction comprises executing, by the processor, one or more rules engines against transaction data associated with the money transfer transaction to determine whether the transaction data satisfies one or more sets of transaction criteria. 
     
     
         17 . The non-transitory computer-readable storage medium of  claim 16 , wherein the one or more rules engines comprises at least one of an aggregation rules engine and an interdiction rules engine, wherein the aggregation rules engine is associated with a first set of transaction criteria associated aggregation of transactions and the interdiction rules engine is associated with a second set of transaction criteria specifying users that are prohibited from participating in transactions via the money transfer network. 
     
     
         18 . The non-transitory computer-readable storage medium of  claim 14 , wherein initiating the one or more validation processes to validate the money transfer transaction comprises:
 transmitting, by the processor, transaction data to the remote node; and   receiving, by the processor, information indicative of whether the transaction data satisfies one or more regulatory requirements associated with a geographic region corresponding to the remote node.   
     
     
         19 . The non-transitory computer-readable storage medium of  claim 14 , wherein initiating the one or more validation processes to validate the money transfer transaction comprises:
 transmitting, by the processor, transaction data associated with the money transfer transaction to a notary node configured to validate at least a portion of the transaction data; and   receiving, by the processor, validation information from the notary node, wherein the validation information indicates an outcome of the validation performed by the notary node.   
     
     
         20 . The non-transitory computer-readable storage medium of  claim 14 , the operations further comprising transmitting, by the processor, transaction data to an observer node of the money transfer network. 
     
     
         21 . The non-transitory computer-readable storage medium of  claim 20 , wherein the observer node is located in the first geographic region. 
     
     
         22 . The non-transitory computer-readable storage medium of  claim 20 , wherein the observer node is located in a third geographic region that is different from the first geographic region and a second geographic region corresponding to the location of the remote node. 
     
     
         23 . The non-transitory computer-readable storage medium of  claim 14 , the operations further comprising:
 receiving, by the processor, an audit request, wherein the audit request is configured to verify compliance with one or more regulatory requirements imposed on the money transfer network; and   generating, by the processor, one or more audit reports in response to the request.   
     
     
         24 . The non-transitory computer-readable storage medium of  claim 23 , the operations further comprising storing, by the processor, the one or more audit reports in an audit log database. 
     
     
         25 . The non-transitory computer-readable storage medium of  claim 14 , the operations further comprising displaying historical transaction data at a graphical user interface, wherein the historical transaction data comprises information that identifies: one or more geographic regions served by the money transfer network, transaction amount data corresponding to each of the one or more geographic regions, transaction summary information associated with a status of transactions executed in the one or more geographic regions, and a log of transactions executed in the one or more geographic regions, wherein the transaction amount data indicates an amount of funds transferred into each of the one or more geographic regions over at least one period of time and an amount of funds transferred from each of the one or more geographic regions over the at least one period of time, wherein the transaction summary information indicates metrics representative of successful transactions and failed transactions within the one or more geographic regions, and wherein the log of transactions provides a list of the transactions executed in the one or more geographic regions. 
     
     
         26 . The non-transitory computer-readable storage medium of  claim 25 , wherein the historical transaction data is received from an observer node of the money transfer network, and wherein the log of transactions comprises tokenized identity information for each participant to a transaction included in the log of transactions. 
     
     
         27 . A system for facilitating a transaction utilizing a distributed ledger, the system comprising:
 a transaction node of a money transfer network, the transaction node comprising:
 a memory configured to:
 store user data in a first database, the user data comprising personally identifiable information; 
 store a portion of a distributed ledger in a second database, the distributed ledger configured to store transaction data associated with transactions initiated via a money transfer network; 
 
 at least one processor configured to:
 receive a request to initiate a transaction between a sending party and a receiving party via the money transfer network, wherein the transaction node is associated with a first geographic region served by the money transfer network; 
 determine whether the receiving party is a local or remote user with respect to the first geographic region; 
 in response to a determination that the receiving party is a remote user with respect to the first geographic region:
 transmit information associated with the receiving party to a remote node of the money transfer network, the remote node corresponding to a local node with respect to a location associated with the receiving party; and 
 receive a tokenized identity corresponding to the receiving party; 
 
 generate a money transfer transaction based on the request, wherein the money transfer transaction comprises a tokenized identity of the sending party, the tokenized identity of the receiving party, and a send amount corresponding to an amount of funds to be provided to the receiving party in connection with the money transfer transaction; 
 initiate one or more validation processes to validate the money transfer transaction; and 
 in response to successful validation of the money transfer transaction by the one or more validation processes:
 record at least a portion of the money transfer transaction at a distributed ledger maintained by the node of the money transfer network; and 
 transmit an authorization to distribute the send amount to the receiving party to another node of the money transfer network. 
 
 
   
     
     
         28 . The system of  claim 27 , wherein initiating the one or more validation processes to validate the money transfer transaction comprises executing one or more rules engines against transaction data to determine whether the transaction data satisfies one or more sets of transaction criteria. 
     
     
         29 . The system of  claim 28 , wherein the one or more rules engines comprises at least one of an aggregation rules engine and an interdiction rules engine, wherein the aggregation rules engine is associated with a first set of transaction criteria associated with aggregation of transactions and the interdiction rules engine is associated with a second set of transaction criteria specifying users that are prohibited from participating in transactions via the money transfer network. 
     
     
         30 . The system of  claim 27 , wherein initiating the one or more validation processes to validate the money transfer transaction comprises:
 transmitting transaction data to the remote node; and   receiving information indicative of whether the transaction data satisfies one or more regulatory requirements associated with a geographic region corresponding to the remote node.   
     
     
         31 . The system of  claim 27 , wherein initiating the one or more validation processes to validate the money transfer transaction comprises:
 transmitting transaction data to a notary node configured to validate at least a portion of the transaction data; and   receiving validation information from the notary node, wherein the validation information indicates an outcome of the validation performed by the notary node.   
     
     
         32 . The system of  claim 27 , wherein the at least one processor is configured to transmit transaction data to an observer node of the money transfer network. 
     
     
         33 . The system of  claim 32 , wherein the observer node is located in the first geographic region. 
     
     
         34 . The system of  claim 32 , wherein the observer node is located in a third geographic region that is different from the first geographic region and a second geographic region corresponding to the location of the remote node. 
     
     
         35 . The system of  claim 27 , wherein the at least one processor is configured to:
 receive an audit request, wherein the audit request is configured to verify compliance with one or more regulatory requirements imposed on the money transfer network; and   generate one or more audit reports in response to the request.   
     
     
         36 . The system of  claim 35 , wherein the memory comprises an audit log database, and wherein the at least one processor is configured to store the one or more audit reports in the audit log database. 
     
     
         37 . The system of  claim 27 , wherein the at least one processor is configured to display historical transaction data at a graphical user interface, wherein the historical transaction data comprises information that identifies: one or more geographic regions served by the money transfer network, transaction amount data corresponding to each of the one or more geographic regions, transaction summary information associated with a status of transactions executed in the one or more geographic regions, and a log of transactions executed in the one or more geographic regions, wherein the transaction amount data indicates an amount of funds transferred into each of the one or more geographic regions over at least one period of time and an amount of funds transferred from each of the one or more geographic regions over the at least one period of time, wherein the transaction summary information indicates metrics representative of successful transactions and failed transactions within the one or more geographic regions, and wherein the log of transactions provides a list of the transactions executed in the one or more geographic regions. 
     
     
         38 . The system of  claim 37 , wherein the at least one processor is configured to receive the historical transaction data from an observer node of the money transfer network, and wherein the log of transactions comprises tokenized identity information for each participant to a transaction included in the log of transactions.