Creating and managing private electronic currency

Abstract

Methods and systems are disclosed for transactions with a private digital currency. The private e-currency may be backed by a financial institution, managed using a blockchain, and only available for transactions with members of a network associated with the financial institution. The members may include mobile wallets, merchants and ATM's. A mobile wallet may register with the network and receive an amount of the private e-currency from the financial institution. The mobile wallet may establish a connection with a payment recipient such as another wallet, an ATM or a merchant, and receive a payee address. The mobile wallet may send a transaction request to the blockchain for payment to the payee address of a payment amount of the private e-currency, so that the payment recipient can, using a blockchain, confirm or deny the transaction request.

What is claimed is: 
     
         1 . A method for processing a payment from a mobile wallet by a payment recipient system operating on one or more computing devices, the method comprising:
 registering, by the payment recipient system, with a network associated with a financial institution, the network including a number of registered members including the payment recipient and the mobile wallet;   receiving, with the payment recipient system, a message from the mobile wallet for payment of an amount of private e-currency (PE amount) by the mobile wallet, the private e-currency being a digital currency that is managed using a blockchain, guaranteed by the financial institution to be convertible into a government-backed currency and only available for transactions with members of the network;   providing, by the payment recipient system, a payee address for the payment to the mobile wallet;   determining, with the payment recipient system, that the PE amount is stable using the blockchain; and   sending, with the payment recipient system, a confirmation for a transaction request after determining the payment amount is stable.   
     
     
         2 . The method of  claim 1 , wherein the PE amount exceeds a purchase price of a product (good or service) by a difference, the method further including recording, by the payment recipient system, a transaction request in the blockchain in an amount of the difference to an address associated with the mobile wallet. 
     
     
         3 . The method of  claim 1 , wherein determining includes searching the blockchain for a predefined number of confirmations of a transaction request associated with the PE amount. 
     
     
         4 . The method of  claim 1 , wherein the payment recipient system is an automated transaction machine (ATM) and the method further includes dispensing, by the ATM, government-backed paper currency in an equivalent amount to the PE amount after receiving the number of confirmations. 
     
     
         5 . The method of  claim 1 , comprising, receiving, from the mobile wallet, the transaction request for paying the payment recipient, the transaction request including a payment amount of private e-currency, the payment recipient address and a PE address. 
     
     
         6 . The method of  claim 1 , wherein the private e-currency is a universal currency capable of being redeemed in multiple different government issued paper currencies. 
     
     
         7 . The method of  claim 1 , comprising sending an address for the private e-currency. 
     
     
         8 . A system for managing a private e-currency for a mobile wallet operating on a computing device, the system comprising:
 at least one processor; and   at least one storage device comprising instructions, which when executed by the at least one processor, configure the at least one processor to perform operations comprising:
 registering, by the payment recipient system, with a network associated with a financial institution, the network including a number of registered members including the payment recipient and the mobile wallet; 
 receiving, with the payment recipient system, a message from the mobile wallet for payment of an amount of private e-currency (PE amount) by the mobile wallet, the private e-currency being a digital currency that is managed using a blockchain, guaranteed by the financial institution to be convertible into a government-backed currency and only available for transactions with members of the network; 
 providing, by the payment recipient system, a payee address for the payment to the mobile wallet; 
 determining, with the payment recipient system, that the PE amount is stable using the blockchain; and 
 sending, with the payment recipient system, a confirmation for a transaction request after determining the payment amount is stable. 
   
     
     
         9 . The system of  claim 8 , wherein the PE amount exceeds a purchase price of a product (good or service) by a difference, the method further including recording, by the payment recipient system, a transaction request in the blockchain in an amount of the difference to an address associated with the mobile wallet. 
     
     
         10 . The system of  claim 8 , wherein the instructions configure the at least one processor to perform operations comprising determining includes searching the blockchain for a predefined number of confirmations of a transaction request associated with the PE amount. 
     
     
         11 . The system of  claim 8 , wherein the payment recipient system is an automated transaction machine (ATM) and the instructions configure the at least one processor to perform operations comprising dispensing, by the ATM, government-backed paper currency in an equivalent amount to the PE amount after receiving the number of confirmations. 
     
     
         12 . The system of  claim 8 , wherein the instructions configure the at least one processor to perform operations comprising, receiving, from the mobile wallet, the transaction request for paying the payment recipient, the transaction request including a payment amount of private e-currency, the payment recipient address and a PE address. 
     
     
         13 . The system of  claim 8 , wherein the private e-currency is a universal currency capable of being redeemed in multiple different government issued paper currencies. 
     
     
         14 . The system of  claim 8 , wherein the instructions configure the at least one processor to perform operations comprising sending an address for the private e-currency. 
     
     
         15 . A non-transitory machine-readable medium comprising instructions thereon that, when executed by a processor unit, cause the processor unit to execute operations for managing a private e-currency for a mobile wallet operating on a computing device, the operations comprising:
 registering, by the payment recipient system, with a network associated with a financial institution, the network including a number of registered members including the payment recipient and the mobile wallet;   receiving, with the payment recipient system, a message from the mobile wallet for payment of an amount of private e-currency (PE amount) by the mobile wallet, the private e-currency being a digital currency that is managed using a blockchain, guaranteed by the financial institution to be convertible into a government-backed currency and only available for transactions with members of the network;   providing, by the payment recipient system, a payee address for the payment to the mobile wallet;   determining, with the payment recipient system, that the PE amount is stable using the blockchain; and   sending, with the payment recipient system, a confirmation for a transaction request after determining the payment amount is stable.   
     
     
         16 . The non-transitory machine-readable medium of  claim 15 , wherein the PE amount exceeds a purchase price of a product (good or service) by a difference, the method further including recording, by the payment recipient system, a transaction request in the blockchain in an amount of the difference to an address associated with the mobile wallet. 
     
     
         17 . The non-transitory machine-readable medium of  claim 15 , wherein the operations further comprise determining includes searching the blockchain for a predefined number of confirmations of a transaction request associated with the PE amount. 
     
     
         18 . The non-transitory machine-readable medium of  claim 15 , wherein the payment recipient system is an automated transaction machine (ATM) and the instructions configure the at least one processor to perform operations comprising dispensing, by the ATM, government-backed paper currency in an equivalent amount to the PE amount after receiving the number of confirmations. 
     
     
         19 . The non-transitory machine-readable medium of  claim 15 , wherein the operations further comprise:
 receiving, from the mobile wallet, the transaction request for paying the payment recipient, the transaction request including a payment amount of private e-currency, the payment recipient address and a PE address; and   sending an address for the private e-currency.   
     
     
         20 . The non-transitory machine-readable medium of  claim 15 , wherein the private e-currency is a universal currency capable of being redeemed in multiple different government issued paper currencies.