Autonomous exchange via entrusted ledger token and transaction management

Abstract

An Autonomous Exchange via Entrusted Ledger (AXEL) blockchain is discussed herein. The AXEL blockchain enables users to perform transactions in a private setting while enabling the transaction records thereof to be verified by other network users without publicly divulging the contents or details of the transaction records. The token identification system and method allows the tokens to carry an immutable identification to prevent negative blockchain occurrences such as double spending. A payment methodology allowing integration of external financial institutions with user owned and managed wallet.

What is claimed is: 
     
         1 . A cryptocurrency payment system comprising:
 one or more communication devices in communication with one or more financial institutions holding currency for one or more first parties;   one or more processor devices that receive a request for one or more cryptocurrency transactions and determine an amount of the currency for the one or more cryptocurrency transactions, the one or more cryptocurrency transactions between the one or more first parties and one or more second parties; and   one or more blockchain nodes of a blockchain, wherein the one or more blockchain nodes:
 after transfer of the amount of the currency from the one or more financial institutions, identify one or more tokens for the one or more cryptocurrency transactions; and 
 store one or more blocks on the blockchain associating the one or more tokens to the one or more second parties of the one or more cryptocurrency transactions. 
   
     
     
         2 . The cryptocurrency payment system of  claim 1 , wherein the one or more cryptocurrency transactions are purchases by the one or more first parties from the one or more second parties. 
     
     
         3 . The cryptocurrency payment system of  claim 1 , wherein the one or more blockchain nodes verify the amount of fiat currency is available at the one or more financial institutions prior to identifying the one or more tokens. 
     
     
         4 . The cryptocurrency payment system of  claim 1 , wherein the one or more blockchain nodes transmit a notification that the one or more cryptocurrency transactions are complete after associating the one or more tokens to the one or more second parties. 
     
     
         5 . The cryptocurrency payment system of  claim 1 , wherein a record of the one or more cryptocurrency transactions is recorded in the blockchain. 
     
     
         6 . The cryptocurrency payment system of  claim 1 , further comprising one or more client devices that transmit the request to the one or more processor devices. 
     
     
         7 . The cryptocurrency payment system of  claim 6 , wherein the one or more client devices receive authorization information from the one or more first parties and authenticate the one or more first parties. 
     
     
         8 . A cryptocurrency payment system comprising:
 one or more communication devices in communication with one or more financial institutions holding first currency for one or more first parties;   one or more processor devices that determine an amount of a first currency for one or more cryptocurrency transactions, the one or more cryptocurrency transactions between the one or more first parties and one or more second parties; and   one or more blockchain nodes of a blockchain, wherein the one or more blockchain nodes:
 after transfer of the amount from the one or more financial institutions, identify one or more tokens representing a second currency for the one or more cryptocurrency transactions, the second currency being a cryptocurrency; and 
 store one or more blocks on the blockchain associating the one or more of the plurality of tokens to the one or more second parties to complete the one or more cryptocurrency transactions, wherein the one or more first parties never hold the second currency during the one or more cryptocurrency transactions. 
   
     
     
         9 . The cryptocurrency payment system of  claim 8 , wherein the one or more cryptocurrency transactions are purchases by the one or more first parties from the one or more second parties. 
     
     
         10 . The cryptocurrency payment system of  claim 8 , wherein the one or more blockchain nodes verify the amount of first currency is available at the one or more financial institutions prior to identifying the one or more tokens. 
     
     
         11 . The cryptocurrency payment system of  claim 8 , wherein the one or more blockchain nodes transmit a notification when the one or more cryptocurrency transactions are complete. 
     
     
         12 . The cryptocurrency payment system of  claim 8 , wherein a record of the one or more cryptocurrency transactions is recorded in the blockchain. 
     
     
         13 . The cryptocurrency payment system of  claim 8 , further comprising one or more client devices that transmit a request to initiate the one or more cryptocurrency transactions to the one or more processor devices. 
     
     
         14 . The cryptocurrency payment system of  claim 13 , wherein the one or more client devices receive authorization information from the one or more first parties and authenticate the one or more first parties. 
     
     
         15 . A computer-implemented cryptocurrency payment method comprising:
 receiving a request for one or more cryptocurrency transactions from one or more client devices;   determining an amount of a currency for the one or more cryptocurrency transactions, the one or more cryptocurrency transactions between the one or more first parties and one or more second parties, wherein the one or more first parties do not hold any cryptocurrency;   storing a plurality of tokens representing a cryptocurrency at one or more storage devices;   after transfer of the amount of the currency from one or more financial institutions, identifying one or more of the plurality of tokens for the one or more cryptocurrency transactions; and   storing one or more blocks on the blockchain associating the one or more of the plurality of tokens to the one or more second parties to complete the one or more cryptocurrency transactions, wherein the one or more first parties never hold the cryptocurrency during the one or more cryptocurrency transactions.   
     
     
         16 . The computer-implemented cryptocurrency payment method of  claim 15 , wherein the one or more cryptocurrency transactions are purchases by the one or more first parties from the one or more second parties. 
     
     
         17 . The computer-implemented cryptocurrency payment method of  claim 15 , further comprising verifying the amount of the currency is available at the one or more financial institutions prior to identifying the one or more of the plurality of tokens. 
     
     
         18 . The computer-implemented cryptocurrency payment method of  claim 15 , further comprising transmitting a notification when the one or more cryptocurrency transactions are complete. 
     
     
         19 . The computer-implemented cryptocurrency payment method of  claim 15 , further comprising recording the one or more cryptocurrency transactions in the blockchain. 
     
     
         20 . The computer-implemented cryptocurrency payment method of  claim 15 , further comprising receiving authorization information from the one or more first parties and authenticating the one or more first parties.